Vietnam
has been ranked seventh out of the 10 countries seen as having the best
prospects for long-term growth, announced HSBC on the business and financial
news website CNBC.com.
In HSBC’s report “The World in 2050” which
forecasts how the economic landscape will change over the next 40 years, HSBC
projected the country’s annual growth at 5.2 percent with its GDP rising to
US$451 billion by 2050.
According to HSBC, as the world’s
second-largest exporter of rice, agricultural exports has always made a major
part in Vietnam’s economy. However this is rapidly changing as the government
moves to liberalise and diversify the economy.
While state-owned enterprises contribute 40
percent of the country’s GDP, overseas investment has been increasing sharply
since the country became part of the World Trade Organisation in 2007.
Vietnam’s low-cost manufacturing base has
attracted a wave of foreign investors, particularly in the retail clothing and
technology sectors, as an cheaper alternative to China.
Intel, the first international technology
company to make a major investment in the country six years ago, has helped to
raise Vietnam’s profile as an investment destination. A long list of companies
including Samsung, Canon and Foxconn have followed, investing millions of
dollars into developing manufacturing operations in the country.
Analysts say this is helping to lay the
foundations for Vietnam to become Asia’s next big electronics manufacturing
hub, said HSBC in its report.
VNA
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