Vietnam's economy to be ranked 17th globally by 2025
Vietnam's economy to be ranked 17th globally by 2025
Goldman Sachs recently forecast that Vietnam's economy, which currently ranks 55th in the world, will be ranked 17th in 2025 with total gross domestic product (GDP) rising from US$186 billion at present to US$450 billion.
At the same time, the Los Angeles Times on October 8 noted that Vietnam is 1 of 12 member states of the Trans-Pacific Partnership (TPP) agreement, which will create favorable conditions for Vietnam to export goods with zero tariff rate to a broad market, including countries in the bloc, which currently accounts for two fifths of global trade.
According to the Peterson Institute for International Economics, Vietnam will benefit most from the TPP and the US should help Vietnam attract more investment resources for high technology, such as the case of Intel Corporation. When the TPP takes effect, Vietnam will likely witness a boom in exports of garments and footwear.
Currently, Vietnam is completing regulations on taxation and investment, improving infrastructure, and pursuing other trade agreements to enhance its advantage to attract investment.
In 2014, the economic growth of Vietnam reached 6%. Since Vietnam opened the market to foreign investment, the growth rate has been 5-10% per year.
