Việt Nam among world’s fastest-growing economies in terms of trade

Việt Nam among world’s fastest-growing economies in terms of trade

Việt Nam’s trade volume is forecast to grow at a compound annual rate of 6.5 per cent from 2024 to 2029, up from 6.2 per cent in the 2019-2024 period.

A container of goods is handled at Tân Vũ Port, Hải Phòng City. Việt Nam, already in the world’s top 40 economies and top 20 in trade volume, is poised to enter the top 30 fastest-growing trading nations. — VNA/VNS Photo

Việt Nam is set to rank among the world’s 30 fastest-growing economies in both trade-growth speed and absolute volume increase by 2030, according to a forecast by German logistics provider DHL.

The Business Times cited DHL’s latest report as saying that Southeast Asian countries are set for accelerated trade growth over the next five years, with Việt Nam, Indonesia and the Philippines expected to rank among the world’s 30 fastest-growing economies in both trade-growth speed and absolute volume increase by 2030.

Việt Nam’s trade volume is forecast to grow at a compound annual rate of 6.5 per cent from 2024 to 2029, up from 6.2 per cent in the 2019-2024 period.

The report also suggests that US President Donald Trump's tariff policies are unlikely to reverse the overall trend of global trade growth.

One of the key drivers of trade growth in Southeast Asian countries is the increase in supply chain diversification strategies, as businesses seek to move their supply chains out of China to alternative locations. Việt Nam, for instance, has benefited in the past as a favoured alternative for electronics manufacturing.

DHL highlights Southeast Asia’s increasing role as a manufacturing hub for European and North American firms. With Việt Nam already among the world’s top 40 economies and top 20 in global trade volume, its rise into the top 30 fastest-growing economies in terms of trade appears well within reach. 

Bizhub