Business Times: Viet Nam’s economy is booming

In an article entitled "Roar of a new Asian tiger", the Business Times wrote that Viet Nam recorded a 2.6 percent increase in gross domestic product in 2021 and its economic recovery from the pandemic is expected to accelerate this year.

Knight Frank's latest Wealth Report estimates there were about 19,500 high-net-worth individuals in Viet Nam in 2020, defined as those with assets of at least US$1 million. By 2025, that number is expected to grow by almost 25 per cent to hit 25,000.

From bicycles to flashy cars, slums to luxury condos, Viet Nam's roads and skylines have undergone a dramatic transformation over the last 30 years, the article noted, adding that many Singapore companies, including CapitaLand and Keppel, have invested heavily in the country as they seize the abundant opportunities.

Viet Nam has long been known as South-east Asia's coding farm, where talent and wages are in a sweet spot for companies to use it as a base for their technical development; and renewable energy.

Viet Nam currently boasts the most solar power of any South-east Asian nation today with 16.6 gig watts of installed capacity as of 2020.