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Malaysian press: VN on track to become one of world’s fastest-growing economies

VGP – Viet Nam is on track to become one of the world’s fastest-growing economies, according to the Free Malaysia Today.

December 23, 2020 12:49 PM GMT+7

The article highlighted on global manufacturers flocking to Viet Nam, adding that: “This is because investors are assured of the country’s political stability”. 

Viet Nam’s low costs, investor-friendly policies, zero tolerance for corruption and state-backed efforts to promote tech start-ups also make the country appealing to investors, the Free Malaysia Today referred to Viet Nam’s advantages. 

Foreign investors have committed billions of US$ in Viet Nam and the present per capita income of the country in some zones has increased almost fivefold since the past decade.

Apple Inc has joined Samsung in consolidating Viet Nam’s growing audio expertise in manufacturing its AirPod headphones as part of the company’s long-term expansion plans. 

“Viet Nam is becoming an audio manufacturing hub as firms move away from China for sales into the U.S. market. This growth has also been driven by Samsung Electronics Co Ltd,” added the article. 

According to the World Bank, at a time when the world economy is expected to contract by at least 4% amidst the Covid-19 pandemic, Viet Nam’s is expected to grow by almost 3% in 2020 and then rebound to 6.8% one year later.

By Thuy Dung