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Vietnamese people to get rich the fastest in the world

VGP - Viet Nam will see the biggest spike in wealth growth in the next decade as it consolidates its position as a global manufacturing hub, according to a report by New World Wealth - a global asset intelligence company.

February 23, 2024 9:19 PM GMT+7
Vietnamese people to get rich the fastest in the world- Ảnh 1.

Illustration photo

New World Wealth analyst Andrew Amoils said that the wealth level of Vietnamese people is forecast to increase 125 percent over the next 10 years. This will be the largest wealth growth of any country in terms of GDP per capita and number of millionaires.

He commented that Viet Nam is increasingly becoming a popular production center for multinational technology, automobile, electronics, clothing and textile companies.

Viet Nam has 19,400 millionaires with assets of more than 1 million USD and 58 tycoons with total assets of more than US$100 million.

Therefore, the country is considered a relatively safe country compared to other countries in the Asia-Pacific region. This gives companies additional incentive to set up manufacturing operations in Viet Nam.

In a report, McKinsey said that Viet Nam has a "strategic location" as it shares a land border with China and is near major maritime trade routes.

Besides, low labor costs and policies to support infrastructure construction and the country's exports have turned Viet Nam into one of the "leading destinations" for international investment.

Despite difficulties, Viet Nam's GDP in 2023 still grew by 5.05 percent, with manufacturing industry currently accounting for about a quarter of this Southeast Asian economy's GDP.

According to the World Bank, 10 years ago, Viet Nam's GDP per capita was only about US$2,190, now it has nearly doubled, to US$4,100.

Investment Director Andy Ho of VinaCapital Group shared that Viet Nam is developing rapidly and most people are benefiting.

He said that Viet Nam is benefiting greatly from the current trade conflict when many multinational corporations move factories to this country. A series of FDI capital sources from multinational corporations have strongly poured into Viet Nam.

Official data showed that FDI into Viet Nam increased by 32 percent compared to a year earlier, reaching US$36.6 in 2023./.