Vietnam emerges as Asia’s newest ‘tiger’ economy: QNB
(VOVWORLD) - The Qatar National Bank (QNB) has noted that Vietnam is Asia’s latest “tiger”, as it emerges as one of the world’s fastest growing economies.
 Automibile and motorcycle spare part manufacturing at Keihin Vietnam Co., Ltd. Company. (Photo: Danh Lam/ VNA) |
A range of indicators are proof-positive of Vietnam’s booming economy, according to QNB’s weekly economic commentary. GDP growth raced ahead by 7.1 percent in the first six months of 2018; the economy’s fastest growth since 2011. The manufacturing sector is leading the charge with output up 13.1 percent in the first half of the year.
Manufacturing and export successes have been driven by Vietnam’s ability to attract large foreign direct investment (FDI) inflows into sectors such as clothing, footwear, and above all, electronics, QNB said. The latest data shows FDI inflows are also booming, with an estimated value of 13 billion USD in the first half of this year, an 11 percent growth.
The bank attributed Vietnam’s success to favourable demographics, low wage rates, political stability, and geography.