Car spare parts are manufactured at Huyndai Thanh Cong Vietnam factory in Ninh Binh province. (Photo: vietnam.vnanet.vn)

Many years of consistently high GDP growth have been due to a highly attractive combination of political stability and sound pro-market action by the government which has managed to slash poverty from 17% to less than 5% in a decade, the article said.

“Perhaps the best-known growth driver for Vietnam is its step-change in foreign direct investment (FDI), benefiting from an increase in exports,” it said.

Vietnam signed more than a dozen key trade agreements during the pandemic lockdown. These partnerships will make it easier for companies to do business in Vietnam.

There is a hope that Vietnam will soon be upgraded from its current, off-benchmark, frontier market status to emerging market status by MSCI. The Vietnam stock market now meets the size and liquidity requirements to be included, with a four-fold surge in retail participation in the past 2 - 3 years, driven by digital account technology, the article said.