Vietnam was 34th in terms of economic success in the world in 2023, sandwiched between the Philippines at 33 and Malaysia in 35th place, according to the Centre for Economics and Business Research’s World Economic League Table.
The CEBR says:
- This was partly due to a lack of a growth-inflation trade-off, with inflation hovering around 3.4 percent;
- That a tight labour market also helped;
- Geopolitics (presumably trade friction between China and the US) is driving investment in Vietnam;
- The economy could expand by as much as 6.4 percent over the next nine years; and
- It is ‘plausible’ that Vietnam could be a high income country by 2045