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Vietnam's Economic Miracle Unabated – New Tiger Is Born, Report Says

Aug 12, 2018 Picture:  A latest commentary by Qatar National Bank (QNB) on Asian economies stated that Vietnam has become one of Asia’s, as well as the world’s fastest growing economies and can been seen as Asia’s latest “tiger” nation in the tradition of Hong Kong, Singapore, Taiwan and South Korea in the 1970s and 1980s and the so-called “tiger cub” economies of the following generation, Thailand, Indonesia, Malaysia and, more recently, India. QNB names a range of indicators for Vietnam’s booming economy. GDP growth was 7.1 per cent in the first six months of 2018 as compared to the first half of 2017, which makes it the fastest growth since 2011. The manufacturing sector is leading with output up 13.1 per cent in the period, while construction is also playing a strong supporting role with output in that sector up 7.9 per cent. According to QNB analysts, Vietnam’s manufacturing boom brings surging exports. Monthly trade statistics can be highly volatile but the latest data show goods exports up over 20 per cent in the first half of the year, following growth of over 17 per cent in 2017 as a whole. Manufacturing and export success has been driven by Vietnam’s ability to attract large foreign direct investment (FDI) inflows into sectors such as clothing, footwear and, above all, electronics. It is now estimated for example that one in ten smartphones worldwide are now made in Vietnam. Latest data show FDI inflows also booming. These were worth an estimated $13 billion in the first half of 2018 with an 11-per cent year-on-year growth. To put these FDI inflows in context, Vietnam’s GDP in 2017 was worth around $220 billion, according to the latest data from the International Monetary Fund. The foundation of Vietnam’s success is obvious: favourable demographics and... If you wish to read this full breaking news headline, plus more articles from around Thailand and Asia like, Vietnam's Economic Miracle Unabated – New Tiger Is Born, Report Says, simply click on 'Read full story' below, but 1st please give us a 'LIKE' or 'SHARE' before you leave. Thank you Vietnam's Economic Miracle Unabated – New Tiger Is Born, Report Says

 

 

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Published By: ASIA TODAY - Sunday, 12 August, 2018

 

 

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