The country that will lead global wealth growth over the next decade is not the United States

Vietnam emerging as the country with the largest increase in wealth over the next decade, according to a recent study by a global wealth intelligence firm. New World Wealth and investment migration consultants Henley & Partners.

This remarkable growth is attributed to the transformation of the nation Global manufacturing centerPublishes the forecast of 125% increase in wealth over the next ten years. With this advance, Vietnam will not experience only the most significant expansion in terms of GDP per capita and number millionaireBut will also strengthen its position as a leading destination for International investment.

Strategic geographical location of VietnamSharing land border with China And its proximity to important maritime trade routes, combined with its low labor costs and export-friendly infrastructure, are key factors. McKinsey In his analysis of the country’s rise. “Vietnam is developing rapidly and the majority of the population is benefiting”he pointed out Andy HoInvestment Director of Vina Capital GroupIn an interview with CNBC.

This development is accompanied by a context in which Vietnam Technology, automotive, electronics, clothing and textiles are seen as increasingly popular manufacturing bases for multinational companies. Andrew Amoilsanalyst New World Wealth.

This attraction to corporations, coupled with the perception of the country as a relatively safe place compared to other nations in the Asia-Pacific region, has contributed significantly to the establishment of manufacturing operations. economic growth Estimated.

According to information from World Bank Cited by CNBC, Vietnam Currently there are houses 19,400 millionaires And 58 centmillionaire, tangible evidence of its growing economic attractiveness and investment potential. This increase in the number of individuals with high purchasing power is the economic dynamism of the country and its Ability to attract and generate wealth.

when IndiaIt is predicted to become the third largest economy in the world by 2027 Vietnam Second place with expected 110% wealth growthThe focus is on Southeast Asian countries as a central focus Regional economic boom.

Amid constant trade tensions between United States and China, Vietnam has become an attractive place for Foreign Direct Investment (FDI)with an increase of 32% Compared to the previous year, reaches 36.6 billion dollars In 2023. The Southeast Asian nation is taking advantage of this situation to diversify its manufacturing base, adopting a strategy called “China Plus One” by numerous multinational companies.

This FDI has been a crucial driving force for economic growth No VietnamSupports the export-led industrialization process that has developed through three waves of foreign direct investment over the past three decades.

Brian LeeEconomist and Assistant Vice President MaybankAs explained to the same medium, K Vietnam is on the verge of a fourth wave of FDIWhich can further strengthen its economic development. “There is foreign investment ‘Sticky Money’That results in good jobs with decent wages and allows millions of Vietnamese to improve their quality of life,” he said.

According to Vietnam’s economy experts, it is important for the country to strengthen the training of its workforce to meet the demand for complex and skill-intensive productive activities. Along with this need for improvement comes the importance of increasing productivity Foreign Direct Investment (FDI)Through close collaboration between foreign companies and their local counterparts.

“More needs to be done to increase the productivity externalities of FDI, through closer collaboration between foreign firms and their domestic counterparts”he pointed out to read.

In addition, another factor that could negatively affect the country is a prolonged global recession that will reduce consumer demand in developed markets, thus affecting the Vietnamese manufacturing sector and exports.