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Vietnam Could Be Among Top 20 Economies Globally by 2050: PwC Report

In the next few decades, Vietnam might be among the world’s top economies, according to a recent report by business advisory firm PricewaterhouseCoopers (PwC).

PwC’s report, titled “World in 2050”, was released as part of the Asia-Pacific Economic Cooperation (APEC) CEO Summit that’s happening now in Da Nang, reports Dan Tri.

According to the firm’s prediction, by 2050 Vietnam could be among the top 20 economies globally and top 10 economies in Asia. The Southeast Asian country has a robust economy with many consecutive years of impressive economic growth.

PwC also forecasted that Vietnam’s real GDP growth per year could reach 5.1% between 2016 and 2050. This positive growth rate can be attributed to a range of factors, including labor, government and foreign investment.

The reports shows that Vietnam is experiencing a period of “golden population structure,” with 45% of citizens being under 30 years old. These educated young professionals are increasingly skilled and thus make up an attractive workforce for companies that are considering moving away from larger economies such as India or China.

PwC also identified five “sectors of opportunities” that could be the pillars of the upcoming phase of Vietnam’s economic prosperity: business process outsourcing, solar and wind energy, luxury hotels, modern agribusiness and food, and retail banking.

Statistics from the study demonstrate the confidence of local CEOs and foreign investors in the country’s economy: 63% of Vietnamese executives shared that in 2018, they would increase investment. The APEC average is 50%.

Moreover, 47% of foreign investors are also looking into expanding their stake in the country next year. Vietnam is among the top four countries – along with China, Indonesia and the US – where at least 40% of foreign CEOs have future plans to boost investment.

“Facts and figures show that partners and investors in Vietnam are developing strongly and more and more investors are now interested in the Vietnamese market,” Dinh Thi Quynh Van, General Director of PwC Vietnam told the news source.

[Photo via Ship Management International]

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