Vietnam’s export turnover projected to hit US$535 billion by 2030
Vietnam’s export turnover is projected to record an annual average growth of 7% per year, hitting US$535 billion by 2030, according to a new research by Standard Chartered issued on November 30.
The "Future of Trade 2030: Trends and markets to watch" also forecasts that the global exports will almost double from US$17.4 trillion to US$29.7 trillion over the next decade.
Vietnam is considered an important market contributing to the growth of the global trade, it said.
It also found that 41% of global businesses currently operate or plan to invest in Vietnam within the next five to 10 years. This shows that Vietnam will be one of the important motivations of global trade growth in the next 10 years.
The US and China will continue to be Vietnam's largest export markets, respectively accounting for 26 percent and 19% of the Southeast Asian country’s total export turnover by 2030.
According to the study, Vietnam is an emerging manufacturing powerhouse with expanding international trading relationships.
According to Michele Wee, CEO of Standard Chartered Bank Vietnam, Vietnam’s increasing integration into the world economy through various free trade agreements (FTAs) such as the EU – Vietnam FTA and the UK – Vietnam brings Vietnam many advantages and allows it to expand its exports, move up value chains across sectors as well as create skilled jobs.
The report, commissioned by Standard Chartered and prepared by PwC Singapore, is based on an analysis of historical trade data and projections until 2030, as well as insights from a survey of more than 500 senior leaders in global companies.