Vietnam: The new Asian tiger

Feb 10, 2022

VIETNAM is punching well above its weight

Once among the poorest countries in the world, its economy is now booming and the World Bank describes it as one of the most dynamic and emerging countries in the entire East Asia region.

Vietnam recorded a 2.6 per cent increase in gross domestic product in 2021 and its economic recovery from the pandemic is expected to accelerate this year. DBS Group Research forecasts GDP growth to reach 8 per cent in 2022, boosted by an accommodative monetary policy.

Knight Frank’s latest Wealth Report estimates there were about 19,500 high-net-worth individuals in Vietnam in 2020, defined as those with assets of at least US$1 million. By 2025, that number is expected to grow by almost 25 per cent to top 25,000.

From bicycles to flashy cars, slums to luxury condos, Vietnam’s roads and skylines have undergone a dramatic transformation over the last 30 years. Many Singapore companies, including CapitaLand and Keppel, have invested heavily in the country as they seize the abundant opportunities.

Here are some stories and features on Vietnam published in BT recently:

1. Wealth boom
Everything from gold-plated hotels to luxe apartments and flashy sports cars, we take a closer look at the rise of Vietnam’s ultra-rich and how they are spending their cash.