Vietnam's export turnover projected to hit $535 bn by 2030

03 Dec '21

2 min read

Pic: Eduard Antonian | Dreamstime.com

Vietnam’s export turnover is projected to record an annual average growth of 7 per cent per year, hitting $535 billion by 2030, according to research by Standard Chartered. Global exports are also forecast to almost double from $17.4 trillion to $29.7 trillion over the next decade, says the report, titled ‘Future of Trade 2030: Trends and markets to watch’.

The report found that 41 per cent 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, it said.

The United States and China will continue to be Vietnam's largest export markets, respectively accounting for 26 per cent and 19 per cent of the Southeast Asian country’s total export turnover by 2030, Vietnamese media reports cited the document as saying.

Vietnam is an emerging manufacturing powerhouse with expanding international trading relationships.

According to Michele Wee, chief executive officer of Standard Chartered Bank Vietnam, Vietnam’s increasing integration into the world economy through various free trade agreements (FTAs) brings it many advantages and allows it to expand its exports, move up value chains across sectors as well as create skilled jobs.

The report, 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.

Fibre2Fashion News Desk (DS)

More Apparel/Garments News - Vietnam...