Viet Nam could be among the top 20 economies by 2050, projected PricewaterhouseCoopers (PwC) in a report on its perspectives on Viet Nam.

A panorama of Da Nang, the host city of the APEC summit week (Photo: NDO)

The report was released on the occasion of the APEC CEO Summit, which is taking place in Da Nang from 8-10 November as part of the ongoing APEC 2017 Economic Leaders’ Week.

According to the report, in the long term, PwC forecast that Viet Nam will be amongst the fastest growing economies in the world as its average real GDP growth reaches 5.1% per year.

These projections rest on Viet Nam’s youthful population and rising middle class, a cost-competitive and skilled workforce, and a predictable pro-investor orientation, it said.

The report also showed that most CEOs in Viet Nam (92%) are confident in growth for their business over the next 12 months.

A net of 62% of Vietnamese CEOs said they would increase investment in 2018, above the APEC average of 50%.

Close to half of foreign investors (47%) plan to expand their investment in the country in the next 12 months.  Viet Nam is amongst the top 4 economies, including China, Indonesia and the US, where at least 40% of foreign CEOs intend to raise their spending.

According to PwC, Vietnamese CEOs are more likely to expect new growth from trade agreements, with 38% of them expect an increase in revenue opportunities over the next year due to a new trade agreement compared with 27% of all APEC CEOs.

A net of 86% of CEOs in Viet Nam pin hope on their organisations’ footprints will expand in the next 3 years compared to 63% of all APEC CEOs.

Ms Dinh Thi Quynh Van, PwC Viet Nam General Director, said Viet Nam’s investment climate has become much better than previous years thanks to its improvements in institutions, competitiveness, human resources and market.

Through the annual surveys of PwC, including those on Viet Nam, confidence in the country’s development potential and business environment is very high.

“Facts and figures show that partners and investors in Viet Nam are developing strongly and more and more investors are now interested in the Vietnamese market,” she stressed

(Source: VNA/ DA NANG Today)