Vietnam On The Rise: Tailwinds Continue

2026-02-01 05:09:00 ET

By Belle Chang, MBA, Senior Manager, Global Investment Research

Executive summary

Vietnam has emerged as one of ASEAN’s fastest-growing economies and surpassed the Philippines - an economy already classified as Emerging Market by FTSE Russell - in both GDP per capita and equity market capitalisation - since 2020. Over past decades, Vietnam delivered high growth among major ASEAN countries, supported by structural reforms and strong foreign direct investment (FDI). FDI has been a key driver of Vietnam’s transformation into an export-oriented economy. Electronics and machinery now dominate exports, replacing textiles as the top category since 2019, as global tech firms continue to expand operations in Vietnam. This shift has strengthened Vietnam’s role in global value chains and helped sustain trade surpluses since 2018, reinforcing macro stability alongside relatively low fiscal deficits and government debt level....

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