Amid the trade tension that has been felt globally, one star in Asia has been glowing ever brighter. Vietnam has emerged as one of the fastest growing countries in the East. As shown in Chart 1, Vietnam’s real GDP growth was 7.1% in 2018, the highest growth rate in more than a decade and only beaten by India in the region.
This economic expansion is mainly driven by Vietnam’s transformation into a global manufacturing hub. Chart 3 shows that Vietnam has surpassed many of its neighbors as a global merchandise exporter and is one of the few countries in the region that continues to grow its global market share. None of these trends are likely to be hindered by the recent EU free trade agreement, which was signed on June 30 in Hanoi.
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