Vietnam among world’s fastest-growing economies in terms of trade

A container truck transporting import-export goods operates at Gemalink International Port, Phu My township, Ba Ria-Vung Tau province. (Photo: VNA)

The Business Times cited DHL’s latest report as saying that Southeast Asian countries are set for accelerated trade growth over the next five years, with Vietnam, Indonesia, and the Philippines expected to rank among the world’s 30 fastest-growing economies in both trade-growth speed and absolute volume increase by 2030.

Vietnam’s trade volume is forecast to grow at a compound annual rate of 6.5% from 2024 to 2029, up from 6.2% in the 2019-2024 period.

The report also suggests that US President Donald Trump's tariff policies are unlikely to reverse the overall trend of global trade growth.

One of the key drivers of trade growth in Southeast Asian countries is the increase in supply chain diversification strategies, as businesses seek to move their supply chains out of China to alternative locations.Vietnam, for instance, has benefited in the past as a favoured alternative for electronics manufacturing.

DHL highlights Southeast Asia’s increasing role as a manufacturing hub for European and North American firms. With Vietnam already among the world’s top 40 economies and top 20 in global trade volume, its rise into the top 30 fastest-growing economies in terms of trade appears well within reach./.

VNA

Source: https://en.vietnamplus.vn/vietnam-among-worlds-fastest-growing-economies-in-terms-of-trade-post311775.vnp