By Mike Caggeso
Staff Writer
Vietnam's economy has grown 8.16% in the first nine months of 2007, its best economic performance in 10 years, according to that country's General Statistic Office.
At its current pace, it will hit its 2007 growth target of 8.2% to 8.5%, the China Post reported. Last year, its overall GNP growth was 8.2%
This isn't a surprise to those who follow Vietnam's growth. Many analysts predict Vietnam will be the country that emerges after the current wave of emerging markets subsides. Others can argue that growth phase has already begun.
In the past decade, the Vietnam economy has made fantastic strides. Its GDP growth has exceeded 7% in each of the past four years and the government has penciled in growth of 8.5% this year. Deregulation and privatization programs, buoyant exports (helped along by the commodities boom), and rapidly increasing foreign direct investment, have underpinned the nation's vast economic expansion. As a result Vietnam's growth rate has exceeded that of Thailand, Malaysia, Taiwan, South Korea, and even India.
Spurred on by Vietnam's admission to the World Trade Organization, foreign investment jumped by 49% in 2006, with major international companies moving in.
Vietnam is host to several big-name electronics companies including Intel Corp. (INTC) and Hon Hai Precision Industry Co. Ltd, the world's No. 1 contract-manufacturer of consumer-electronics products.
And Vietnam's online game industry is expected to generate $50 million in revenue this year, and an $83 million in 2010.
News and Related Story Links:
- China Post:
Vietnam's Economy Grows 8.16%. - Money Morning Investment Analysis:
The Market that will Emerge After the Emerging Markets. - Money Morning Investment Analysis:
The World's Leading Electronics Manufacturer Makes Its Move In Vietnam. - China View:
Vietnam to Make Bigger Online Game Revenues