Vietnam will be ranked among the top ten trading nations by 2050.
Vietnam will strengthen its position in the third wave of globalization, set to run from 2015 to 2050, becoming the world’s tenth-biggest exporter by 2050 with its exports reaching $1,437 billion, HSBC
said in its latest “Trade Winds” report.
China should extend its lead as the world’s leading exporter, with its growing influence in Asia further extended by projects such as the ‘One Belt, One Road’ initiative and the Asian Infrastructure Investment Bank (AIIB). India also has the potential for strong growth, and is projected to outpace China.
The report identifies four “trade winds” that will drive opportunity for the business leaders: (i) the march of industrialization and a shift to mass customization, (ii) plummeting transport and logistics costs, (iii) further liberalization of trade policy, and (iv) the evolution of more nimble business operating models.
In the year to mid-November, Vietnam shipped $140.87 billion worth of goods abroad while spending $144.73 billion on imports, leading to an accumulate deficit of $3.855 billion, according to the General Department of Vietnam Customs.
The country will sign a free trade agreement with the EU
next month and is scheduled to join other 11 Pacific Rim countries by inking a mammoth trade accord next February.