According to the article, Vietnam recorded a 2.6 percent increase in gross domestic product in 2021 and its economic recovery from the pandemic is expected to accelerate this year. DBS Group Research forecasts that GDP growth will reach 8 per cent in 2022, boosted by an accommodative monetary policy.

A view of Ho Chi Minh City.

In addition, Knight Frank’s latest Wealth Report estimates there were about 19,500 high-net-worth individuals in Vietnam in 2020, defined as those with assets of at least US$1 million. By 2025, that number is expected to grow by almost 25 per cent to hit 25,000.

From bicycles to flashy cars, slums to luxury condos, Vietnam's roads and skylines have undergone a dramatic transformation over the last 30 years, the article noted, adding that many Singapore companies, including CapitaLand and Keppel, have invested heavily in the country as they seize the abundant opportunities.

Business Times also pointed out the drastic changes of Vietnam's economy in recent years, including a wealth boom, everything from gold-plated hotels to luxury apartments and flashy sports cars, showing the rise of Vietnam's ultra-rich and how they are spending their cash: start-up funding, Vietnam has long been known as South-east Asia's coding farm, where talent and wages are in a sweet spot for companies to use it as a base for their technical development; and renewable energy, Vietnam currently boasts the most solar power of any South-east Asian nation today with 16.6 gigawatts of installed capacity as of 2020.

Other remarkable changes worth mentioning include the labour crunch, businesses and factories across Vietnam are still struggling to return to anywhere near full capacity with Covid-induced labour shortages crippling output; property play, Vietnam has been attracting capital from property companies in Singapore, including CapitaLand, Keppel and Mapletree Logistics Trust; and construction demand, Vietnam's construction industry is set to continue its recovery in 2022 with several large-scale infrastructure projects set to move through different stages of development.

PM believes in public, business support for national digital transformation

Prime Minister Pham Minh Chinh has expressed his belief that the public and business community will actively support the building of national database on population and management of citizen ID cards, contributing to promoting national digital transformation and socio-economic management in the next period.

Bac Giang’s business exports 10,000 jars of garlic vinegar to Czech Republic

(BGO) – On January 14, Ngan Giang Trading Company Limited in Luc Ngan district (Bac Giang province) exported 10,000 garlic vinegar jars to the Czech Republic by sea. 

Businesses care for labours on Tet occasion

(BGO) – It is nearly one month to come Lunar New Year 2022. In spite of encountering numerous difficulties caused by Covid-19 pandemic, the businesses in the northern province of Bac Giang have taken efforts to balance the expenses to give Tet bonus to labours. The gift helps encourage and pay tribute to the labour as well as maintain stable human resources.

Businesses conquer challenges

(BGO) – In the middle of 2021, Covid-19 pandemic outbreak caused severe impacts on operation of business community in Bac Giang province. To firmly stand after the pandemic, the companies have taken great efforts to step by step overcome the difficulties, recover the production and business.

Bac Giang business gives highest Tet bonus of nearly 10,000 USD per person

(BGO) – The highest bonus for 2022 Lunar New Year of 228 million VND (nearly 10,000 USD) is given by Fugiang Company Limited (Hon Hai Precision Industry Co Ltd ) in Van Trung industrial park, Viet Yen district, Bac Giang province, reported the Department of Labour, Invalids and Social Affairs (DoLISA).

Source: NDO