At the Garment 10 Corporation  (Photo: Duc Duy/Vietnam+)

According to HSBC Vietnam CEO Tim Evans, Vietnam’s GDP growth in the second quarter reached 7.7%, the highest level achieved in the past 11 years, thanks to a widespread economic recovery, full reopening after the COVID-19 pandemic, and the bouncing back of domestic demand, production, and exports.

Evans cited the HSBC upgrade after S&P Global Ratings upgraded Vietnam's credit rating and Moody’s Investors Service upgraded Vietnam's long-term issuer and senior unsecured rating to Ba2. Fitch Ratings rates Vietnam’s sovereign credit 'BB'. Vietnam’s Purchasing Managers' Index (PMI) reached 52.7 points in August, reflecting steady improvement in the manufacturing sector.

Vietnam is expected to become the world’s 10th largest consumer market by 2030, surpassing Germany and the UK.