Vietnam emerges as new Asian tiger: Singapore newspaper

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(VOVWORLD) - Vietnam’s economy is now booming, while the World Bank describes it as one of the most dynamic and emerging countries in the entire East Asian region, said Singapore’s financial daily Business Times. 

In an article entitled “Roar of a new Asian tiger”, the paper said Vietnam recorded a 2.6% 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 the country’s GDP growth will reach 8% in 2022, boosted by an accommodative monetary policy.

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 1 million USD. By 2025, that number is expected to grow by almost 25% 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 paper wrote.