An economic success story: How Vietnam became Southeast Asia’s top performer

Vietnam’s remarkable economic progress looks set to continue in the coming years, despite a regional slowdown which has affected other states in Southeast Asia. Its increasingly diversified and resilient economy has grown at a healthy rate – of above 6 percent – in each of the last two years, and looks well-placed to maintain its position as Southeast Asia’s top performer in 2017. Whilst Vietnam’s economy grew at 6.21 percent last year, other ASEAN countries such as Indonesia, Thailand, Malaysia and Singapore endured slower growth rates as a result of a slowdown in global trade and declining growth in China. Not only was Vietnam the top-performer in the region, but it ranked second behind India – the only country which achieved growth of over 7 percent in 2016 – in the list of fastest-growing economies worldwide. Vietnam’s astounding economic performance is reflected in the end-of-year statistics for the country, compiled by leading economic forecaster, Bloomberg.

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