Vietnam is well positioned to see the sharpest spike in wealth growth over the next decade as the country dubbed a global manufacturing hub remains a bright spot in its economic picture, American business news CNBC quoted a report by global wealth intelligence firm New World Wealth and investment migration advisors Henley & Partners.

The media outlet quoted Andrew Amoils, an analyst of New World Wealth, as saying that the country is forecast to see a 125% increase in wealth over the next 10 years, which will be the largest expansion in wealth of any country in terms of GDP per capita and number of millionaires.

“Vietnam is an increasingly popular manufacturing base for multinational tech, automotive, electronics, clothing and textile firms,” Amoils told CNBC.

According to the analyst, Vietnam, which is home to 19,400 millionaires and 58 centimillionaires, is perceived to be a relatively safe country compared with others in the Asia-Pacific region, which provides companies with an extra incentive to set up manufacturing operations locally.

CNBC also released part of a report by McKinsey & Company, a global management consulting firm, which shared that Vietnam’s “strategic location” in sharing a land border with China and close to major maritime trade routes, along with the low cost of labour and infrastructure supporting exports, have all transformed it into a “prime destination” for international investment.

Vietnamese 2023 GDP growth slowed to 5.05% compared with an 8.02% expansion in 2022 on the back of dimmer global demand and stalled public investment, with manufacturing accounting for a quarter of its GDP.

CNBC quoted the World Bank as saying that just 10 years ago the country’s GDP per capita was around US$2,190, which nearly doubled to US$4,100 last year.

“Vietnam is developing rapidly and most of the population is benefitting,” Andy Ho, chief investment officer of VinaCapital Group, told CNBC.

He also revealed that Vietnam has seen consistently strong foreign direct investments from multinational companies. Indeed, FDI into Vietnam rose by 32% from a year earlier to US$36.6 in 2023.

The chief investment officer shared with CNBC that these foreign investments resulted in good jobs that pay decent wages and have enabled millions of Vietnamese people to improve the quality of their lives.

However, several experts told CNBC that there are several headwinds which could stall the country’s accelerating growth.

Brian Lee, economist and assistant vice president of Maybank, outlined that the Vietnamese labour force will need more training to address the demands of the skill-intensive and complex production activities.

Meanwhile, Andy Ho revealed that a prolonged global recession could also impact consumer demand in developed markets, which could in turn affect Vietnamese manufacturing and exports.

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