Nation to be among 20 biggest economies

Thursday, May 15, 2014 08:39

Cash is traded at a branch of VP Bank in Ha Noi. Viet Nam will likely be among the 20 largest economies in the world by 2050. — VNS Photo Truong Vi

HCM CITY —Viet Nam and several other emerging nations will be among the 20 largest economies by 2050, a senior foreign business executive has said.

Raj Subramanian, executive vice president, marketing and communications, of logistics firm FedEx Services, said MINT (Mexico, Indonesia, Nigeria, Turkey) and CIVETS (Colombia, Indonesia, Viet Nam, Egypt, Turkey and South Africa) are "rich with possibilities, and these young, vibrant new players are just starting to flex their muscles,"

The US-based Subramanian, who spoke at an online seminar titled New Markets, New Opportunities held by Fedex on Monday, told Viet Nam News that "Viet Nam typifies the strength that nearly all MINT and CIVETS countries share: proximity to a huge market full of potential buyers, abundant natural resources and commodities to sell, as well as a young and increasingly well-educated population that is eager to work, and has money to spend.

"These market are also better connected – both physically and virtually – to the world market."

He pointed out how the number of internet users in Viet Nam grew from just 200,000 in 2000 to over 31 million in 2012.

"This kind of change is opening up an abundance of opportunity, providing access to information and a vehicle for commerce. It is allowing businesses of all sizes – from established multinationals to budding entrepreneurs – to enter and participate in the world marketplace."

He said however that in many instances these new markets, including Viet Nam, still lack infrastructure to safely and efficiently move products in and out, communicate effectively on the ground, or simply power equipment.

"There are often laws and cultural nuances that can be difficult for a new entrant to navigate. Goods can often be held up for substantial periods of time, or damaged in transit. Yet, there is resounding confidence in the future of these economies, and the role they will play in the global marketplace.—VNS

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