International media positive on bright future of Vietnamese economy

Its December 25 article, titled “Vietnam year-end review 2024: Moving towards a bright future”, cited a survey conducted by the US Fashion Industry Association (USFIA) highlighting that the nation scored a higher overall than some other Asian countries in the production of high-value products.

“The country was found to have better competitive edge as it currently leads in the capability to produce a wide variety of products quickly, as a result of investments in the country in machinery and skilled labour,” it said.

Major export markets for Vietnamese textiles, including the United States, Japan, the Republic of Korea, and China, all showed positive growth.

According to the article, the key reasons behind this growth included increased global demand, strategic investments in technology and innovation, as well as trade agreements and diversification of export markets.

Global demand in essential markets such as the US, Europe, and Asia expanded, led by post-pandemic restoration causing a surge in pent-up demand.

The nation’s textile and garments manufacturers are investing in automation, digitalization, and sustainable practices to increase efficiency, productivity, and quality in their production processes.

Vietnam continued to diversify its export markets beyond the US and EU, by tapping into rising markets in Asia, Africa, and the Middle East.

New trade partnerships have been forged in this regard whilst money making possibilities for the sector have been established, the article said.

News site financemiddleeast.com of the United Arab Emirates also said that Southeast Asian economies, particularly Vietnam, Indonesia, and the Philippines can benefit from supply chain realignments.

It cited data from Fitch Ratings revealing that Vietnamese manufacturing output grew by 8.1% in 2024, underscoring its rise as a critical link in global supply chains.