Vietnam exports to grow an annual 7% until 2030: Standard Chartered

Vietnam’s exports of goods could reach $618 billion by 2030, registering an annual growth rate of 7%, Standard Chartered said in a report on Wednesday.

This Vietnamese growth would outpace the global average of 5%, the global bank said in a report titled ‘Future of Trade: New opportunities in high-growth corridors’.

“Vietnam will be a key driver of this global trade growth,” it said. Growing global demand for electronics, investments and sustainability initiatives will drive Vietnam’s key exports.

Michele Wee, CEO of Standard Chartered Vietnam, said: “Vietnam holds tremendous potential to be a global trading hub. As an international bank with 119 years operating in Vietnam, we are uniquely positioned to facilitate cross-border transactions and support our clients in navigating the complexities of the market and seizing global trade opportunities.”

Mainland China, South Korea, and the U.S. are expected to be Vietnam’s key trade partners in the coming years. Meanwhile, trade with India, Singapore, and Indonesia is forecast to experience robust growth until 2030.

As per the report, global trade is set to reach $32.6 trillion with a growth rate of 5% by 2030. Trade corridors anchored in Asia, Africa, and the Middle East will outpace the global trade growth rate by up to four percentage points, driving combined trade volume in these regions to $14.4 trillion and accounting for 44% of global trade by 2030.