(VOVWORLD) - Foreign newspapers have highlighted Vietnam’s impressive success since the World Bank forecast that Vietnam’s economy will lead Asia with a growth rate of 7.2% this year from a forecast of 5.3% in April.
Growth in Asia-Pacific was predicted to be 3.2%. According to the WB, Vietnam’s success is due to effective COVID-19 prevention measures, demographic advantages, and a privileged position in the regional and global economic structure.
Japan’s Nikkei Asia said Vietnam’s GDP in the third quarter grew 13.67% year-on-year as exports to the US soared and personal consumption recovered. Vietnam also began producing semiconductor chips at home.
Reuters reported that FPT Semiconductor, a unit of Vietnam's leading tech company FPT, launched its first line of semiconductor chips used for the Internet-of-Things in medical devices. FPT aims to supply 25 million chips globally by 2023.
Lexology described Vietnam as an ideal destination to carry out semiconductor manufacturing. The Vietnamese semiconductor market is expected to grow 6.52% by 2025 as more foreign enterprises shift production to Vietnam because of its strategic location and advantages in shipping, labor, and production costs. Vietnam will benefit from the 13 free trade agreements it has joined.
The Star said that in the first nine months of this year, 1.87 million foreign tourists arrived in Vietnam, a 16.4-fold rise from the same period last year. The Vietnam National Administration of Tourism says that in the first nine months of 2022, domestic tourists totaled 87 million, underpinning the sector’s growth.