(VOVworld) – Standard and Poor’s released a report this week saying that Vietnam’s economy is prospering while almost every other Asian economy is growing more slowly.

Garment and textile products in Hoa Tho Company at the Nam Dong Ha Industrial Zone. (Photo: Danh Lam)

The report said Vietnam has attracted enough foreign investment capital to expand exports despite a decrease in prices and world demand. Vietnam’s electronic exports increased 33 percent per year over the past 3 years, growing from 18 percent to 29 percent of total export turn-over, while the garment and textile sector accounted for 20 percent of total export turn-over. Foreign investment capital doubled in the 2012-2014 period. S&P said Vietnam’s labor force was the key factor. Singapore’s IMA Asia said Vietnam will have an advantage over the other 11 members of the Trans Pacific Partnership with lower tariffs on its primary export products. IMA has forecast that Vietnam will grow 6.2 percent in 2015 and 6.4 percent in 2016.