It said that Vietnam is emerging as a key manufacturing hub in East and South East Asia supported by government-led economic liberalisation efforts and integration into global supply chains, through trade agreements and membership to regional and international blocs.

Fitch’s economic openness is generated from two main indicators: trade and investment openness, which are based on import, export and foreign direct investment values as a percentage of GDP.

Vietnam’s membership into the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and various free-trade agreements has boosted the country’s trade and economic diversification efforts. The General Department of Customs expected trade revenue to generate 395 billion USD this year.