Viet Nam will upgrade its status and become the 10th largest exporter in the world by 2050 with a export turnover of US$1,437 billion, according to new forecasts in HSBC's landmark Trade Winds report on November 24.
The report identifies the world has transited to the third distinct wave of trade development, setting to run from 2015 to 2050.
In the wave, Asia-Pacific’s share of global exports is forecasted to rise from around one-third in 2015 to 46% in 2050. Western Europe’s share is expected to decline from 34% to 22%, and North America’s to fall from 11% to 9%.
Viet Nam will strengthen its position in this third wave of globalization, becoming the world’s tenth-largest exporter by 2050 with export value reaching US$1.437 trillion, along with China, the U.S., Germany, the Republic of Korea, India, Mexico, France, Japan, and Singapore.
The report identifies four “trade winds” that will drive opportunity for the business leaders of today and tomorrow: the march of industrialization and a shift to mass customization, plummeting transport and logistics costs, further liberalization of trade policy, and the evolution of more nimble business operating models./.