Business
HSBC predict Vietnam as 10th largest exporter by 2050
  • | dtinews.vn | November 24, 2015 04:45 PM

Vietnam will become the tenth largest export country in the world by 2050 according to a new report by the HSBC bank.

 

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According to the report, Vietnam's export revenue could reach USD 1,437 billion, just after China, the US, Germany, South Korea, India, Mexico, France, Japan and Singapore.

The report said that the world is entering a third phase of globalisation that will boost trade, change the way companies work and improve the quality of life of millions of people.

"It is forecast that total goods exports will reach USD68.5 trillion by 2050 – nearly four times the value of global exports in 2015 and more than 150 times that traded in 1950," the report said.

“Emerging economies will increasingly catch up with mature economies as economic prosperity is spread more evenly. Asia is expected to be a big beneficiary of these changes, with the region’s share of global exports predicted to reach 46 per cent in 2050, compared with 33 per cent in 2015. That shift is likely to see China extend its lead as the world’s top exporter, while India exerts increased power. Western Europe and North America are expected to see their shares of global exports decline but in absolute terms they will be larger than today.

Produced by Oxford Economics on behalf of HSBC, the research claims that the third stage of globalisation will be driven by continued industrialisation and a sharp drop in transport and communication costs.

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