Viet Nam Named among Three Hottest Markets in Southeast Asia for 2022

8:46:23 AM | 4/6/2022

Viet Nam, Singapore and Indonesia are named among hottest markets in Southeast Asia for 2022, according to an article released by the U.S.-based CNBC.

CNBC asked analysts from Goldman Sachs and JPMorgan Asset Management which Southeast Asian markets were their top picks.

Geopolitical tensions around the world have been on the rise, but Southeast Asia's markets may offer relative safety to investors, according to top investment banks.

Remarkably, JPMorgan Asset Management likes Viet Nam, said Desmond Loh, a portfolio manager at JPMorgan Asset Management.

Loh termed Viet Nam as a "star performer in the past few years" in economic resiliency and growth. 

Viet Nam is one of the few economies globally to have seen positive economic growth throughout the pandemic, he added.

Viet Nam's economy on track for recovery

Vietnamese economy expanded 5.03 percent in the first quarter of this year, according to the General Statistics Office (GSO).

The agro-forestry-fishery sector grew 2.45 per cent, the industrial and construction sector 6.38 per cent and the services sector at 4.58 per cent, contributing 5.76 per cent, 51.08 per cent and 43.16 per cent of overall economic growth, respectively.

Another 25,600 businesses resumed operations. In March alone, the number of newly established businesses reached 14,300, up 96 percent from last month.

The GSO has sketched out two scenarios for Viet Nam's economic growth in 2022.

In a downside scenario, the Vietnamese economy would expand 6 percent this year if the Russia-Ukraine conflict remains tense while the COVID-19 outbreak is put under control in Viet Nam.

In an optimistic scenario, GDP would hit 6.5 percent this year if the Russia-Ukraine conflict cools down and the inoculation of the COVID-19 booster shot is accomplished.