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Vietnam ranks among the top 5 countries of fastest development in trade flows

December 06, 2020 | 08:15

In 2020, Vietnam is recognized as the country with the strongest growth in trade flows, and at the same time better than expected, and outperforming economic integration.

vietnams export surplus recorded at over usd 20 billion Vietnam's export surplus recorded at over USD 20 billion
international co operation opens up fresh opportunities for vietnamese workers International co-operation opens up fresh opportunities for Vietnamese workers
vietnam to develop the marine economy and promote offshore exploitation Vietnam to develop the marine economy and promote offshore exploitation
Vietnam ranks among the top 5 countries of fastest development in trade flows
Vietnam ranks 3rd among countries with better-than-expected growth. (Photo: Zing News)

According to the Global Connectivity Index 2020 (GCI) report released by DHL and NYU Stern School of Business, Vietnam ranks 3rd among countries with better-than-expected growth, based on GDP per capita, population, and geographical distance. Vietnam increased 5 ranks on the trade flow chart to reach the 5th position, while the majority of countries in the top 10 declined or maintained their positions.

"Vietnam is particularly dominant in the region in-depth, which is the correlation between international flows and domestic activity, with its leading position, and breadth. Over the past several years, Vietnam has become a strong counter of China in textile production and increasingly stronger in high-tech products", the report stated.

Vietnam ranks among the top 5 countries of fastest development in trade flows
Shoeib Reza Choudhury, General Director of DHL Express in Vietnam. (Photo: Bao Moi)

According to the researchers, these results come in a context that Southeast Asia benefits from close links with a wide supply chain network across Asia, and ASEAN's policy innovations toward the integration of the regional economy.

Shoeib Reza Choudhury, General Director of DHL Express in Vietnam, affirmed that Vietnam was definitely one of the top destinations for businesses looking to diversify their production facilities. He said that enterprises are attracted by the young and skilled workforce of Vietnam, trade agreements between Vietnam and various international organizations, and the general stability of Vietnam's society. According to Shoeib, many high-tech companies, as well as fashion and apparel companies, are planning to move to Vietnam or expand their production capacity.

GCI 2020 is a comprehensive analysis of globalization, measuring international flows of trade, capital, information, and people in 169 countries and territories. In the midst of the Covid-19 pandemic, trade and capital flows have begun to recover, and international data flows have skyrocketed. In particular, the Netherlands once again tops the GCI rankings. Singapore is leading the international flow correlation index to domestic activity, while the UK has the most global distribution of flows.

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