VN is the most globalised populous economy
Friday, October 19,2018AsemconnectVietnam - Viet Nam’s trade as a percentage of gross domestic product (GDP) reached over 200 per cent in 2017, the highest level for any country with over 50 million people in the World Bank’s data set, which goes back to 1960.
The measure is calculated by adding the value of exports and imports then dividing the figure by GDP. Economies with high measures are typically rich and small. Hong Kong, Singapore and Luxembourg all have rates over 300 per cent. Companies in these countries and territories make products for export because the domestic market is too small to consume all of their output.
According to the report, Viet Nam’s exceptionally globalised economy is a result of its focus on exports for economic growth. The country opened up its cheap labour market to foreign investors and become a hub for low-cost manufacturing.
Currently, Viet Nam is a major exporter of electronics and apparel, with the United States and China as the main destinations for its goods.
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