Vietnam named among economic growth leaders

TN News

Email Print

Vietnam has been named among a group of 11 economies that financial services giant Citigroup said will stand out in terms of growth potential over the next four decades.

The Wall Street Journal reported on Thursday that Citi has unveiled what it dubs the 3G countries, or "Global Growth Generators". The other countries picked out are Bangladesh, China, Egypt, India, Indonesia, Iraq, Mongolia, Nigeria, the Philippines, and Sri Lanka

Citi said the new classification, which focuses on growth, should replace previous traditional lists that focus on emerging markets.

"Developing/emerging vs. developed/advanced/mature, BRIC, the Next Eleven, the 7 Percent Club are no more helpful concepts for Citi's global client base than the Magnificent Seven or the Nine Nazgul," the report cited Citi's economists as saying. Ireland, Canada, Australia and "even the US" could, in principle, become 3G countries in the future, Citi said.

The rankings were based on several growth factors including domestic savings and investment, demographic prospects, health, education, quality of institutions and policies, and trade. Vietnam scored a 3G index of 0.86, above China (0.81), India (0.71) and all the other economies in the list.

Vietnam's economy grew 6.78 percent in 2010, exceeding the official growth target of 6.5 percent.

More Business News