German journal highlights Vietnamese stock market’s prospects - German journal highlights Vietnamese stock market’s prospects - Website Ho Chi Minh City
German securities news site Börse-online.de on November 22 ran an article highlighting the high prospect of the stock market of Vietnam and the Vietnamese economy after COVID-19, underlining that the Southeast Asian country may grow 8 percent next year.
The article said that the difficult period has passed in Ho Chi Minh City. The country's economic and financial hub is now recovering. Stock values have increased over 5 percent in the past six weeks, and the risk of a recession seems to have been averted
The article cited analysis organisation DBS Vietnam that Vietnam’s gross domestic product (GDP) growth may return to 8 percent next year.
Not only in Ho Chi Minh City but also in Hanoi, the information technology centre of Da Nang, the port city of Hai Phong as well as in provinces such as Dong Nai and Binh Duong, more and more workers are returning to work.
In terms of demographics, up to 68 percent of the total population of 97 million people are in the working age of 15 and 64, and about 1.5 million people enter the labour market every year. According to Vietnam Invest Review magazine, by 2030, Vietnam will have about 56 million people in the middle class compared to the current figure of 23 million.
Up to 745 companies are listed on the stock market compared to only 24 companies in 2004. By the end of 2020, the market capitalisation reached 160 billion EUR. In the future, many promising information technology companies will also appear on the list of stock exchanges.
The article said that Vietnamese leaders expected to promote the Internet economy as a driving force for growth and production, so they have advised and supported startups from this industry. It is expected that by 2025, 80 percent of public services will be handled online or via mobile phone. The Vietnamese Government has set a target that in the next three years, the digital economy will contribute 25-30 percent to GDP.