The Southeast Asian country speeded up even more its growth. Not only at the economic level, but also for its global status.
Hanoi is increasingly at the center of regional and global trade maps. For some time now, the distorting effects of the so-called trade war between the United States and China have led many international companies to locate in Southeast Asian countries. Particularly Vietnam, which attracts not only manufacturers that could form the new "factory of the world" but also global digital giants, won over by a steadily growing middle class and young population. The Covid-19 pandemic first and the Ukraine war then, with all the geopolitics consequences of the case, are speeding up this tendency. It also seen in the numbers. In March, Vietnam's exports grew 45.5% month-on-month and 14.8% year-on-year, reaching a record of US$34.06 billion. According to the Vietnam General Bureau of Statistics, the Vietnamese economy expanded 5.03 % in the first quarter of 2022 compared to the same period a year earlier, surpassing China, which grew 4.8%. In addition, Vietnam's foreign commerce rose to $176.35 billion in the first quarter, an increase of 14.4% year-on-year. In comparison, China's foreign commerce in the 1st quarter increased by 10.7 % in yuan terms. The uncertainty related to pandemic restrictions is also pushing different companies and expats to reconsider their permanence in the People's Republic, often turning their attention just to Vietnam. Hanoi's trade with the United States and the European Union has increased considerably in recent years, thanks in part to the free trade agreement signed with Brussels.The various platforms launched in recent months and weeks could bring other benefits to the Vietnamese economy. Indonesia and Vietnam could be the ASEAN countries to benefit the most from new funding for the clean energy transition under a global partnership for infrastructure investment formally launched by the G7 at the summit a few days ago. The G7 is working with Jakarta and Hanoi in particular on partnerships to provide financing to accelerate decarbonization and the shift to cleaner energy sources.
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