Vietnam could be among the top 20 economies by 2050, projected PricewaterhouseCoopers (PwC) in a report on its perspectives on Vietnam.

A view of Nhat Tan Bridge in Hanoi

The report was released on the occasion of the APEC CEO Summit, which is taking place in the central city of Da Nang on November 8-10 as part of the APEC 2017 Economic Leaders’ Week.

According to the report, in the long term, PwC forecast that Vietnam will be among the fastest growing economies in the world as its average real GDP growth reaches 5.1 percent per year.

These projections rest on Vietnam’s youthful population and rising middle class, a cost-competitive and skilled workforce, and a predictable pro-investor orientation, it said.

The report also showed that most CEOs in Vietnam (92 percent) are confident in growth for their business over the next 12 months.

A net of 62 percent of Vietnamese CEOs said they would increase investment in 2018, above the APEC average of 50 percent.

Close to half of foreign investors (47 percent) plan to expand their investment in the country in the next 12 months.  Vietnam is among the top four economies, including China, Indonesia and the US, where at least 40 percent of foreign CEOs intend to raise spending.

According to PwC, Vietnamese CEOs are more likely to expect new growth from trade agreements, with 38 percent of them expect an increase in revenue opportunities over the next year due to a new trade agreement compared with 27 percent of all APEC CEOs.

A net of 86 percent of CEOs in Vietnam pin hope on their organisations’ footprints will expand in the next three years compared to 63 percent of all APEC CEOs.

Dinh Thi Quynh Van, PwC Vietnam General Director, said Vietnam’s investment climate has become much better than previous years thanks to improvements in institutions, competitiveness, human resources and market.

Through the annual surveys of PwC, including those on Vietnam, confidence in the country’s development potential and business environment is very high.

“Facts and figures show that partners and investors in Vietnam are developing strongly and more and more investors are now interested in the Vietnamese market,” she stressed.-VNA