ASEAN economy is trying to overcome “headwinds”
In 2023, the global economy experienced weak growth, largely due to the tight monetary policy of the US Federal Reserve (Fed) and the slow recovery of China’s economy after the pandemic. COVID-19 epidemic. These factors have had a negative impact on economies in the Southeast Asia region, especially through trade activities. However, the forecast for 2024 is that the region’s economy will continue to recover, albeit slower, and inflation will return to safe levels managed by central banks.
An updated report on the Southeast Asian region’s economy from Ayudhya Bank (Krungsri, Thailand) said that in 2023, the economies of ASEAN countries will continue to recover, but at a slower pace than in 2022, due to weaker export demand from the international market. In the first half of 2023, exports from ASEAN fell as global demand for manufactured goods slowed. However, the regional economy grew thanks to domestic demand and tourism recovery.
In the second half of 2023, economic growth in ASEAN is supported by a rebound in domestic demand thanks to labour market stability and reduced inflation. Most economies in ASEAN have recorded lower inflation, mainly thanks to the stability of commodity prices, easing supply chains and tighter monetary policy.
Overview of Vietnam’s economy
According to an article on the market news site Yahoo! Finance, Vietnam is ranked among the 20 countries with the fastest economic growth in the world in the past 10 years, along with China and some other Asian countries.
The figures in the article are based on data from the International Monetary Fund (IMF). Specifically, the analysts looked at how much growth in real Gross Domestic Product (real GDP), which measures the total value of goods and services an economy produces in a year, has inflation adjustment. This data is considered from 2012 to 2022 to calculate the average growth over the past 10 years.
According to this data, Vietnam has had an average growth rate of real GDP of 6.1% over the past decade, placing the country in the group of countries with high economic growth rates. The agricultural sector plays a vital role in Vietnam’s economy, contributing to GDP and creating jobs.
The article also cited data on Vietnam’s agricultural, forestry and fishery products import market. Accordingly, the US is still the most significant market importing these products from Vietnam, with a turnover of 13.3 billion USD, accounting for 25% of the market share. China ranked second with more than 10 billion USD (18.9% market share), followed by Japan with 4.2 billion USD (7.9% market share) and South Korea with 2.5 billion USD (4. 7% market share).
Apple transferred an important, quality technical resource to Vietnam
Apple is working with Chinese iPad assembler BYD to transfer product development resources (NPI) to Vietnam. This marks the first time Apple has transferred NPI resources to Vietnam for a vital company device.
Vietnam is becoming an important technology production centre for Apple outside of China. Apple, America’s leading technology company, has asked suppliers to build new manufacturing capabilities for most of its products (except iPhone) in Southeast Asia.
According to experts, transferring NPI resources to production centres outside China will create a real alternative production base. Bryan Ma, Vice President of Client Device Research at IDC, said Vietnam is one of the countries benefiting from diversifying device manufacturing efforts in the tablet sector and personal computers.
