Vietnam went through a major development from one of the poorest nations to a lower middle-income country over the past 30 years. With an increasingly growing GDP over the past 9 years, it has become one of the fastest emerging economies in South East Asia. Furthermore, it is one of the few ASEAN community members that realized a positive economic growth during the ongoing COVID-19 pandemic, as its GDP has still grown by 2.9% in 2020. With the establishment of several new trade agreements, the EVFTA in 2020 being the most recent, business opportunities are optimized between Vietnam and Europe.
With a doubling of its GDP growth since 2000, Philippines is developing from a lower middle-income towards an upper middle-income country. Increasing urbanization, a growing middle class, and a large and young population resulted in the Philippines’ economy become dynamic and a vibrant labor market, reflecting strong consumer demand. Despite its contracting economy as a result of the COVID-19 pandemic, it is projected to be one of the leading ASEAN countries when it comes to GDP growth in 2021. With its unique geographic location, declining poverty and notable performance amongst sectors, excellent business opportunities are present in the Philippines.