Vietnam has the second-largest consumption share in ASEAN, with the potential to outpace the Philippines soon. This should change the popular perception about ASEAN, in which Indonesia and the Philippines are usually considered the major domestic-oriented economies.

While the recent trade tensions have merely accelerated the movement of supply chains to Vietnam, they were not the trigger.

Under the deal, Sumitomo Life raised its shareholding at Bao Viet from current 17.48% to 22.09%.

HSBC expected Vietnam’s economic outlook to remain positive and GDP to grow 6.6% in 2020.

In 2020, the country’s domestic demand is set to benefit from generally supportive financial conditions amid low inflation and robust capital flows.