Boston Consulting predicts wider geographic wealth

The Boston Consulting Group (BCG) is expanding its presence in Southeast Asia with a new office in Vietnam where the US firm believes a growing affluent class will more than double in size by 2020. “It’s right time for us to open our Vietnam office today,” the company’s chairman Hans-Paul Bürkner said as he opened the office located in Ho Chi Minh City last week. Bürkner added that his corporation’s survey, issued the same day, showed Vietnam and Myanmar were the region’s new growth frontiers. He commented Vietnam has one of the world’s largest domestic populations with a young and dynamic workforce that provided the potential for strong economic growth. Vincent Chin, senior partner and managing director of the firm, added that Vietnamese companies were no longer content to serve only the domestic market, with some hoping to become regional and global businesses. Douglas Jackson, partner and managing director of BCG Vietnam, explained, “The choice to open an office in Vietnam is a logical one. The Vietnamese government has done a remarkable job converting economic gains into well-being for its citizens. Everywhere one sees long-term planning and investment that will reshape industries and strengthen the economy.” Vietnam today is facing economic difficulties, but offers remarkable opportunities for firms bold enough to navigate its short-term complexities, said Jackson, co-author of the study and former senior executive at VIB Bank in the country. Jackson underlined that the latest survey showed the middle-income earners and the newly rich in Vietnam and Myanmar would… [Read full story]