Country has benefited from a trade spat between the U.S. and China as firms seek to best protect their supply chains.
That's a similar target also set by Vietnam's Prime Minister Pham Minh Chinh's earlier this year, with FTSE Russell recommending the country sticks to its current pace of reforms if it is to meet that deadline. Christine Phillpotts of Ariel Investments told CNBC"countries like Vietnam … are relatively well positioned" because they are less reliant on foreign capital or have lower foreign debt. As such, Vietnam has become a relatively safer place to invest, she said.
"It has a geographical advantage of being in close proximity to China on one hand while having open access to export markets in developed countries on the other hand. The latter is thanks to having numerous free trade agreements," Helmi Arman, chief economist for financial research group Citi, told CNBC.