New World Wealth’s analyst Andrew Amoils told CNBC that the Southeast Asian country will experience a 125% increase in wealth in the next ten years, the largest expansion in wealth of any country in terms of GDP per capita, and number of millionaires.

“Vietnam is an increasingly popular manufacturing base for multinational tech, automotive, electronics, clothing and textile firms,” the website quoted Amoils as saying.

The country, which is home to 19,400 millionaires and 58 centimillionaires, is perceived as a relatively safe country compared with other nations in the Asia-Pacific region, Amoils said, which provides companies an extra incentive to set up manufacturing operations in the county.

A report from McKinsey showed that Vietnam’s strategic location, low cost of labour and infrastructure supporting exports have all transformed the country into a prime destination for international investment.

Meanwhile, chief investment officer of VinaCapital Group told CNBC that Vietnam is developing rapidly and most of the population is benefitting.