Vietnam is an attractive destination for investment amid a lackluster global economy, Nirukt Sapru, CEO of Standard Chartered Bank Vietnam said in a recent report.
Vietnam, attractive destination for investment. (Photo: VNA)
Hanoi (VNA) – Vietnam is an attractive destination for investment amid a lackluster global economy, Nirukt Sapru, CEO of Standard Chartered Bank Vietnam said꧟ in a recent report.
The bank has raised its forecast for Vietnam ’s GDP growth this year from 6.6 percent to 6.9 percent, although global growth is likely to remain flat at 2.9 percent.
Manufacturing and construction are expected to be the biggest economic growth drivers in 2016.
According to Standard Chartered, Vietnam will become the second fastest-growing economy in Asia this year, only after India .
The bank also expected strong foreign direct investment inflows to Vietnam , the report noted, adding that the country’s GDP growth in the last six quarters were higher than targeted.
However, economist Dr. Le Xuan Nghia was not that optimistic. Many problems still challenge Vietnam’s economy in 2016, particularly in terms of interest rates, inflation, bad debts and the exchange rate, he said.
The Consumer Price Index (CPI) this year is likely to be 3.4 percent higher than 2015, Nghia added.
The economist warned that failure to tackle bad debts may increase operating costs for commercial banks, making them even more vulnerable to risks, and as a result, they will be less willing to venture into the real estate and stock markets.
The biggest concern in the long term is the rapid increase in public debt, he said.-VNA
Vietnam has set goals for GDP to grow by 6.5-7 percent and inflation to be kept at around 5-7 percent in the next five years, the Ministry of Planning and Investment said.
HSBC maintains its 2016 GDP forecast of 6.7 percent year-on-year for Vietnam as the dual engine of domestic demand and exports are expected to stay strong.
The Economist Intelligence Unit (EIU) under The Economist Group forecasted an upbeat prospect for Vietnam’s economy with a gross domestic product growth rate expected to stand at 6.8 percent in 2016.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
This latest order builds on a previous agreement signed at the Singapore Airshow last year for 40 engines, bringing the total number of Trent 7000 engines ordered by the airline to 80.
Minister of Industry and Trade Nguyen Hong Dien acknowledged that despite concerted efforts by ministries and local authorities in combating fake and substandard goods, the situation remains highly complicated, attributing the persistent challenges to high profits luring numerous participants, increasingly sophisticated violations, limited resources within enforcement agencies.
The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
The zone will cover 1,881 ha, comprising functional areas for production, logistics, trade and services, digital technology industry, information technology, and innovation.
Dung underlined several key objectives, including a comprehensive review of the legal framework governing SOEs, and called for updates that reflect international standards and support modern, transparent governance.
While the US market has become more difficult to access due to new tax policies, Australia could play the role of a trade cushion, helping to reduce shocks and maintain export momentum for Vietnam's shrimp industry.
Vietnam, attractive destination for investment. (Photo: VNA)
