At the 17th Vietnam Economic Scenario Forum (VESF) held on January 7, international experts made comments on Vietnam's economic prospects in the coming period.
Speaking at the forum, Associate Professor, Dr. Nguyen Hong Son, Deputy Head of the Central Economic Commission, said that Vietnam's economy is facing great challenges and opportunities in the current period. With the ambitious goals in the Resolution of the 13th National Party Congress, we must overcome many difficulties and at the same time create breakthroughs in development to move towards the country's long-term goal of becoming a developed country by 2045.
Global economic fluctuations, strategic competition between major powers, or rapid changes in the global supply chain all have profound impacts on the Vietnamese economy. Going deeper and clarifying the suggestion made by Associate Professor, Dr. Nguyen Hong Son, Mr. Tim Evans, General Director of HSBC Vietnam, commented that it is forecasted that 2025 will not be "calm and peaceful", the whole world, including Vietnam, will still have to witness challenges from geopolitical conflicts, post-pandemic price shocks, or policy changes under the administration of US President Donald Trump 2.0. Some other challenges that can be mentioned are tariffs or trade shifts, and these impacts are even greater than what happened before.
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| Mr. Tim Evans - General Director of HSBC Vietnam at the 17th Vietnam Economic Scenario Forum (VESF) |
In the context of many challenges from the world economic situation, Vietnam still recorded positive signs. In 2024, Vietnam recorded FDI growth for 3 consecutive years. Experts have recognized that Vietnam has managed macroeconomic variables well, including inflation.
Mr. Shantanu Chakraborty, Country Director of the Asian Development Bank (ADB) in Vietnam, noted that the trade surplus of about 24 billion USD in 2024 and the record disbursed FDI capital of 22 billion USD are encouraging achievements. Mr. Shantanu Chakraborty assessed that Vietnam has made efforts in institutional reform, notably the amendment and promulgation of a series of laws that have a positive impact on investment attraction such as the Law on Public Investment, the Law on Bidding and the Law on Electricity... Mr. Shantanu Chakraborty emphasized that public investment reform is the main driving force for economic growth, when a 1% increase in public investment can improve GDP by about 0.06%.
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| Mr. Shantanu Chakraborty, Country Director of Asian Development Bank (ADB) |
In addition, the Government's very cautious measures play a big role in maintaining the balance between expansionary fiscal policy and monetary policy towards growth. The ADB Director assessed that Vietnam is still a bright star in Southeast Asia in terms of economic growth, and in the future, it will continue to have the opportunity to be a favorite destination for FDI capital flows.
Sharing the same view, Mr. Tim Evans commented that Vietnam will continue to attract foreign direct investment: "For every foreign customer we contact, they all say that they have a need to expand their investment in Vietnam because Vietnam has advantages in human resources, open policies as well as favorable geographical location." Vietnam has implemented many commitments as well as signed trade agreements with foreign partners. In that context, Vietnam will continue to attract more foreign direct investment and play the role of a production center. Vietnam is on track to become a rising star of global trade, the General Director of HSBC Vietnam emphasized.
To continue to maintain the growth momentum, Mr. Shantanu Chakraborty believes that the most important thing that Vietnam needs to do is to accelerate the implementation of ongoing reforms, achieve efficiency in the administrative apparatus, make decisions, and promote public investment. The effectiveness of these reforms must quickly spread to all sectors of the economy to achieve the growth target set.
Meanwhile, Mr. Andrea Coppola - Lead Economist for the Equitable Growth, Finance and Institutions Program of the World Bank (WB) in Vietnam, Laos and Cambodia said that the economic outlook in 2025 is generally positive. Maintaining sustainable growth momentum requires our country to focus on key areas such as people, infrastructure and institutions. Investing in human resources, improving the transport and energy systems will help Vietnam increase its competitiveness while minimizing its impact on the environment. The WB representative also suggested that institutional modernization is the key to creating favorable conditions for the development of the private sector, thereby helping our country realize its goal of becoming a high-income economy.
Source: https://thoibaonganhang.vn/viet-nam-tiep-tuc-co-co-hoi-tro-thanh-diem-den-yeu-thich-cua-dong-von-fdi-159679.html
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