Vietnam has benefited from the shift in global supply chains and free trade agreements; foreign direct investment (FDI) into Vietnam has increased sharply, reaching record levels in recent times.
On September 6, in Ho Chi Minh City, UOB Bank held its annual regional conference “Gateway to ASEAN” 2024.
This is the first year the event has been held in Vietnam, attracting the participation of 600 delegates including experts, business leaders, trade partners from ASEAN countries, China and Hong Kong (China) and representatives of Vietnamese agencies.
With the theme “ASEAN - Gateway to World Economic Integration,” the conference focused on discussing the great potential of the ASEAN region, the key drivers for the region's continued growth through foreign direct investment, innovation in sustainable development and supply chain management.
The conference also discussed growth and investment opportunities for companies doing business within ASEAN or connected to the ASEAN region, especially in Vietnam, a potential investment destination in the region, a gateway for businesses looking to invest and expand their business in the region.
Speaking at the conference, Mr. Phan Van Mai, Chairman of the Ho Chi Minh City People's Committee, affirmed the consistent and consistent orientation of Vietnam and Ho Chi Minh City to always pursue the trend of peace , friendship, cooperation and mutual development with partners.
In the ASEAN region, Vietnam is affirmed to be the fastest growing region of the global economy, continuing to be the driving force of world economic growth.
According to Mr. Phan Van Mai, Vietnam in general and Ho Chi Minh City in particular are making efforts to catch up with the general development trends of the world and the region in developing circular economy, digital economy, green economy...
With its role and position, Ho Chi Minh City is always ready to cooperate and create favorable conditions for partners to invest and organize production and business activities in the city.
Mr. Phan Van Mai said that the city is currently making efforts to complete the transport infrastructure, especially the inter-regional connection, the Southeast region, and the Mekong Delta. Along with that, Ho Chi Minh City is currently inheriting and creating conditions to develop a specific policy mechanism to attract strategic investors such as policies to develop innovation centers, international finance, high technology such as information technology, new materials, clean energy, semiconductors, electromagnetic chips, etc.
From the perspective of an investor in Vietnam, Mr. Wee Ee Cheong, Vice Chairman and CEO of UOB Bank Singapore, said that Vietnam is one of the fastest growing economies in Southeast Asia with promising potential. With favorable macro factors such as a young population, skilled labor and abundant natural resources.
On the other hand, Vietnam has benefited from the shift in global supply chains and free trade agreements; foreign direct investment (FDI) into Vietnam has increased sharply, reaching a record level in recent times.
Along with that, Vietnam is also an important electronics manufacturing market in the world.
Further analyzing Vietnam's position and role in ASEAN, economic experts said that after the trade tensions between the United States and China and the COVID-19 pandemic, there has been a significant shift towards resilience, diversification and security of the supply chain. There has been a shift in production activities from China to nearby countries, challenging China's position as the world's leading manufacturer and exporter.
Vietnam is an ASEAN country that has benefited to some extent from the reorganization of global export markets. Specifically, Vietnam is attracting large investments in various sectors; in which, the processing and manufacturing industry remains the main sector attracting FDI capital in Vietnam, attracting more than 72% of total investment capital in 2023.
This is in line with the long-standing trend of Vietnam becoming an important destination for manufacturing due to its competitive labor costs, growing infrastructure and business-friendly policies.
On the labor front, Vietnam’s job market has seen positive developments in 2023, with the unemployment rate falling to 2.28%. The labor force has also increased to 52.4 million people, showing that the abundant labor force continues to attract foreign investors.
As an important link in the global supply chain, Vietnam has become a favorite destination for corporations looking to diversify their production operations amid global instability, supply chain restructuring, and the “China+1” wave.
According to Mr. Victor Ngo, General Director of UOB Bank Vietnam, in the ASEAN region, Vietnam stands out as a gateway to the region. Its strategic location, large and young population, and business-friendly policies make Vietnam an attractive destination for businesses looking to tap into ASEAN’s growth potential.
According to experts, the favorable environment opens up more opportunities for Vietnam's development; in which, diversifying trade partnerships between regions with strengthening FTAs will boost trade demand and provide resilience to external economic factors.
Together, investing in renewable energy, promoting resource efficiency and implementing climate-resilient infrastructure projects will facilitate long-term sustainable development, while further development of transport, logistics, energy and digital infrastructure will improve connectivity, enhance competitiveness and unlock economic potential.
On the other hand, simplifying and relaxing regulations and promoting transparency can attract more investment and stimulate domestic entrepreneurship./.
Source: https://baolangson.vn/viet-nam-tiep-tuc-la-diem-sang-kinh-te-trong-khu-vuc-asean-5020673.html
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