Việt Nam’s economic surge draws global investors despite headwinds
Amid global economic uncertainty, Việt Nam is recognised as an attractive destination for foreign investment, buoyed by macroeconomic stability, bold reforms, and a business-friendly climate, heard at the Techcombank Investment Summit in Hà Nội on July 9.
Deputy Prime Minister Hồ Đức Phớc told attendees that Việt Nam remains steadfast in fostering a transparent and equitable environment for both local and foreign investors. He outlined four recent Politburo resolutions bolstering private sector growth, deeper global integration, sci-tech innovation, and streamlined legislation. Revisions to 28 laws are also in progress to cut red tape, free up resources, and level the playing field.
The Vietnamese economy is thriving, with robust 7.52 per cent growth in the first half, among the highest in the region. The Government has set an 8 per cent growth target for this year, with an eye toward 10 per cent by 2030, signalling confidence in its long-term trajectory.
Major infrastructure projects are fueling this optimism. The first phase of Long Thành International Airport, set to join the world’s six largest, is complete. Saigon Port has climbed to the top of Việt Nam’s port rankings, while plans for the Lào Cai-Hải Phong expressway and the Hà Nội-Hồ Chí Minh City high-speed railway underscore the country’s connectivity push.
Dr. Tamara Henderson, a senior economist at Bloomberg, cited climate change, rising protectionism, and the tech boom as key forces reshaping global investment flows.
Việt Nam, she said, is capitalising on its push for digital transformation, sustainable energy, and solid fiscal health. Its young, dynamic workforce is a major draw, but she cautioned that to fully leverage this demographic edge, deeper reforms in education and vocational training are critical for competing in the digital economy.
Jens Lottner, CEO of Techcombank, pushed for a faster pivot to a tech-driven economy, praising recent legal reforms that are paving the way for greater innovation.
Meanwhile, Deputy Director of the State Bank of Vietnam’s Credit Department for Economic Sectors Trần Anh Quý said banks are stepping up with easier credit, loan restructuring, and lower interest rates to help firms navigate any lingering difficulties and fuel recovery. — Source: VNS