Vietnam: A promising investment destination bet88 nhà cái đến từ châu âu ASEAN

At an information session prior to the upcoming regional UOB conference entitled “Gateway to ASEAN” bet88 nhà cái đến từ châu âu Ho Chi Minh City on September 6, Mr. Suan Teck Kin, Head of Research at UOB, expressed his appreciation of the region’s economic and trade potential, bet88 nhà cái đến từ châu âu which Vietnam stands out as an important destination with positive prospects bet88 nhà cái đến từ châu âu the future.

ASEAN emerging stronger

Amid volatile markets and global uncertainty, ASEAN has weathered the risk of recession, with growth remaining robust and inflation significantly lower than bet88 nhà cái đến từ châu âu the G3 economies. Despite a host of macro-economic challenges, from a slowing global economy and rising inflation to volatile commodity prices and geopolitical tensions, the Asian Development Bank (ADB) forecasts ASEAN’s growth at 5 per cent bet88 nhà cái đến từ châu âu 2024; a level it has maintained over the past decade.

There are many factors driving ASEAN’s rise, not only its demographic advantage, including a growing young population of nearly 700 million and an expanding middle class, but also its geographical location at the crossroads of major trade routes and .4 trillion bet88 nhà cái đến từ châu âu global trade each year.

“bet88 nhà cái đến từ châu âu terms of trade, ASEAN is a major trading bloc, but most trade takes place outside of the region,” said Mr. Suan. “bet88 nhà cái đến từ châu âu 2022, ASEAN’s trade reached about .8 trillion, of which 80 per cent was with non-ASEAN countries. bet88 nhà cái đến từ châu âu contrast, the EU has a higher share of intra-bloc trade, at 80 per cent, showing that ASEAN trade is globally integrated, especially with large economies such as China and the US.”

He also pointed out that the shift bet88 nhà cái đến từ châu âu US trade flows has given an advantage to ASEAN. bet88 nhà cái đến từ châu âu 2016, about 21 per cent of US imports came from China, which has now fallen to 13 per cent, while imports from ASEAN have increased from 7 per cent to about 11 per cent. Vietnam has seen significant growth, with its share of US imports nearly doubling.

Another driver is the shift bet88 nhà cái đến từ châu âu Chinese trade flows away from the US and Europe, which has also benefited ASEAN. ASEAN has become China’s largest trading partner, surpassing the EU and the US. While China’s trade with ASEAN has increased significantly, its trade with the US and the EU has declined. This reflects a broader shift towards closer economic ties between China and Southeast Asia.

Overall, these trends illustrate a significant restructuring of global trade, with ASEAN emerging as a more prominent player bet88 nhà cái đến từ châu âu global supply chains due to the shift away from China and increasing regional and global integration.

Vietnam: A bright star bet88 nhà cái đến từ châu âu the regional landscape

Vietnam is considered a “Bright Star” bet88 nhà cái đến từ châu âu ASEAN with its economic growth rate maintained at a high level over the past years despite global fluctuations.

Data from the General Statistics Office shows that Vietnam’s GDP growth bet88 nhà cái đến từ châu âu the second quarter of 2024 was 6.93 per cent, exceeding expectations for 2024 as a whole, which is forecast at 6 per cent, and higher than the 5.87 per cent posted bet88 nhà cái đến từ châu âu the first quarter of 2024 and 6.72 per cent bet88 nhà cái đến từ châu âu the fourth quarter of 2023.

Overall economic growth is supported by strong manufacturing activity as well as the recovery of the trade sector. Both the manufacturing and service sectors have grown strongly bet88 nhà cái đến từ châu âu the past two quarters. The manufacturing sector grew 10 per cent year-on-year bet88 nhà cái đến từ châu âu the second quarter of this year from 7.2 per cent bet88 nhà cái đến từ châu âu the first, while the services sector grew 7.1 per cent year-on-year bet88 nhà cái đến từ châu âu the second quarter from 6.2 per cent bet88 nhà cái đến từ châu âu the first. The recovery bet88 nhà cái đến từ châu âu both sectors is important, as they collectively account for three-quarters of Vietnam’s GDP.

bet88 nhà cái đến từ châu âu addition, foreign trade remained strong bet88 nhà cái đến từ châu âu the first half of 2024, and momentum bet88 nhà cái đến từ châu âu semiconductor sales since mid-2023 is likely to continue bet88 nhà cái đến từ châu âu the second half. Exports and imports increased 14.0 per cent and 16.6 per cent year-on-year, respectively, bet88 nhà cái đến từ châu âu the first half.

FDI into Vietnam remains strong, reaching record highs for the second consecutive year. bet88 nhà cái đến từ châu âu the first seven months of this year alone, Vietnam disbursed billion bet88 nhà cái đến từ châu âu FDI, with strong investment coming from countries such as Singapore, China, Hong Kong (China), and Japan. “This positive trend demonstrates the continued confidence of investors and businesses bet88 nhà cái đến từ châu âu Vietnam’s competitiveness and potential,” said Mr. Suan.

Despite the remaining downside risks, including external geopolitical risks, volatility bet88 nhà cái đến từ châu âu the semiconductor cycle, and uncertainty over China’s economic recovery, international institutions such as UOB, the ADB, the International Monetary Fund (IMF), and the World Bank (WB) still forecast positive growth for Vietnam, of 6.0-6.5 per cent for FY 2024, recovering from 5.0 per cent bet88 nhà cái đến từ châu âu FY 2023. This would make Vietnam one of the fastest-growing economies bet88 nhà cái đến từ châu âu ASEAN.

Over the longer term, Vietnam’s strong economic growth is supported by positive long-term demographic and macro-economic trends. This has allowed Vietnam to become the rising economic star of ASEAN, according to Mr. Suan.

bet88 nhà cái đến từ châu âu terms of positive long-term demographic trends, Vietnam has a strong and expanding middle class and the third-largest population bet88 nhà cái đến từ châu âu ASEAN, at about 100 million. This sets it up bet88 nhà cái đến từ châu âu the years ahead for more consumer spending as the population continues to grow and becomes wealthier.

bet88 nhà cái đến từ châu âu terms of macro-economic trends, Vietnam is successfully transitioning away from lower-cost manufacturing toward higher value-added technologies, as well as placing a stronger focus on the services, retail, and tourism industries. As a result of these healthy long-term fundamentals, Vietnam’s economic share of ASEAN’s total GDP has grown handily, almost doubling from less than 6 per cent bet88 nhà cái đến từ châu âu 2000 to about 12 per cent now.

To discuss bet88 nhà cái đến từ châu âu more detail about growth and investment opportunities for companies and investors bet88 nhà cái đến từ châu âu ASEAN and Vietnam, UOB will organize the annual “Gateway to ASEAN” conference, with the theme “ASEAN: Crossroad to The World”, on September 6 at the Thisky Hall Sala Convention Center, 5th floor, Grand Skylar, bet88 nhà cái đến từ châu âu Ho Chi Minh City. This is the first year the conference has been held bet88 nhà cái đến từ châu âu Vietnam.

It is expected to bring together leaders of ministries and agencies bet88 nhà cái đến từ châu âu Vietnam and leading enterprises bet88 nhà cái đến từ châu âu the region. As a bank with the most extensive trade network bet88 nhà cái đến từ châu âu ASEAN, UOB plays a role bet88 nhà cái đến từ châu âu connecting and promoting sustainable development bet88 nhà cái đến từ châu âu the region. Leveraging its extensive regional network and deep local understanding, UOB is committed to providing comprehensive financial solutions and support to help businesses seize growth opportunities bet88 nhà cái đến từ châu âu this dynamic economic region.

The conference will be livestreamed on VnEconomy’s official Facebook page at 9.15am on September 6.

Learn more about the conference at: https://events.searix.net/uobgta/.