Depth report

　　

International media have published articles saying that foreign direct investment (FDI) flowing into Vietnam this year has set the stage for a strong explosion in the technology, renewable energy, healthcare, banking and real estate sectors.

Investor-friendly policies, tax breaks and emerging industrial hubs outside Hanoi and Ho Chi Minh City have made Vietnam an attractive destination for foreign investors seeking long-term sustainable growth prospects.

According to the Vietnam Briefing website, in January and February 2024, Vietnam saw a strong wave of foreign direct investment of more than $4.29 billion, a significant increase of 38.6% over the same period last year. The actual amount of foreign direct investment in the first two months of 2024 reached 2.8 billion US dollars, an increase of 9.8% over the same period in 2023.

The provinces that attracted the most FDI were Hanoi, Quang Ninh, Thai Nguyen, Pati Thouthun, Bac Ninh, Dong Nai, Bac Giang, Ho Chi Minh City, Hai Phong, Hoang An and other provinces. These 10 provinces and cities accounted for 81.7% of the total foreign direct investment attracted by Vietnam in the first February of 2024. Among them, Hanoi led the way with $914 million (23.4 times more than the same period in 2023).

 

Among the fields attracting foreign investment, the processing and manufacturing industry is in a leading position.

The Washington Examiner published an article titled "World Bank: Vietnam is proof of Successful development," which pointed out that the global free economy is declining, but Vietnam is bucking the trend. In recent decades, the index of economic freedom for countries with economies similar in size to Vietnam has not achieved strong growth.

The NASDAQ Stock Exchange said that Vietnam's growing economy not only benefits the Vietnamese people, but also brings profit opportunities for investors in many fields, especially technology and textiles. Vietnam's economic momentum has also benefited from its ability to attract foreign direct investment.

Vietnam's powerful transformation has created a miracle of wealth. Vietnam has a strong growth trend in the number of high net worth individuals, from 19,400 millionaires and five billionaires with a combined net worth of $11.8 billion, and these numbers are expected to increase to 112,000 millionaires by 2027. This figure also represents Vietnam's economic transformation, heralding a new era of prosperity and opportunity.

By tapping into the potential of trade worth $55 billion a year, Vietnam is well positioned to move up the economic road map and become the standard for developing economies in the world.

According to BNN, Vietnam's economic rise story is one of resilience, strategic vision and enduring ambition. There are still many challenges ahead, but for Vietnam, the future has never looked brighter.