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BUSINESS REPORT

Bursting with promise

Mr. Wang Weiya, Chairman of the Board at CSI Securities
and Founding Partner and CEO of Kirin Capital, discusses
the potential he believes Vietnam’s economy holds.

s an investor working in Vietnam promising sign. Many of the country’s and the timely disbursement of public
for nearly ten years and with 30 key economic indexes have increased investment capital to boost economic
A years of experience in the finance since the second quarter of 2023. growth. Since early in the year, Vietnam
and investment sector, I can confirm that The Vietnam Manufacturing Purchas- has witnessed strong levels of disburse-
Vietnam is one of the fastest-growing ing Managers’ Index (PMI) rose last year ment, with localities such as the Mekong
economies in Southeast Asia. Many invest- after orders for many groups of commodi- Delta’s Long An province disbursing
ment funds and international organiza- ties increased once again. FDI hit a record VND1.398 trillion ($55.9 million), or 18.56
tions have made positive assessments for the 2018-2023 period, posting year- per cent of its annual plan, Ho Chi Minh
about its economy over the past decade. on-year growth of 32.1 per cent. The coun- City VND7.289 trillion ($291 million), or
This is no coincidence. Vietnam’s attrac- try’s unemployment rate and inflation rate 9.2 per cent, and Hanoi VND6.306 trillion
tiveness among foreign investors will only were kept under control, at 3.2 per cent ($252.2 million), or 8.1 per cent. This
grow in the future, especially those from and 3.25 per cent, respectively. represents major support to boost pro-
China and Singapore. These demonstrate the potential for duction and bridge supply and demand,
Vietnam is considered to have a rela- Vietnam’s economic growth in 2024, which helping to promote economic recovery.
tively open economy after signing a num- has already been shown in results for the The country attracted FDI of over $4.29
ber of free trade agreements (FTAs) with opening two months of the year. Export billion in the opening two months, a 38.6
many countries and territories and main- turnover rose 19.2 per cent year-on-year, per cent increase year-on-year. Of this, total
tains stable diplomatic relations globally. with the trade surplus hitting $4.72 billion. registered capital for new projects doubled
It also optimizes the advantages that stem Many important export items registered last year’s figure to reach $3.6 billion. An
from its stability, geography, young and high growth, including electronics and com- estimated $2.8 billion has been disbursed,
abundant workforce, and preferential ponents, textiles and garments, and footwear, up 9.8 per cent year-on-year. FDI is forecast
policies for foreign investors. with $9.5 billion, $5.2 billion, and $3.2 bil- to set a new record in the first quarter,
lion, respectively. Export value in the agri- reflecting the attractiveness of Vietnam
Positive performance culture, forestry, and fisheries sector reached within the international community.
Global inflation and unemployment $9.84 billion, an increase of 50.3 per cent.
rose rapidly in 2023 while consumption Total retail sales of goods and services were FDI attraction
and industrial production and trade estimated at over VND1.03 trillion ($41.2 The longer I have invested in and been
declined strongly, which affected Viet- million), up 8.1 per cent. The country also connected with investment in Vietnam,
nam. With economies in countries in welcomed 3 million foreign tourists. the more I have realized that the country
the EU and Japan slowing, the economic I greatly appreciate the development will become more stable and attractive
recovery in Vietnam is a particularly support policies introduced in Vietnam among foreign investors, including those

26 Vietnam Economic Times May 1, 2024 en.vneconomy.vn