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risks before they escalate into crises. By
building this culture, we can safeguard
our reputation, financial stability, and
long-term sustainability even in very
dynamic market conditions.
Third, it is necessary to have the right
INTERVIEW people business and having great people
people. At the end of the day, banking is a
leads to great results. I am very grateful to
be part of such an exceptional team, who
are highly adaptable, motivated, passionate,
and dedicated. We know how to adapt,
how to capture opportunities, and how to
work effectively together as a team to serve
our customers.
Last but not least, our unrivalled inter-
national network remains a key competitive
advantage and we will continue to support
cross-border business flows between major
TOGETHER trade corridors while also taking best busi-
ness practices from other markets and
introducing them in Vietnam.
MOVING FORWARD % As you noted, FDI continues to be

one of the main pillars of Vietnam’s
growth story. Given the global chal-
lenges, like economic slowdown and
Mr. Tim Evans, CEO of HSBC Vietnam, shares his views with VET on geopolitical uncertainties, can the coun-
the bank’s success and how it encourages FDI flows into the country. try’s FDI potential remain intact?
There is no doubt that Vietnam con-
tinues to be a very successful FDI story.
The country has been one of the biggest
% 2023 was a very good year for HSBC, us with 26 different awards across all recipients of FDI in ASEAN, given its
with record-breaking financial perform- aspects of our business. strong fundamentals, political stability,
ance. As one of the most outstanding cost advantages, market access through
foreign-invested enterprises (FIEs) in % What were the secret ingredients in free trade agreements (FTAs), and stable
Vietnam, how do you view its results? this success? currency, etc. In particular, its recent par-
The HSBC Group’s results were under- First, we have had the right strategy ticipation in numerous FTAs has opened
pinned by exceptional performance across in place and this underpins all decisions up new market opportunities for foreign
all of our businesses and all the geogra- that we make as a team. It is a strategy investors, which helps strengthen its posi-
phies in which we operate. HSBC Vietnam that aligns with the five key areas that tion as an attractive destination for FDI
certainly contributed to the overall stand- are propelling Vietnam’s economic growth, in 2024 and beyond.
out Group performance. Our strategy, such as very strong FDI flows, the growing While much of the investment initially
which supports our ambition to be the sophistication of Vietnamese corporates, entered the lower value-add textile and
preferred international financial partner a growing middle class that is driving footwear space, Vietnam has quickly
of our clients, includes accelerating the domestic consumption story, positioning climbed up the value chain, growing into
shift of capital to areas that are showing ourselves for the stock market’s upgrade a key hub for electronics assembly. Much
material development, like Asia, while from Frontier to Emerging Market status, of the success in technology is due to Sam-
also focusing on the growing wealth story and financing / supporting the country’s sung’s multi-year FDI roadmap in Vietnam,
that is also unfolding in the region. transition to net-zero. with investment of more than $20 billion
In Vietnam in particular, 2023 was Second, we have the right culture across over the last two decades resulting in half
another strong year for HSBC. We continued our team that helps drive our success. It of its global smartphone production being
to use our international network to support is a culture that stands for self-belief, for in Vietnam. This has also incentivized
FDI flows into the country, utilized our getting it done, for resilience in the face other tech giants and suppliers to expand
Capital Financing teams to support the of adversity and for working together as a their operations in the country.
growing sophistication of Vietnamese cor- team, for innovation, and for doing the With trust in Vietnam’s FDI perform-
porates, and positioned our retail franchise right thing. Moreover, a strong risk culture ance and potential, HSBC has made cease-
to capture the growing middle-class story. is an essential prerequisite for teams like less efforts in facilitating inbound invest-
Looking back over the past year, our ours to navigate the uncertainties, make ment to Vietnam. In 2020, we signed an
team can be proud of our performance informed decisions, and succeed in today’s MoU with the Foreign Investment Agency
given the external challenges. We were complex business and economic environ- at the Ministry of Planning and Investment
able to exceed the targets we set for our- ment. At HSBC Vietnam, all of us have and have engaged in regular dialogues
selves and we delivered by far our best an obligation to create an environment and advisory and joint collaboration efforts
results in our 150+ years in Vietnam. where team members are encouraged to to promote the Vietnam story to bring in
This was recognized by our customers, report potential risks, through which we additional quality FDI. We also engage
the market, and the media, who presented can work to effectively mitigate such with the State Bank of Vietnam (SBV)

30 Vietnam Economic Times April 2024 en.vneconomy.vn