Vietnam is a bright spot in foreign direct investment (FDI) attraction in Southeast Asia, said Sam Cheong Chwee, Executive Director and Head of United Overseas Bank (UOB) Group’s Foreign Direct Investment Advisory Unit at UOB.
He made the remark in an article published by Singapore’s Lianhe Zaobao (United Morning) newspaper in its October 9 edition.VNA
In the article, the expert noted that the FDI influx into Vietnam has been on the rise in recent years, citing statistics of the United Nations Conference on Trade and Development (UNCTAD) which showed that 16 billion USD worth of foreign investment was channelled into the country last year.
The expert also cited a recent report of Vietnam’s Ministry of Planning and Investment which said the country attracted more than 18.4 billion USD in the first nine months of the year.
Sam Cheong Chwee stressed that economic and industrial growth will enhance Vietnam’s position as an important partner and market in Southeast Asia.
The result is attributable to the Vietnamese government’s efforts to bolster infrastructure at key economic and industrial zones, he said, citing an example of the northern port city of Hai Phong which has been developed into a new economic centre in the north eastern region, thus drawing a large FDI amount into high technology agriculture.
Although FDI in the world has generally declined last year, Southeast Asian nations have turned against the trend.
Figures from the UNCTAD show that FDI inflows into the Association of Southeast Asian Nations (ASEAN) in 2018 reached a record high of 149 billion USD, up 3 percent from the previous year. Meanwhile, global foreign investment fell by 13 percent in the period.
The expert explained young population structure is the foremost advantage which helps ASEAN countries successfully attract investors’ attention.
ASEAN boasts a population of about 660 million people, with more than half being under 30.