Vietnam is still seen as an attractive destination and the problems of 2021 do not mean that foreign investors will turn away, according to a recent report by Singapore Institute of International Affairs (SIIA).
Singapore (VNA) – Vietnam is still seen as anattractive destination and the problems of 2021 do not mean that foreigninvestors will turn away, according to a recent report by SingaporeInstitute of International Affairs (SIIA).
Entitled “From Crisis to Endemic: Stumbling orPressing Ahead?” the report examined the economies of Indonesia, Vietnam,Malaysia, and Thailand, which together account for over 70 percent of overall ASEAN grossdomestic product (GDP).
In 2020, Vietnam was held up as a model for its ability tocurb the initial COVID-19 outbreak, with discipline and social support forstrong measures, resulting in low, near-zero numbers, it said. However, this has changed in 2021, when the country has experienced a surge of cases since 27 April, driven by the Delta variant, and the situation could not return to the previous low levels of infection.
The extensive lockdowns to prevent the spread of the coronavirus have disrupted not only local consumption but also impacting the manufacturing and supply chain activities to export markets. The pandemic impacts were especially felt by manufacturersof garments and electronics, noted the report.
At the macro-level, however, theVietnamese economy showed considerable resilience. Even amidst the 2021pandemic situation, trade numbers have remained strong with Vietnam’s total tradevalue of goods up 33.5 percent year-on-year in the first five months of 2021. Thisis supported by strong economic recoveries in major markets, especially the USand China, according to the report.
Economists forecast Vietnam should still attract some 30 billion USD in foreign direct investment this year. (Photo: VNA)
The report said challenges and impacts experienced by businessesoperations and supply chains in 2021 could impact the future. Nevertheless,economists forecast Vietnam should still attract some 30 billion USD in foreigndirect investment (FDI) this year, or a 2 percent rise, year on year.
At a conference to announce the reports, experts held thatthe investment environment of Vietnam in the long term is prominent compared toother ASEAN major economies thanks to the political stability. Vietnameseattraction also comes from the country’s special policies to facilitateproduction and technology development, they said./.
Positive signs have been seen in the three areas of agriculture, industry, and service so far this year, while inflation was also controlled to under 4 percent as targeted.
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This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
Illustrative image (Source: Vingroup) 
Economists forecast Vietnam should still attract some 30 billion USD in foreign direct investment this year. (Photo: VNA) 
