Vietnam’s investment attraction highlighted in Singaporean newspaper
Vietnam is a bright spot in foreign direct investment (FDI) attraction in Southeast Asia.
The information was said by Mr. Sam Cheong Chwee, Executive Director and Head of United Overseas Bank (UOB) Group’s Foreign Direct Investment Advisory Unit at UOB, in an article published by Singapore’s Lianhe Zaobao (United Morning) newspaper in its October 9th edition.
Photo for illustration (Source: hanoimoi.com.vn)
According to him, in recent years the FDI influx into Vietnam has been increasing, citing statistics of the United Nations Conference on Trade and Development (UNCTAD) which showed that 16 billion USD worth of foreign investment was channeled into the country last year.
He 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.
The expert stressed that Vietnam’s position will be enhanced as an important partner and market in Southeast Asia thanked to its economic and industrial growth.
The result is thanked 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.
Vietnam score first win at World Cup 2022 qualifiers
Vietnam secured their first victory at the World Cup 2022’s second qualifying round in the match against Malaysia at the My Dinh National Stadium in Hanoi on October 10th.
The game started off with a balance as the two teams launched consecutive attacks against each other.
Photo: VNA
At the 28th minute, Nguyen Quang Hai put the ball in the back of the net but it was ruled out for offside. However, he opened the score for Vietnam from a pass of captain Que Ngoc Hai just five minutes before the end of the first half’s official time.
It is Vietnam’s first goal in the qualifiers.
In the second half, Vietnam showed their unyielding spirits as Malaysia strengthened their offence with a slightly higher possession of 52 percent.
The home team successfully maintained the score until the end of the match, thereby gaining total four points in Group G.
The 2022 FIFA World Cup’s second qualifying round for Asia features 40 teams, divided into eight groups of five teams, playing in the home-away format.
The eight group winners and four best runners-up will qualify for the third and final round of World Cup qualifiers.
Vietnam’s economic growth estimated to be higher than target
Vietnam’s economic growth will reach 7.26 percent for the fourth quarter and 7.05 percent for 2019, compared to 6.6 – 6.8 percent as assigned by the National Assembly.
The information was estimated by experts from the Vietnam Institute for Economic and Policy Research (VEPR).
Photo: VNA
According to the macro-economic report announced at a conference held on October 10th, the VEPR reviewed the second-quarter macro-economic performance and quoted statistics from the General Statistics Office as saying that the Vietnamese economy grew by 7.31 percent in the third quarter.
Economist Can Van Luc said that credit contributed to 57 percent of the total social investment during the 2016 - 2017 period, which was reduced to about 46 percent in 2018 and in the first nine months of 2019, proving that private capital and foreign direct investment have become stronger and more effective.
Assoc. Prof. Pham The Anh said Vietnam’s economic growth is thanked to industry and construction, which was partly attributable to the growth of the mining sector, especially coal mining.
The Purchasing Managers’ Index ended at 50.5 point in late September, the lowest in the recent two years, he said.
He predicted that the Vietnamese economy will become less certain later this year due to the impacts of external shocks in the world./.