Vietnam has emerged as a beacon for foreign investors, with FDI reaching $36.6 billion in 2023. Minister of Planning and Investment, Nguyen Chi Dung, highlighted Vietnam’s proactive approach in both attracting foreign investment and making strategic outbound investments, positioning the country prominently in the global FDI landscape.
In 2023, Vietnam witnessed remarkable achievements, including a shift towards large-scale infrastructure projects such as expressways and coastal roads, enhancing the nation’s infrastructure backbone. The reduction in bureaucratic hurdles and the consolidation of development plans have streamlined investment processes, attracting significant interest from investors worldwide.
Despite GDP growth slightly below expectations, Vietnam remains among the fastest-growing economies regionally and globally. Notably, localities such as Quang Ninh, Bac Giang, and Hai Phong have shown robust economic growth and investment attraction.
Vietnam’s proactive stance extends to promoting innovation, digital transformation, and green growth. Embracing new industries like semiconductor manufacturing and high-tech agriculture, Vietnam aims to capitalise on emerging opportunities and strengthen partnerships with key economies.
However, challenges persist, including the need for better forecasting of economic impacts and addressing the slow implementation of certain projects. Vietnam’s economy faces hurdles in achieving targeted growth rates and enhancing GDP per capita.
Looking ahead to 2024, Vietnam prioritises expediting public investment disbursement, improving the business environment, and fostering outward investment by leading enterprises. Plans for establishing an international financial centre underscore Vietnam’s ambition to become a regional economic powerhouse.
With a focus on innovation, economic restructuring, and policies supporting circular and green economies, Vietnam charts a course towards sustainable growth and prosperity in the global arena. As Vietnam navigates the complexities of the evolving economic landscape, its commitment to leveraging FDI and driving innovation underscores its resilience and determination to succeed on the world stage.