International experts speak highly of Vietnam’s market potential

Vietnam's economic growth reached 5.66% in the first quarter. Against the backdrop of challenges faced by the global economy, the country's economic performance has been highly praised by foreign experts and is regarded as one of the most attractive investment destinations in the region. Many large companies with industrial support have penetrated deeply into the Vietnamese market. Folding mobile phones are active in the Vietnamese market, European companies have high praise for the Vietnamese market, and Japan has nearly 5,000 effective foreign direct investment (FDI) projects in Vietnam, with a total registered investment of nearly 70 billion US dollars, all highlighting the attractiveness of the Vietnamese market.

During the Spring Annual Meetings of the International Monetary Fund (IMF) and the World Bank (WB) in Washington, D.C., Paulo Medas, head of the IMF’s Vietnam Macroeconomic Advisory and Surveillance Team, pointed out that as global economic volatility and geopolitical instability increase, , Vietnam has become a popular destination for foreign direct investment. IMF experts believe that as supply chains shift to Asia, Vietnam remains a favorable market for attracting large amounts of foreign direct investment, thanks to its stable investment environment, high economic growth rate, large domestic market and young labor force.

In addition, the International Monetary Fund predicts that Vietnam's purchasing power parity (PPP) gross domestic product (GDP) will reach nearly US$234.3 billion by 2029, surpassing Australia and Poland and ranking 20th in the world. However, to maintain its attractiveness, Vietnam needs to further improve the business environment, reduce administrative procedures, develop infrastructure, especially green energy, and strengthen innovation.

The World Bank also stated in its latest economic update report released last week that Vietnam's economy will grow by 5.5% in 2024 and further grow to 6.0% in 2025. After slow growth in 2023, some economic indicators in early 2024 show that the economy is recovering, exports are recovering, and domestic private consumption and investment are gradually increasing. In addition, the real estate market is expected to recover strongly by the end of this year and next year, which will stimulate the growth of domestic demand and gradually restore investor and consumer confidence.

The Asian Development Bank (ADB) is more optimistic about Vietnam's economic prospects, predicting economic growth rates of 6.0% and 6.2% in 2024 and 2025 respectively. ADB pointed out that falling global demand and rising international interest rates will have an impact on Vietnam's growth in 2023. However, a rapid shift in monetary policy to support growth and large-scale public investment are key measures to sustain the growth recovery. The stable operation of the export processing industry, service industry and agriculture is expected to support Vietnam's economic recovery.

South Korea's "Donga Ilbo" reported that Vietnam is being regarded as a "next-generation factory" and a developing market to replace other markets and become an advanced R&D center. The report pointed out that Vietnam’s R&D competitiveness has benefited from changes in government policies. The Vietnamese government’s goal is to transcend the previous “Made in Vietnam” model that was limited to processing bases and become a company with independent technology.

For more information about real estate projects in Ho Chi Minh City and neighboring provinces, please contact FTT LAND!

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