Vietnam to Enter Top 20 Fastest-Growing Economies Globally in 2024

 Along with positive forecasts for GDP growth in 2024, Savills Vietnam believes that other sectors such as semiconductors, resort real estate, and office real estate in Vietnam will also be strongly promoted.

According to Savills Vietnam's Q1 2024 investment report on the Asia-Pacific region, Vietnam's economic development prospects in 2024 are very positive and driven by strong foreign investment, particularly in high-tech industries.

Specifically, the report points out that the Asian Development Bank (ADB), the International Monetary Fund (IMF), and the World Bank (WB) have forecasted that Vietnam's GDP growth this year will reach between 5.5% and 6.5%. This growth rate will help Vietnam become one of the fastest-growing economies in the world this year, on par with countries like Macau, India, and the Philippines.

As of the end of Q1 this year, Vietnam's GDP is estimated to have increased by 5.66% compared to the same period, higher than the growth rates of the early quarters of 2020-2023. In addition, data released by the General Statistics Office (GSO) shows that total registered foreign direct investment (FDI) as of May 20th reached over USD 11.07 billion, up 2% year-on-year. Among this, 1,227 projects were licensed with registered capital reaching USD 7.94 billion, an increase of 27.5% in the number of projects and 50.8% in registered capital compared to the same period.

Mr. Troy Griffiths, Deputy Managing Director at Savills Vietnam, stated that Vietnam's economic outlook for 2024 is very optimistic, with projected GDP growth from 5.5% to 6.5%, which will help Vietnam enter the top 20 fastest-growing economies globally.

“FDI inflows reflect strong growth, with new FDI registrations up 58% year-on-year, showing strong investor confidence and a vibrant industrial sector,” Mr. Troy Griffiths said.

Vietnam's semiconductor industry will attract significant investment this year. In particular, Vietnam will benefit from the U.S. CHIPS and Science Act, including a $500 million grant to enhance training in semiconductors, cybersecurity, and the global business environment.

Real estate investment activities in Vietnam are also relatively active in segments such as industrial parks, offices, and resorts.

For the resort real estate sector, Savills Vietnam predicts that the number of tourists from the Asia-Pacific region will return to 2019 levels by 2025. Particularly, Vietnam is increasingly becoming popular as an ideal destination for tourists from India.

This not only reflects the strong recovery of the tourism industry but also opens up new development opportunities for the resort real estate market in Vietnam, as more and more investors see the potential and value of investing in these attractive and promising areas.

Additionally, strong demand from foreign manufacturing and information technology (IT) enterprises will continue to effectively support the operation of offices in Hanoi and Ho Chi Minh City. Increased investment from international companies in these industries will help boost office rental demand, while also creating favorable conditions for the expansion and sustainable development of the office real estate market in Vietnam's two largest cities.

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

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