Around 200 delegates, including representatives of banks, financial groups, management agencies, and businesses, and investors from various countries gathered at a seminar in Hong Kong (China) on July 17 to discuss the role of Vietnam as the next growth engine in ASEAN.

In her keynote address, Vietnamese Consul General in Hong Kong Le Duc Hanh, emphasised Vietnam’s transformation over the past 40 years from a war-torn nation to a middle-income economy, now playing a central role in global integration. She noted that, in 2024, Vietnam became the third-largest economy in Southeast Asia with a GDP surpassing 400 billion USD, ranking 32nd globally.

Between January and June, Vietnam’s economy grew by 7.52% year-on-year, the highest first-half growth since 2011 and the strongest in ASEAN. The country targets 8% growth for the full year and ranks among the top 20 global destinations for foreign direct investment and trade.

Hanh identified key drivers of Vietnam’s future growth, including science and technology, innovation, digital transformation, a dynamic private sector, institutional reforms, large-scale projects, and deeper global integration. She also highlighted the economic ties between Vietnam and Hong Kong, noting that Hong Kong is Vietnam’s fifth-largest investor and an important bridge between the Guangdong–Hong Kong–Macau Greater Bay Area and Southeast Asia.

During the panel discussion, Vu Thi Thuy, Deputy Consul General and head of the Vietnam Trade Office in Hong Kong, discussed Vietnam’s investment incentives, such as corporate tax exemptions, land-use support, and transparent investment procedures. She also highlighted Vietnam’s active participation in new-generation free trade agreements as an added advantage.

Thuy affirmed Vietnam’s commitment to enhancing the investment climate, supporting institutional reforms, skilled workforce development, and green growth – fostering sustainable, long-term cooperation with international businesses.

Delegates agreed that Vietnam has demonstrated strong economic resilience, particularly during global crises like the COVID-19 pandemic. Its shift towards a modern economic structure, with a growing services sector and a favourable demographic profile has made Vietnam an increasingly attractive destination for foreign investors. Vietnam is now regarded as a key growth driver within ASEAN.

Participants also expressed hope for stronger Vietnam–Hong Kong cooperation in sectors like innovation, finance, logistics, green economy, and high-quality human resources development.

A representative from the Hong Kong Monetary Authority stated that the seminar is part of a broader ASEAN-focused series, reflecting Hong Kong’s strategic interest in the region. It also served as a prelude to an upcoming business and banking delegation visit to Vietnam in September, exploring opportunities in finance and technology, said the authority representative./.

Source: en.vietnamplus.vn/vietnam-highlighted-as-next-growth-engine-in-asean-at-hong-kong-seminar-post322945.vnp