VOV.VN - Despite a number challenges hampering growth, the Vietnamese services sector remains a bright spot, partially offsetting some external weaknesses, according to “Vietnam’s May trade data” report recently released by HSBC.
After a sluggish GDP performance in the first quarter this year, Vietnam is still not out of the woods yet. In particular, it has not seen the light at the end of the tunnel on the trade front, according to an HSBC report.
VOV.VN - Foreign direct investments (FDI) has been one of the key catalysts spurring and transforming the nation into one of the most open economies in the region, said Joonsuk Park, head of International Subsidiary Banking and Wholesale Banking at HSBC Vietnam.
Despite near-term trade headwinds, tourism has emerged as a source of growth for Vietnam to mitigate the challenges ahead in 2023, according to the “Vietnam at a glance” report released by HSBC on February 6.
Foreign experts have dubbed the Vietnamese economy as a miracle in Asia and a bright spot of economic growth in Asia-Pacific as a result of the Vietnamese Government’s sound and effective economic management policies.
The local banking sector, currently undergoing drastic restructuring, will have more opportunities to improve its financial capacity, learn modern business models and management from UK partners after the UK-Vietnam Free Trade Agreement (UKVFTA) takes effect, according to banking insiders.
Representatives from foreign-invested businesses and business associations frankly pointed out shortcomings and obstacles, and proposed solutions to promote development in Vietnam at a hybrid meeting with Prime Minister Pham Minh Chinh on September 17.
HSBC Vietnam and other financial institutions have agreed to provide a syndicated loan worth US$700 million, with a greenshoe option of US$300 million, for the Vietnam Technological and Commercial Joint Stock Bank (Techcombank).
HSBC Global Research expects Vietnam to be among the region's top growing nations, as it was one of the world's few countries to record growth in two consecutive years since the COVID-19 pandemic broke out.
One-fifth of Indian companies that have operations in Southeast Asia or expect to do so have plans to expand their businesses in Vietnam in the next two years.