(VOVWORLD) - Vietnam is poised for strong growth in the second half of the year thanks to “the turnaround in the global electronic cycle and the healthy pipeline of foreign direct investment” (FDI), said HSBC Global Private Banking in its recent report "H2 2024 Investment Outlook".
 (Photo: VN Media) |
According to HSBC researchers, “Vietnam continues to be on the path of recovery driven by the turnaround in the global electronics cycle.” “As a result, industry activity as proxy by purchasing manager’s index, continued to show that manufacturing is expanding. Vietnam’s electronic exports are doing very well.” Last month, consumer electronics contributed 60% of Vietnam’s export growth.
In Southeast Asia, Singapore, Malaysia, and Vietnam are solidifying their leading positions in the electronics industry, said James Cheo, chief investment officer for Southeast Asia and India at HSBC Global Private Banking and Wealth.
Meanwhile, prospect for foreign direct investment remains stable due to Vietnam’s attractiveness as an investment destination, they said. In the first five months of this year, new FDI inflows have increased significantly, in terms of both the number of projects and registered investment capital. There were nearly 1,230 newly registered projects, with a total capital of over 7.9 billion USD.