Illustrative image (Source: VNA)Hanoi (VNA) – Amidst escalating US-China tradetensions, Vietnam is expected to become a major Asian destination for foreigninvestors thanks to its location, policies and human resources, experts havesaid.
Speaking at the recent 7thInternational Precision Engineering, Machine Tools and Metalworking Exhibition& Conference (MTA Hanoi 2019) in Hanoi, Tee Boon Teong, General Director ofInforma Markets in Vietnam, noted that foreign direct investment in Vietnam hadexceeded 26 billion USD in the first nine months of this year.
The figure showed that Vietnam has become a major productionhub in Asia, and a destination of choice for multi-national companies amidstinvestment shift and production expansion due to the prolonged US-China tradetensions, he said.
Executive Director of GlobalEconomics and Market Research at Singapore’s United Overseas Bank (UOB) Suan Teck Kin said Vietnam is among the fastestgrowing economies in Southeast Asia. It is also an important strategic marketfor many businesses, including such firms like UOB.
He said the production sector in Vietnam is attractive forforeign firms despite challenges as they are trying to diversify their marketsto minimize risks.
Commenting on foreign firms’ investments in Vietnam, HansKerstens, Head of Sales and Marketing at DEEP CIndustrial Zones Vietnam, said that Vietnam is the second biggest open marketin the world after Singapore as the country has signed a number of bilateraland multilateral free trade agreements.
This is one of the advantagesVietnam has to attract FDI, contributing to turning the country into aproduction hub in the region, he added./.
VNA
