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The Asian Investor website quoted experts as saying that, thanks to the high-speed industrialization process and the rapidly growing middle class, Vietnam is ready to rise strongly after the Covid-19 pandemic and gradually become a destination of interest to foreign investors.
According to the article, the optimistic assessment is made based on a solid economic foundation thanks to the country’s stable gross domestic product growth, averaging 6 percent annually until 2019. The World Bank (WB) forecasts Vietnam's economy will grow 5.5 percent in 2022, while the International Monetary Fund (IMF) puts a higher figure of 6.6 percent, compared to 2.6 percent growth in 2021.
Mr. Jason Ng, VCG Partners CEO, forecasts Vietnam's GDP to grow by more than 7 percent this year with factors including a recovery in consumption. The proposal of reopening to foreign tourists and a stimulus package of US$15.3 billion were just approved in January 2022 to support businesses and workers affected by the pandemic.
The article emphasizes that one of the important economic drivers is industrialization with the support of foreign direct investment (FDI) which did not drop much despite the pandemic’s bad impacts on many social and economic aspects.
According to the World Bank, about US$15.8 billion of foreign capital has poured into Vietnam in 2020, slightly down from $16.1 billion in 2019. The official figure for 2021 is expected to remain at this level due to the strength of the country’s attractiveness of cheap labor, Vietnam's young and qualified workforce, stable currency, and incentives for businesses.
The article noted that Vietnam has signed many free trade agreements (FTAs) with the US, the European Union (EU), China, Japan, Korea, and ASEAN, helping Vietnam improve its position as a production and export center.
Another key driver is increased domestic consumption. Increased foreign investment in recent years has created jobs and more and more people on middle incomes.
Additionally, many local small and medium businesses become suppliers to large manufacturers. The emergence of a middle class - those earning $700 a month - will boost domestic consumption. Financial services, residential real estate, digital technology and ‘green’ products are potential investment opportunities.
However, Mr. Jason Ng said that the biggest risk for foreign investors now is that inflation flares up again and the Vietnamese dong may depreciate against the US dollars. However, according to him, with foreign exchange reserves of more than $100 billion and a good trade surplus, Vietnam can still stand.
Many German news channels have been citing the DPA news agency that Vietnam authorities allowed to receive international tourists in order to create conditions to attract tourists in an effort to revive the tourism industry, which has faced many difficulties due to the Covid-19 pandemic.
According to Zeit online magazine, Vietnam has allowed international travelers to enter without quarantine provided that visitors must have a negative RT-PCR test result done within 72 hours or rapid antigen test was negative no more than 24 hours before departure.
The newspaper also said that on March 15, the Government of Vietnam issued a new regulation on visa management, which will be applied as before the pandemic. Accordingly, visitors from 13 countries, including Germany, are exempt from visas with a temporary stay in Vietnam of 15 days from the date of entry.
Stuttgart newspaper recommended visitors should come to Vietnam to make a trip across Vietnam lasting about one month by bicycle. According to the article, Vietnam has a diverse landscape with dense forests, mountains, beaches and rice fields. The long road from North to South (or vice versa), also known as the Ho Chi Minh Trail, is a popular travel route for backpackers and they often travel by motorbike or bus.
