Forbes names Vietnam as Asia’s hottest investment destination

A recent article published by US magazine Forbes has described Vietnam as the hottest investment destination in Asia.

Vietnam attracted 17 billion USD in FDI commitments last year, arguably the largest for an emerging market relative to its 250 billion USD GDP, the magazine said.

In the first quarter of this year, the country became the fourth largest Initial Public Offering market in the region, surpassing South Korea, Singapore and Australia. The realty market in Ho Chi Minh City is booming and GDP is growing at about 7 percent per annum.

The EU-Vietnam Free Trade Agreement (EVFTA), which is expected to be ratified in the coming months, and the Comprehensive and Progressive Agreement for Trans Pacific Partnership (CPTPP) will help Vietnam further integrate in the global economy, the article said. Meanwhile, in 2020, the capital Hanoi will host the Formula 1 Grand Prix.

The article noted the government's plan to equitize hundreds of state-owned enterprises (SOEs) has been critical to Vietnam's growth story. It said it is easy to understand why international brands like Apple, Starbucks and McDonalds are betting big on Vietnam, adding that the country's tech scene is also thriving.

Source: VOV5