UOB Bank: Vietnam to attract 20 billion USD of FDI in 2019

Vietnam is Asia's bright spot amid looming trade tensions, said the latest report on Vietnam's economy by the United Overseas Bank Limited (UOB), which forecast the country's economy will expand 6.7 per cent in 2019.

Robust domestic demand and increasing foreign direct investment (FDI) are expected to continue fueling Vietnam's economic growth this year, according to the report released on Tuesday. As per the report, ASEAN countries, particularly Vietnam and Malaysia, will be the most favoured destinations for investment and the relocation of multinational enterprises (MNEs). Data showed that FDI inflows in Vietnam surged since the onset of US-China trade tensions in the third quarter of 2018. At the end of 2018, FDI into Vietnam increased 9.1 per cent year-on-year, reaching a record high of US$19 billion. That number could exceed $20 billion this year with more new projects launched, the report forecast, as evidenced by the the number of 25 per cent increase of new FDI projects in Vietnam over the same 2 quarter period of last year, totaling more than 2,000 projects.

Source: VOV5