Vietnam poised for success in global exports: StanChart exec

Vietnam is well-positioned to capture an increasing share of the global manufacturing and export market, bolstered by its strong integration into international trade through numerous FTAs, says Nguyen Thuy Hanh, Standard Chartered Vietnam’s CEO.

Hanh made this remark in an interview with the government’s news portal. She noted that the robust growth of the manufacturing sector and prudent monetary policies have driven economic recovery since the beginning of 2024.

According to Standard Chartered, as of November 2024, credit had grown 11.9% against the beginning of the year. Credit had expanded 16.6% compared to the same period of 2023.

In trade, exports grew 11.4% year-on-year in the first 11 months of 2024, while imports rose 16.4%, supported by the ongoing recovery of electronics import-export.

Foreign direct investment (FDI) also demonstrated strong growth. Disbursed FDI increased by 7.1% year-on-year in the 11-month period, while committed FDI inched up 1%.

Looking ahead to 2025, Hanh stated that Standard Chartered projects Vietnam's GDP growth at 6.7%. Growth in the first half of 2025 is expected to reach 7.5% year-on-year, followed by 6.1% in the second half.

"Clear policies and political stability will further enhance investor confidence in Vietnam. Standard Chartered anticipates strong business growth in Vietnam in 2025 and beyond, supported by foreign investment," she remarked.

Hanh also praised the government’s focus on promoting new economic drivers, including digital transformation, green transformation, and the circular economy.

To ensure sustainable medium-term growth, she recommended strengthening disaster response capabilities, diversifying the economy beyond manufacturing, and attracting more FDI from regions outside Asia.

"Diversifying investment sources and improving the business environment will be crucial for Vietnam to realize its potential and accelerate economic development by 2025," she added.

Hanh emphasized the need for sound monetary policy aligned with expectations of strong economic growth, a trade surplus driven by goods and FDI, and robust performance in the external economic sector.