According to Straits Times, a number of private investment funds in the Asian region have collaborated to form a coalition in Vietnam, aiming to attract up to $35 billion in investment into the country in the next decade. The coalition, named Vietnam Private Capital Agency (VPCA), targets sectors such as agriculture, education, and healthcare for investment facilitation.
Formed by five partners from prominent investment funds, including Golden Gate Ventures, Do Ventures, and Monk’s Hill Ventures, VPCA will host workshops, support private investment funds, and work with the government to shape favorable policies. The coalition aims to facilitate investments in various sectors, including agriculture, education, and healthcare.
The $35 billion investment target set by VPCA seems ambitious, considering that it far surpasses the annual technology investment attraction in Vietnam. However, many investors are optimistic about the opportunities in the country, especially with the US-China trade tensions causing businesses to relocate their factories and explore new markets.
VPCA is expected to expand its membership to 100 individuals by the end of 2025, a significant increase from the current 40 members. Notable funds involved in VPCA include Vertex Ventures, Ascend Vietnam Ventures, and Mekong Capital. Vinnie Lauria, co-founder of Golden Gate Ventures, commented, “Vietnam is a hot market. The impetus for VPCA stems from key developments in Vietnam, including wages and GDP, rising FDI, post-Covid-19 export growth, government innovation programs, and rapid infrastructure development.”
A joint report by Google highlighted that in 2021, Vietnam attracted a record technology investment of $2.6 billion through 233 private investment transactions, a significant increase from the $700 million through 140 deals in 2020. Additionally, the country’s digital economy is projected to reach $90 billion by 2030, up from $30 billion in 2023.
Vietnamese Economy Shows Positive Signs
Vietnam is attracting more and more foreign investment. Illustration
At the regular Government meeting for August 2024, held on September 7, Deputy Minister of Planning and Investment Tran Quoc Phuong stated that Vietnam’s economy has recovered positively and regained its pre-Covid-19 growth trajectory, with notable bright spots in exports and FDI attraction. Specifically, the total registered FDI in the first eight months reached approximately $20.5 billion, a 7% increase compared to the same period last year. New FDI registration reached nearly $12 billion, a 27% increase, while realized FDI was approximately $14.15 billion, an 8% increase.
According to the Ministry of Planning and Investment’s report, in the first eight months of 2024, Bac Ninh province led the way in FDI attraction, with a total registered investment of nearly $3.47 billion, accounting for 16.9% of the country’s total investment and a 2.94-fold increase compared to the same period last year. Quang Ninh province ranked second, with nearly $1.78 billion, accounting for 8.7% of the total registered investment and a 2.3-fold increase. Ho Chi Minh City ranked third, with a total registered investment of over $1.76 billion, accounting for nearly 8.6% of the country’s total investment.
Several international organizations forecast higher economic growth for Vietnam this year. Illustration
Additionally, several international organizations have projected higher economic growth for Vietnam in 2024. WB, IMF, ADB, and OCED all predicted that Vietnam’s growth in 2024 would surpass that of 2023 by 0.5-1.0 percentage points, with estimates of 5.5%, 5.8%, 6.0%, and 6.0%, respectively. HSBC also revised its GDP growth forecast for Vietnam upward to 6.5% for 2024, from 6% previously.
Reference: The Straits Times, MPI
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Over $43 million donated to help with flood relief through the Vietnamese Fatherland Front.
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