Viet Nam – a new growth engine in ASEAN

This was the assessment of delegates attending the seminar titled “Viet Nam – the next growth driver in ASEAN” held on July 17 in Hong Kong (China).

The event was organised by the Hong Kong Association of Banks (China), with the participation of around 200 delegates, including leaders of banks, financial groups, representatives of agencies, enterprises and investors from Hong Kong (China), mainland China, and foreign investors.

Speaking at the seminar, Consul General of Viet Nam in Hong Kong (China) Le Duc Hanh emphasised that over the past four decades, Viet Nam has undergone a strong transformation, from a country ravaged by war to a middle-income economy and an important link in the chain of international integration.

In 2024, Viet Nam became the third-largest economy in Southeast Asia with a GDP exceeding 400 billion USD, ranking 32nd in the world. In the first six months of 2025, Viet Nam’s economy grew by 7.52% year-on-year - the highest same-period growth since 2011 and the leading rate in the ASEAN region. The growth target for the whole year is 8%. Viet Nam is currently among the world’s top 20 destinations for foreign direct investment and international trade.

According to Consul General Le Duc Hanh, in the coming period, Viet Nam’s new growth drivers will focus on science-technology, innovation and digital transformation; a dynamic private sector; institutional reform, modernised governance; large-scale breakthrough projects; and deep international integration.

Reviewing the cooperation achievements between Viet Nam and Hong Kong (China) in recent times, especially in the field of economic-trade, Consul General Le Duc Hanh emphasised that Hong Kong (China) is the fifth-largest investor in Viet Nam and serves as a strategic bridge between the Greater Bay Area and Southeast Asia, leveraging the advantage of the “one country, two systems” model and its super-connector position with mainland China.

Sharing at the discussion session, Vu Thi Thuy, Deputy Consul General, Head of the Viet Nam Trade Office in Hong Kong (China), said that Viet Nam currently issues many investment incentive policies, such as corporate income tax exemptions and reductions for priority projects, land support, transparent and convenient investment procedures, and benefits from a vast network of new-generation free trade agreements.

Vu Thi Thuy affirmed that with continuous efforts to improve the investment environment, enhance institutions, develop human resources, and promote green growth, Viet Nam is committed to accompanying international businesses on a sustainable and long-term development journey.

At the seminar, delegates assessed that Viet Nam has outstanding economic potential, maintains strong and breakthrough growth momentum even during times of crisis and pandemic. The process of economic restructuring towards modernisation, with an increasing share of services alongside the advantage of a golden population, has positioned Viet Nam a dependable and appealing destination for foreign investors, serving as a new growth engine in ASEAN.

Delegates also expressed hope that Viet Nam and Hong Kong (China) will continue to strengthen cooperation in potential fields such as innovation, finance, logistics, green economy, and the development of high-quality human resources.

A representative from the Hong Kong (China) Monetary Authority shared that the seminar “Viet Nam – the next growth driver in ASEAN” in Hong Kong is part of a series of ASEAN-related events, reflecting Hong Kong’s priorities towards the region.

At the same time, the seminar also serves as preparation for a business and banking delegation from Hong Kong, led by the leadership of the Hong Kong Association of Banks together with the Hong Kong (China) Federation of Industries, to visit Viet Nam in September 2025 to explore cooperation and investment opportunities in finance, science, and technology.

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