UOB’s Gateway to Asean Conference Highlights Vietnam’s Economic Promise: Exploring Opportunities in one of Southeast Asia’s Fastest-Growing Economies

The UOB Gateway to Asean Conference highlights numerous prospects in the area. The bank has organized the yearly event in Vietnam for its third run, with high-ranking officials, government representatives, and local business heads in attendance.

The worldwide financial bounce-back has been consistent yet difficult. However, the short-term future appears promising for the Asean region, especially Vietnam. The country anticipates a close to 6% growth this year, fueled by a resurgence in the export sector, strong foreign direct investment (FDI), and supportive policies as per the International Monetary Fund's analysis.

Ho Chi Minh City, the economic heart of one of the most rapidly developing economies in Southeast Asia, was the focal point for the third yearly UOB Gateway to Asean Conference in September. The conference, organized by UOB, one of Asia's leading banks, was conducted in Vietnam for the first time. It gathered the bank's elite executives, government representatives, and business tycoons to share knowledge and brainstorm ideas.

During his main address, Phan Van Mai, the head of the Ho Chi Minh City People's Committee, stated that the city's existing advanced infrastructure, including road, rail, air, and sea connections, will see additional improvements by the year 2030.

By then, it is anticipated that ASEAN will encompass a total population of 700 million. This population strength, fueled by a well-educated, digitally knowledgeable young generation and an expanding middle class, will elevate it to the position of the world's fourth-largest economy.

Phan highlighted that Ho Chi Minh City has a growing labor force of talented young professionals, and there are strategies in place to enhance technology in current processing and industrial sites, as well as to invest in new facilities. This puts the city in a strong position to become a leading center for innovation in various sophisticated sectors, such as IT, biotechnology, automation, renewable energies, semiconductors, and electronic components.