Investment and individual consumption will fuel Vietnam’s economic growth in the year, according to Pham Hong Hai, Chief Executive Officer for Vietnam at HSBC Holdings.
An electronic product factory of LG Electronics Vietnam (Photo: VNA)
Hanoi (VNA) – Investment and individual consumption will fuelVietnam’s economic growth in the year, according to Pham Hong Hai, ChiefExecutive Officer for Vietnam at HSBC Holdings.
Althoughconsumption is foreseen to decline in 2017, it will guide economic growth inSoutheast Asia. Vietnam and the Philippine are said to have largest consumerspending in the year, Hai was quoted by Thoi bao kinh te Viet Nam (VietnamEconomic Times).
Hai believed that the production sector will also play a crucial role, spurredby its steady development, and as evidenced by the stable purchasing managersindex (PMI) in the first two months of the year.
Meanwhile,Fiachra MacCana, Managing Director of Research Department and Co-head ofInstitutional Division of the Ho Chi Minh City Securities Corporation (HSC) opinionedthat Vietnam’s economy will be on upswing thanks to robust signs in the market,naming sectors that control the country’s economic growth in 2017.
According to the HSC’s securities expert, promising sectors like householdappliances, consumption goods, logistics and garments are on recovery. Sectorssuch as financial and technological services and agricultural products areenjoying rosy expansion.
The other sectors are production and pharmaceuticals which see their growthdeclining, and real estate, which could see a sale slow-down in the year despitemyriads of projects drawing public attention.
Although Vietnam is a rising star in the region and a safe investmentdestination for foreign enterprises, the country is facing numerous difficultiesand challenges, Hai stressed.
He pointed out that external challenges come from the unsound environment inAsia caused by the world’s receding trade. Meanwhile, internal challenges arehigh public debt and inflation making a comeback.
He suggested that banking sector shake-up should be sped up while strictsupervision over real estate should receive attention.-VNA
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An electronic product factory of LG Electronics Vietnam (Photo: VNA) 
