Representatives from foreign-invested enterprises operating in Vietnam in various sectors shared with The Hanoi Times their optimistic outlook on the economy and plans to expand their businesses in the country in 2025
Michael Nguyen, Boeing’s Managing Director for Vietnam
| Michael Nguyen, Boeing’s Managing Director for Vietnam. Photo: Boeing |
We see 2025 as a pivotal year. First, it will mark the 30th anniversary of normalization and the second year of the comprehensive strategic partnership between the US and Vietnam. Boeing, like other US companies, expects to see many opportunities to work with Vietnam and help the country develop its economy, civil aviation, and defense capabilities.
We have strong support from the US government in expanding Boeing's presence in Vietnam. We hope to see more opportunities and potential in Vietnam to further strengthen trade ties with the US in both civil and military aviation.
We are optimistic about Vietnam's economic prospects and look forward to being a part of its success. Boeing has been in Vietnam for nearly 30 years, and we have been a steadfast supporter of the country's aviation industry. Boeing inaugurated an office in Hanoi last year.
Regarding Sustainable Aviation Fuel (SAF), Boeing has just completed a research project on SAF feedstocks in Southeast Asia, including Vietnam.
We believe SAF will be essential to the green transformation of the aviation industry. Boeing will work closely with Vietnamese authorities, airlines, and manufacturers to develop SAF in the country. Vietnam has a huge supply of raw materials for SAF in the Mekong Delta, which gives us a great advantage over other countries, and I hope that in the future we can produce SAF for consumption and export.
Vivek Bhalla, Managing Director, South East Asia and Korea, IHG Hotels & Resorts
| Vivek Bhalla, Managing Director for South East Asia and Korea at IHG Hotels & Resorts. Photo: IHG |
Vietnam's tourism sector is experiencing a strong recovery, driven by high demand from both international and domestic markets. IHG plans to grow its portfolio from 16 to over 40 hotels within the next few years.
While IHG is optimistic about growth in Vietnam, we recognize potential challenges, such as the need to improve the travel experience. It emphasizes the importance of seamless travel, advocating for better connectivity between flights and reduced traffic congestion. The company is committed to working with the public and private sectors to create memorable travel experiences and position Vietnam as an attractive destination.
The company sees growing demand for domestic resorts and staycations in cities such as Phu Quoc and Danang. I am particularly excited about the upcoming Vignette property in Hoi An [the central province of Quang Nam] and the first Hotel Indigo in Ho Chi Minh City, which will reflect the local culture and community. With hotels in eight key destinations, we plan to expand further into Halong Bay [the northern province of Quang Ninh] and other regions to increase travel options for guests.
Sustainability is a key focus for IHG, guided by its Journey to Tomorrow plan. The company aims to be a positive force in the communities in which it operates, addressing issues related to energy, carbon, waste, and water.
IHG is prioritizing the training and development of local talent as it expands in Vietnam. With approximately 4,000 employees, IHG provides comprehensive training in line with global standards and fosters a diverse and inclusive culture. The company celebrates its commitment to career development, having been recognized as the Kincentric Best Employer in Vietnam for three consecutive years. This focus on employee development is critical to supporting IHG's expanding operations and ensuring quality service.
Charaf Eddine Kadri, General Director of Sandoz Vietnam
| Charaf Eddine Kadri, General Director of Sandoz Vietnam. Photo: Sandoz Vietnam |
Vietnam’s dynamic economic growth and strategic reforms have positioned it as a rising star in Southeast Asia. With a favorable investment climate and a rapidly expanding healthcare sector, the country offers immense opportunities for sustainable development.
Vietnam’s economy continues to outperform expectations, with GDP growth at 7.09% in 2024. A young and educated workforce - 58% of the population is under the age of 35 - combined with a burgeoning middle class, makes Vietnam an attractive destination for businesses. The country's strategic location in Southeast Asia adds to its appeal, serving as a gateway to regional markets. A trade surplus of $23.3 billion in the first ten months of 2024 underscores its resilience amid global uncertainties.
Initiatives such as Hanoi's Project 06, which focuses on digital transformation, signal long-term growth potential and reinforce the city's investment-friendly environment.
Vietnam's healthcare market is projected to reach $8 billion in 2024 and $9 billion in 2025, making it one of the largest in Southeast Asia. With growing demand for high-quality, affordable healthcare and significant government investment in infrastructure, opportunities abound for pharmaceutical companies like Sandoz.
Alex Crane, Managing Director of Knight Frank Vietnam
| Alex Crane, Managing Director of Knight Frank Vietnam. Photo: Knight Frank Vietnam |
Vietnam is growing as a destination for foreign-invested enterprises (FIEs), reflecting the country's key role in global supply chains and strengthening its reputation as a reliable manufacturing hub.
Infrastructure advancements, including upgraded highways and modernized ports, have bolstered Vietnam's status as a resilient manufacturing base. These developments demonstrate the country’s commitment to meeting global market demands and sustaining long-term economic growth.
While Vietnam's real estate sector is promising, it presents hurdles for foreign investors. Challenges include limited quality assets, high property valuations, and an evolving regulatory framework. The revised Land Law, adopted in January 2024 and effective in January 2025, aims to boost transparency and provide equitable access to land use rights for both FIEs and domestic companies. However, complex valuation procedures and leasehold restrictions require careful management.
As Vietnam continues to attract high-quality investment and implement progressive policies, it is well-positioned to solidify its status as a global leader in foreign investment. The country's dynamic economy and focus on long-term sustainability ensure a thriving environment for FIEs and a bright future for its industrial and business sectors.
At Knight Frank, we are committed to further investing in Vietnam, including expanding our service offerings and increasing our staff. We aim to provide advanced advisory solutions to support our clients - both Vietnamese and foreign - as they grow in this dynamic market.
Pham Duc Thang, Managing Director, Cargill Animal Nutrition Thailand and Vietnam
| Pham Duc Thang, Managing Director, Cargill Animal Nutrition Thailand and Vietnam. Photo: Cargill |
Vietnam's economic rise is a story of resilience and transformation. Over the past decade, the country has emerged as one of Southeast Asia's fastest-growing economies, driven by industrialization, urbanization, and a rising middle class. Agriculture, the backbone of rural livelihoods, is evolving rapidly as technology and sustainable practices redefine production systems.
This transformation is critical to strengthening food security - a priority as Vietnam addresses the needs of a growing population while meeting its sustainability goals.
As one of the first US companies to enter the market after diplomatic normalization in 1995, we have helped bolster the agricultural sector and advance food security.
For investors, Vietnam offers a compelling mix of political stability, a progressive regulatory framework, and integration into global trade networks. Agreements like CPTPP and EVFTA have expanded market access, while infrastructure upgrades enhance its potential as a regional trade hub. These factors, coupled with Vietnam’s focus on sustainable agriculture, create fertile ground for long-term growth at the intersection of food security and environmental stewardship.
Cargill supports this progress through significant investments in advanced facilities, research, and innovative solutions. By providing high-quality animal nutrition & health solutions, technical services, robust farm and farm management consulting, and digital tools, we empower farmers to meet evolving market demands, improve production efficiency, and push beyond productivity boundaries while improving their capabilities and livelihood.
