UOB Gateway to Asean Conference sheds light on abundant opportunities in the region
Bank brings annual event to Vietnam for its third edition, attended by senior executives, government officials and regional business leaders
The recent global economic recovery has been steady but challenging. Despite this, the near-term outlook for the Asean region remains positive – and one bright spot is Vietnam, with projected growth of nearly 6 per cent this year driven by a recovering export sector, robust foreign direct investment (FDI) and policy support, according to the International Monetary Fund.
As the commercial hub of one of the fastest-growing economies in Southeast Asia, Ho Chi Minh City took centre stage for the third annual UOB Gateway to Asean Conference in September. Hosted by UOB, one of Asia’s top banks, the event was held for the first time in Vietnam and brought together the bank’s top executives, government officials and business leaders to share insights and exchange ideas.
In his keynote speech, Phan Van Mai, chairman of the Ho Chi Minh City People’s Committee, said that the city’s already well-developed infrastructure, which encompasses roads, rail, air and sea links, will undergo further upgrades by 2030.
By that time, Asean is expected to have a combined population of 700 million. That demographic power, driven by educated and digitally savvy youth and a growing middle class, will make it the fourth-largest economy in the world.
Phan emphasised that with a burgeoning workforce of young, high-quality individuals, plus plans to upgrade technology at existing processing and industrial facilities while also investing in new ones, Ho Chi Minh City is well positioned to become an innovation hub for a range of advanced industries, including information technology, biotech, automation, new energies, semiconductors and electronic components.
