The Asia-Pacific Economic Cooperation (APEC) intergovernmental forum brings together 21 economies from around the Asia-Pacific region to collaborate on the shared goal of creating a more open, resilient, sustainable, and peaceful future for the people of the world’s most dynamic region.
Citi is a Platinum Sponsor of the event, and hosted bilateral meetings and Citi CEO Jane Fraser gave a keynote speech.
|Citi CEO Jane Fraser
“We are witnessing a monumental shift towards another new era, and trade and supply chains are at the heart of these changes,” said Fraser in her remarks, adding, “The heightened focus on resiliency has given birth to a new era of diversification. Increased focus on resiliency is how investments in supply chains are creating diversified economies. Malaysia, Thailand, and Vietnam are early examples of this in the Indo-Pacific region”
Citi has produced four reports showcasing its stance on the Asia-Pacific economies.
In one report, Citi economists highlighted the recovery of Vietnam’s economy.
According to the report, after declining from a high of 16 per cent a year ago, Vietnam’s on-year credit growth appears to be stabilising around 9 per cent as of last August.
|In one report, Citi economists highlighted the recovery of Vietnam’s economy.
Green shoots are also now visible in the real estate sector. Land transactions in the third quarter of 2023 increased by 1.3 times compared to the previous quarter.
“Taking a longer-term view, we are encouraged that foreign investment in the manufacturing sector so far this year has still managed to grow by 15 per cent on-year, indicating that Vietnam's position as an emerging manufacturing hub remains intact," according to the report.
The report also said, “The increase in production capacity that follows should support the further recovery of industrial production and ease the cyclical headwinds to household purchasing power by jumpstarting labour absorption in the manufacturing sector. We think the recovery could still gain traction in the next few months or quarters.”
Based on the current forecasts, Citi expects Vietnam’s GDP growth to be 4.7 per cent this year and 5.7 per cent in 2024.
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