Vietnam’s economy went through a ‘perfect storm’ last year, but the CEO of one of its largest banks still expects a bumper economy

(Credit: Courtesy of Techcombank)

In the first quarter of 2024, Vietnam’s economy expanded 5.7% year on year. While that was faster than the 3.4% growth reported the previous quarter, it was still a lower-than-expected result for the Southeast Asian country: Its government is targeting 6.0% to 6.5% growth for the year. 

Economists blame an anti-corruption drive from Hanoi and a weak global economy for the slowdown. But while last year was a “perfect storm” of headwinds for Vietnam, Jens Lottner, CEO of Vietnam Technological and Commercial Joint-Stock Bank, or Techcombank for short, is bullish on the Southeast Asian economy’s future.