HSBC helps Vietnam scale up digital platform businesses
VOV.VN - HSBC has unveiled a US$1 billion ASEAN Growth Fund to help scale up platform players in ASEAN and Vietnam’s booming digital economy.
“ASEAN trade and FDI has been an integral part of the Vietnam success story and looking into the future I am excited by the emerging opportunities it presents for the economy,” said Ahmed Yeganeh, head of Wholesale Banking, HSBC Vietnam.
“The statistics and momentum spell out the size of the opportunity and I am impressed by the growing trade and FDI flows between Vietnam and other ASEAN markets. Particularly relevant for Vietnam is the growing digital economy coupled with it consumption market, will I believe soon make the digital economy one of the key pillars for Vietnam’s growth story,” he added.
The fund is expected to support digital platform players of both ASEAN and Vietnam to achieve economies of scale, grow their asset portfolios, and advance along the corporate lifecycle.
Vietnam was the fastest growing digital economy in ASEAN in 2022 and 2023, and it is expected to retain this position up to 2025, driven by e-commerce, online tourism, and online media, according to the HSBC report.
With the number of smartphones users expected to amount to 67.3 million by 2026, or 96.9% of the country’s internet users, Vietnam is an increasingly lucrative market for the digital industry and its local and international players.
