Vietnam Is Attractive To European Firms: EuroCham

Photo: Cong Thuong

The BCI nudged up to 45.1 in the third quarter of 2023, from 43.5 the previous quarter. While still below the 50-point threshold for four straight quarters, this small rise indicates emerging positive economic momentum.

Business sentiment appears to be in flux. Between Q2 and Q3, there was a three percentage point drop in pessimism regarding the current situation, while positive and neutral perspectives increased by six and four percentage points, respectively.

EuroCham assessed that Vietnam's global investment attractiveness remains strong. A notable 63 percent of surveyed businesses positioned Vietnam within their top 10 foreign direct investment (FDI) destinations.

Around 31 percent ranked Vietnam among their top three, while an impressive 16 percent hailed it as their foremost investment destination. Reflecting this confidence, more than half of those surveyed predict to increase their FDI in Vietnam by the end of the year.

However, there still exist administrative obstacles, uncertainty in rules and regulations, barriers to obtaining permits, and strict visa and work permit requirements for foreign workers...

To improve the nation's FDI attraction, 58% of respondents said streamlining the bureaucratic system is key, 48% advocated for enhancing the regulatory environment. A third called for upgrading transportation infrastructure, and 22% emphasized easing visa and work permit requirements for foreign experts.

“After overcoming difficulties, Vietnam is now showing signs of economic recovery. Retail and tourism have grown strongly promoting economic development. FDI growth also brings optimism to strengthen Vietnam's position as a global business hub. After three tumultuous years, this new stability shows that European business leaders can predict the year ahead and plan better for future investments," EuroCham emphasized.

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