Vietnam is emerging as a strategic economic hub in the region.
In his latest statement, EuroCham Chairman Bruno Jaspaert noted that Vietnam is no longer competing on low costs but is rising through quality and sustainability. He revealed that European business confidence has reached a three-year high, with 76% of leaders willing to recommend Vietnam as an investment destination. Both HSBC and Standard Chartered have recently upgraded their 2025 GDP growth forecasts for Vietnam. The IMF, World Bank, and ADB have also revised their projections upward, confirming Vietnam as a rare bright spot in the region. International organizations believe that with a strong fiscal foundation and flexible policies, Vietnam can achieve or exceed its 8% growth target this year.
The EuroCham Chairman highlighted that, over the past term, the Vietnamese government has demonstrated remarkable flexibility and adaptability in managing the economy amidst global volatility.
According to him, efforts to streamline administrative procedures, improve the investment climate, and accelerate infrastructure development in recent years have yielded significant results. Notably, reforms in visas and work permits have been highly praised by European businesses – nearly half of the companies in the latest BCI survey reported positive improvements.
He also commended the government’s long-term vision for sustainable development, digital transformation, and trade facilitation, as well as its openness to dialogue with the private sector. “EuroCham is proud to be one of the government’s closest partners in this journey,” he stated.
A notable example is the visit of European Commissioner for Trade and Economic Security Maros Sefcovic to Hanoi in late September. During the high-level dialogue, both parties agreed to establish joint working groups to swiftly address structural bottlenecks, showcasing a commitment to cooperation not only at the policy level but also in implementation and action.
According to Jaspaert, the Vietnamese government’s effectiveness is transitioning from planning to execution, with a focus on transparency, accountability, and tangible outcomes.
“While challenges remain, such as disparities in local implementation and the lack of a unified legal framework for renewable energy and land use, Vietnam’s determination to improve is evident,” he observed.
“Having lived and worked in Vietnam for over eight years, I can attest that the government’s and people’s openness and dynamism are what keep investors committed long-term. According to EuroCham’s latest survey, 80% of European businesses are optimistic about Vietnam’s prospects over the next five years – and this trust is the cornerstone of any sustainable partnership,” he emphasized.
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