Corporate executives bullish over Vietnam economic prospects

A corner of Cat Lai Port in HCMC, the largest port complex in Vietnam. Photo courtesy of the port.
Vietnam's economic outlook in 2023 is promising, and technology, energy, goods processing, pharmaceuticals and manufacturing are among key sectors that will greatly attract FDI, say some corporate leaders when talking to The Investor.
Alain Cany, chairman of EuroCham Vietnam

Despite rising global development risks, Vietnam's prospects for 2023 and beyond are promising.
No one can deny that the European business community feels less optimistic now compared to the start of 2022. Vietnam's economy faces numerous challenges, including higher commodity prices, supply chain disruptions, and a decline in manufacturing. Meanwhile, even though export-oriented manufacturing is expected to fuel the economy in 2023, weak export demand from advanced economies will limit growth and cause short-term hardships.
Still, Vietnam has proven to be resilient and better positioned than many of its peers. As a result of its low inflation, improving credit rating, impressive FDI performance, growing consumer demand and high GDP growth, Vietnam's economy will likely remain the best performing in Southeast Asia. With all these factors in mind, 2023 is expected to be another exciting year for investors in Vietnam.
Trade ties between the EU and Vietnam are also expected to grow in 2023 as the EU-Vietnam Free Trade Agreement reduces and eliminates tariffs further. This will have a positive impact on Vietnam’s green transformation, particularly in offshore wind and solar development, where investors from Europe are showing a great deal of interest.
To help our members maximize investment in these fields and others, we continue to encourage the Vietnamese government to remove administrative obstacles for foreign companies and work permit hurdles for foreign experts. By resolving these issues, Vietnam will stand stronger and be recognized as a leading global business and investment destination.
Adam Sitkoff, executive director of AmCham Hanoi

Vietnam has managed various global challenges effectively, including the continuing pandemic, a downturn in global consumer demand, and unusually high inflation among many key trading partners. Despite global headwinds, I am optimistic about Vietnam’s prospects for continued growth in 2023. There are great opportunities to attract new investment as multinational companies seek to diversify global supply chains. This often requires companies to send foreigners here to meet with partners and make investment decisions.
Unfortunately, there is still uncertainty over visas and the conditions and applications for work permits for foreigners coming to work here. In addition, flawed visa policies have prevented many foreign tourists from contributing to Vietnam’s economic recovery.
These types of administrative burdens can be solved by good policy and effective decision-making. As we start the new year with uncertainties in the economy, there are actions the government can implement right now to help increase productivity and reduce the costs, complications, and risks of doing business here.
One of the most important factors for American investors is to see a fair, transparent, predictable, and streamlined regulatory environment that values innovation - not only to attract new investment, but also to maintain and grow the investment already present.
As major investors here, American companies have an interest in Vietnam’s continued success. High-quality foreign investment not only helps grow Vietnam’s economy, but also helps grow the entire ecosystem of local companies and entrepreneurs.
I will work hard in 2023 to lower barriers to trade, to help the Vietnamese government make it easier to do business, and to create a high-standard and stable business environment so that all investors have access to the great opportunities coming this year.
Oliver Massmann, managing partner of Duane Morris LLP

Vietnam will continue its growth in 2023 but this growth will slow down compared with 2022. This is partly because lifting of restrictions has gradually ceased and trade has gradually returned to the state before Covid-19.
However, emerging factors might negatively affect the growth of Vietnam’s economy, especially external factors. These include: (1) unexpected economic recession among major Vietnam’s trading partners like the United States, EU (Germany, Italy, etc.); (2) China’s zero-Covid policy; and (3) rising inflation and interest rates.
Regarding (1), economic downturn will lead to lower consumer demand in the markets, which in turn will lower demand for Vietnam’s exported goods. We note that export value to the United States and EU accounts for almost 50% of Vietnam’s total export value.
Regarding (2), China’s zero-Covid policy has led to closure of a number of factories and power cuts. This will definitely influence Vietnam’s manufacturing sector as most of its input materials (textiles, chemicals, electronics parts and components, etc.) are sourced from China. Vietnam has to find other more costly material sources and manufacturing costs will increase.
Regarding (3), public confidence in the banking and finance sector has decreased, especially after recent SCB turmoil. Rising interest rates are one of the measures to mobilize capital from the population to meet lending demand and ensure capital reserve criteria by the SBV. Rising interest rates increase costs and affect business expansion plans, which is also a negative factor for Vietnam’s economy.
Despite the above factors, abundant public investment capital as well as a strong recovery in international tourist arrivals will continue to contribute to Vietnam’s economic growth in 2023
Technology, energy, goods processing, pharmaceuticals and manufacturing sector are among key sectors that will greatly attract foreign investment in 2023.
- Read More
CMC Corporation breaks ground on $300 mln technology hub in Hanoi
Vietnam's leading technology firm CMC Corporation on Monday broke ground on its $300 million Hanoi CMC Creative Space (CCS Hanoi) project.
Industries - Mon, June 2, 2025 | 11:19 pm GMT+7
Thailand’s industrial output up after 9-month decline
Thailand’s industrial output has turned positive for the first time in nine months, with the automotive sector rebounding after a 21-month slump, said Thai Deputy Finance Minister Paopoom Rojanasakul.
Southeast Asia - Mon, June 2, 2025 | 10:48 pm GMT+7
Singapore, France to expand cooperation in civil nuclear energy, defence technology, AI research
Singapore and France have upgraded their Strategic Partnership signed in 2012 to a Comprehensive Strategic Partnership (CSP), marking Singapore's first CSP with a European country.
Southeast Asia - Mon, June 2, 2025 | 10:47 pm GMT+7
Masan MEATLife stock jumps on continued profit momentum
The ticker of Masan MEATLife (MML), a subsidiary of Vietnamese consumer retail giant Masan Group, jumped by 8.71% to VND31,200 ($1.2) per share on Monday, after it reported profit for the third consecutive quarter in Q1/2025.
Companies - Mon, June 2, 2025 | 10:34 pm GMT+7
Vietnam's VSIP Binh Dinh industrial park seeks to become 'golden destination' for Thai firms
The Becamex VSIP Binh Dinh service-urban-industrial complex in the central province of Binh Dinh is emerging as a promising destination for Thai enterprises, said its developer Becamex Binh Dinh JSC.
Industrial real estate - Mon, June 2, 2025 | 10:24 pm GMT+7
Termination of feed-in-tariff mechanism a major bottleneck in Vietnam’s electricity transition: expert
A major bottleneck in Vietnam’s electricity transition has been the termination of the feed-in-tariff (FIT) mechanism in 2021, with no suitable replacement mechanism in place, according to the director of Hanoi-based Institute of Energy Technology.
Economy - Mon, June 2, 2025 | 4:56 pm GMT+7
Vietnam Vaccine JSC launches high-quality healthcare shop chain
Vietnam Vaccine JSC (VNVC), well known for its vacciation services, on Saturday launched its VNVC Shop, a chain offering safe, high-quality healthcare products from globally recognized brands.
Companies - Mon, June 2, 2025 | 4:05 pm GMT+7
Vietnam heavyweight PV Gas plans $3 bln investment over next 5 years
PV Gas, a subsidiary of state-owned giant Petrovietnam, plans to make "strong investment" over the next five years in areas such as infrastructure and import-distribution of LNG.
Energy - Mon, June 2, 2025 | 2:01 pm GMT+7
Vietnam sees renewed output expansion, improved business confidence in May: S&P Global
May saw a more stable picture in terms of U.S. tariff policies than April, helping lead to a renewed expansion in output and improved business confidence, says Andrew Harker, economics director at S&P Global Market Intelligence.
Economy - Mon, June 2, 2025 | 9:18 am GMT+7
Vietnam considers developing 2 inter-regional renewable energy service and industry hubs
The Ministry of Industry and Trade (MoIT) has proposed building two inter-regional renewable energy service and industry hubs in the country.
Economy - Mon, June 2, 2025 | 8:00 am GMT+7
Investors advised to take profits from stocks having risen sharply
Investors should maintain a balanced stock allocation in their portfolios and consider buying opportunities if the VN-Index retreats to the 1,300-1,320 point range, say market experts.
Finance - Sun, June 1, 2025 | 8:10 pm GMT+7
Shares of Vietnam's leading jewelry maker PNJ jump over 30% ahead of gold inspection report
Shares of Phu Nhuan Jewelry JSC (PNJ), a leading jewelry producer in Vietnam, rallied sharply ahead of the central bank’s Friday release of its gold market inspection findings.
Companies - Sun, June 1, 2025 | 1:14 pm GMT+7
Vietnamese firm takes over 40-year-old Pierre Cardin shoe chain in Thailand
Emall Vietnam, which owns a network of 100 high-end business shoe stores under the Pierre Cardin and Oscar brands in Vietnam, has taken over the entire Pierre Cardin shoe system in Thailand.
Companies - Sun, June 1, 2025 | 10:29 am GMT+7
Southern Vietnam province Ba Ria-Vung Tau okays 53 projects
Ba Ria-Vung Tau authorities on Friday granted in-principle approvals or investment registration certificates for 53 projects, including a green light for a $400 million investment capital hike of the $5.4 billion Long Son Petrochemicals Complex.
Industries - Sun, June 1, 2025 | 8:00 am GMT+7
Who to receive over 97 mln ESOP shares from Vietnam's leading developer Novaland
Novaland, a major real estate developer in Vietnam, will simultaneously implement plans to issue bonus shares and offer ESOP (employee stock ownership plan) shares, with a total issuance rate of 5%, equivalent to more than 97 million units.
Companies - Sat, May 31, 2025 | 11:09 pm GMT+7
Vietnam billionaire Pham Nhat Vuong to contribute 48 mln Vingroup shares to VinSpeed
Billionaire Pham Nhat Vuong has registered to transfer more than 48 million Vingroup (VIC) shares to the newly-established VinSpeed that registered to build the North-South high-speed railway project.
Companies - Sat, May 31, 2025 | 7:14 pm GMT+7