Most of surveyed German firms plan expansion in Vietnam
About 91% of German companies are planning to expand their investment in Vietnam, according to a survey conducted by the Delegation of German Industry and Commerce (AHK) in Vietnam.
Despite challenges such as inflation, uncertainties of the world economy, and the increasing political influence on supply chains, Vietnam is expected to experience a resurgence in its economic growth in the medium-term. (Photo: baodautu.vn)
Hanoi (VNA) - About 91% of German companies are planning to expand their investment in Vietnam, according to a survey conductedby the Delegation of German Industry and Commerce (AHK) in Vietnam.
The AHK World Business Outlook Spring 2023 – Vietnam Focusshows that 40% of the surveyed firms also have plans to increase their workforce in thenext 12 months.
Despite challenges such as inflation, uncertainties of the world economy, and the increasing political influence on supply chains, Vietnamis expected to experience a resurgence in its economic growth in themedium-term.
Illustrative image (Source: vneconomy.vn)
The growth will be fueled by various factors,including Free Trade Agreements (FTAs), the China PlusOne strategy, the global trend of shifting and diversifying manufacturingsupply chains towards competitive hubs in Southeast Asia, and the inflow ofgreen investments, the report said.
About 500 German companies have invested some 2.9billion USD in the Southeast Asian nation so far, mainly in its southern andnorthern regions that make up 60% and 22% of the total capital, respectively. They have generated about 50,000 jobs, thus significantlycontributing to the bilateral ties.
As of July 20, newly-registered capital, additionalinvestment, capital contribution and share purchase by German investors inVietnam amounted to nearly 197 million USD, with 21 new projects, mainly in theconstruction and building material sector.
To lure more foreign investors, the AHK suggestedthe Vietnamese Government further streamline administrative procedures andinvest more in infrastructure development, particularly in transport andlogistics.
Furthermore, enhancing the competitiveness ofdomestic enterprises, spurring the development of industrial clusters,providing intensive personnel training, observing international standards, andensuring stable electricity supply for sustainable development are crucialsolutions to raise Vietnam's attractiveness, it said./.
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Despite challenges such as inflation, uncertainties of the world economy, and the increasing political influence on supply chains, Vietnam is expected to experience a resurgence in its economic growth in the medium-term. (Photo: baodautu.vn) 
Illustrative image (Source: vneconomy.vn) 
