Vietnam remains an attractive investment destination for international investors, according to the European Chamber of Commerce in Vietnam (EuroCham).

EuroCham Vietnam - the unified voice of European businesses in Vietnam - said that out of 1,300 European businesses participating in a survey, 63 percent of them ranked Vietnam in the top 10 destinations for foreign investment (FDI) enterprises.

More noteworthy, 31 percent ranked Vietnam in the top three and impressively, 16 percent praised Vietnam as a top investment destination.

Businesses added more information to support their belief about the Southeast Asian country. More than half of those surveyed predict to increase in foreign direct investment in Vietnam as 2023 nears the end. However, they also pointed out existing obstacles. 59 percent of respondents said that administrative difficulties are challenges when operating in Vietnam.

Other obstacles such as uncertainty in rules and regulations, barriers to the permit application, and strict visa and work permit requirements for foreign workers were mentioned by businesses.

Chairman of the European Business Association Gabor Fluit said that to improve the country’s FDI attraction, European businesses voiced their opinions that Vietnam needs to drastically focus on synchronous investment in solutions such as streamlining the cumbersome apparatus, increasing transparency in the legal environment, upgrading transportation infrastructure and easing visa and work permit granting for foreign experts.

Last but not least, the Vietnamese government needs to have solutions to promote digital transformation, green transformation, and integration of green activities into business strategies to meet new technical barriers in the world market generally and Europe particularly.

It is known that the above survey serves as an important tool for understanding the perspectives of European companies and investors in the Vietnamese market. It also provides valuable insights into the current business landscape in Vietnam and a view into expectations in the coming time.

SGGP News