Ninety percent of firms in Viet Nam plan more investment inside ASEAN: HSBC survey
VGP - Over half of the respondents surveyed express their interest in expanding into Viet Nam as a new market, according to a HSBC survey.
Share of Viet Nam-based respondents who are very confident about growing their business in each market - Photo: HSBC
According to HSBC ASEAN Business Sentiment, a survey of financial decision-makers in the bloc's six biggest economies, nearly nine in 10 businesses in Viet Nam plan to invest more inside ASEAN.
The survey also found that local technological capabilities and supply chain challenges are the top barriers for businesses in Viet Nam looking to expand into new ASEAN markets, underlining the need for careful planning and expert advice when venturing abroad.
Product development ranks as the top priority for Vietnamese businesses, ahead of growing in ASEAN. Some 94 percent expect their intra-ASEAN trade to increase in 2024, with 27 percent expecting an increase of greater than 30 percent.
The survey gathered 600 responses from companies with annual revenues of at least US$150 million, split equally across the six biggest ASEAN economies: Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Viet Nam.
Viet Nam lured close to US$6.17 billion in foreign direct investment (FDI) from the beginning of this year to March 20, up 13.4 percent year-on-year, according to the Foreign Investment Agency under the Ministry of Planning and Investment.
As of March 20, FDI disbursement was estimated at about US$4.63 billion, an annual rise of 7.1 percent./.
