Vietnam’s business confidence surges as investors eye growth opportunities

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Vietnam’s business confidence has experienced a remarkable resurgence, with a growing number of investors expressing optimism about the country’s current macro-economic situation. According to the Private Economic Development Research Board under the Prime Minister’s Administrative Reform Advisory Council, there has been a significant increase in the rate of enterprises intending to expand their business scale, signaling a positive shift in economic sentiment.

Compared to the board’s April survey, the proportion of enterprises planning to expand their operations has doubled, reflecting a renewed sense of confidence in Vietnam’s economic prospects. This increase is mirrored in assessments of capital access prospects, market outlook, and the effectiveness of local administration’s support, indicating a broader trend of growing confidence among businesses.

The report also highlights a substantial rise in the number of firms viewing the economic situation of their industry as positive or very positive, which is now 2.5 times higher than in the April survey. Moreover, the rate of positive assessments regarding the macroeconomic outlook for the next 12 months has nearly tripled, pointing to a strong belief in Vietnam’s future economic stability and growth potential.

These findings align with data from the General Statistics Office, which recorded a record-high of nearly 160,000 newly established enterprises in Vietnam in 2023, marking a significant year-on-year increase of 7.2 percent. This surge in new business formations underscores the growing attractiveness of Vietnam as a destination for investment and business expansion.

The positive outlook for Vietnam’s business landscape is further bolstered by ongoing efforts to improve the country’s business environment, including administrative reforms aimed at streamlining processes and enhancing efficiency. With a robust foundation of economic stability and a favorable business climate, Vietnam appears poised to attract even greater investment and foster sustainable growth in the coming years.

(Source: Vietnam Plus | Xinhua)

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