European business leaders cite rising confidence and strong policy execution as Vietnam outpaces regional peers in growth and resilience.
HANOI — Vietnam continues to stand out as one of Asia’s most resilient economies, maintaining a stable post-pandemic recovery despite global headwinds, according to the European Chamber of Commerce in Vietnam (EuroCham). In its latest assessment, EuroCham described Vietnam as a “rare bright spot” in a turbulent global landscape — a country now competing on quality and sustainability rather than low costs.
EuroCham Chairman Bruno Jaspaert said European business confidence in Vietnam has reached its highest level in three years, with 76% of executives willing to recommend the country as an investment destination. “Vietnam is no longer just a low-cost alternative — it’s evolving into a high-quality, sustainable manufacturing and innovation hub,” Jaspaert noted.
Global institutions are echoing that optimism. HSBC and Standard Chartered have both upgraded Vietnam’s 2025 GDP growth forecasts, while the IMF, World Bank, and Asian Development Bank also revised their projections upward. These agencies now expect Vietnam to achieve or even surpass its 8% growth target, citing solid fiscal capacity and flexible policy management as key strengths.
Jaspaert praised the Vietnamese government’s agility and adaptability in navigating global volatility, crediting recent progress in administrative reform, investment facilitation, and infrastructure development. He highlighted the simplification of visa and work permit procedures, which nearly half of surveyed European companies recognized as a significant improvement in the latest Business Confidence Index (BCI).
EuroCham also commended Vietnam’s long-term vision for sustainable growth, digital transformation, and trade facilitation, as well as its open dialogue with the private sector. “EuroCham is proud to be one of the Government’s closest partners in this process,” Jaspaert said, pointing to the September visit of EU Commissioner Maroš Šefčovič as a milestone in bilateral cooperation. The visit resulted in a joint commitment to establish working groups aimed at resolving structural bottlenecks and accelerating policy implementation.
According to Jaspaert, Vietnam’s economic management has entered a new phase — shifting from policy formulation to execution, with a focus on transparency, accountability, and measurable outcomes. While challenges remain — such as uneven local implementation and the need for clearer frameworks on renewable energy and land use — the country’s determination to improve is “undeniable.”
“As someone who has lived and worked in Vietnam for over eight years, I can say with confidence that the government’s openness and the Vietnamese people’s dynamism are what make this market truly unique,” Jaspaert said. “With 80% of European businesses optimistic about Vietnam’s five-year outlook, trust and partnership will continue to be the foundation of sustainable growth.”
Vietnam, once defined by its affordability, is now increasingly defined by its competitiveness, stability, and strategic importance — a shift that may well secure its position as Southeast Asia’s next high-value growth engine.
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Source: Vietnam Insider