Vietnam becoming an increasingly attractive business destination: HSBC

Tuesday, 2020-07-21 16:33:45
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Many companies in Vietnam are harnessing the power of technology to promptly meet business activities and market trends. (Illustrative image)
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NDO – Vietnam is becoming an increasingly attractive business destination thanks to its effective measures to control the COVID-19 pandemic and the cautious reopening of the economy, according to a HSBC Navigator report.

The report released on July 21 surveyed over 2,600 businesses across 14 countries, markets and territoriesthroughout the world including businesses in Vietnam.

The survey stated that this is a good time for Vietnamese enterprises to proactively address any disadvantages and begin considering restructuring to take advantage of new opportunities.

The report pointed out some important motivations for enterprises including digital competency to help Vietnam accelerate again, aiming at reaching an historic growth rate.

In particular, the recent ratification of the EU-Vietnam Free Trade Agreement (EVFTA) in June 2020 has helpedVietnam to redesign its supply chain to meet EU regulations and take full advantage of opportunities from this agreement.

The COVID-19 pandemic also contributed to warning businesses including Vietnamese businesses about the necessity of diversifying their supply chains to avoid risks due to overdependence on a specific market.

HSBC Vietnam Chief Executive Officer Tim Evans said that the COVID-19 pandemic has pushed businesses into an unprecedented crisis, but at this difficult time,technology is becoming the optimal solution to help businesses and the economy survive.

Many companies in Vietnam have shown that they are also harnessing the power of technology to promptly meet business activitiy needs and market trends, the HSBC Vietnam CEO said.

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