Hanoi (VNA) – The Business Confidence Index (BCI) of the European Chamber of Commerce in Vietnam (EuroCham) reached 78.3 points in the third quarter of 2026, remaining historically high despite global economic uncertainties, the association announced on October 15.
The survey found that 64% of respondents described their current business conditions as good or very good, while 28% maintained a neutral or cautious outlook, reflecting a wait-and-see attitude as international demand remains flat and businesses look for policy momentum to translate into faster procedures and more predictable outcomes.
Sectoral analysis revealed a more varied picture. The agriculture and food value chain recorded the strongest improvement, rising 11.7 points to 83.9, despite continued pressure from input costs and competition from regional imports. Trade, logistics and consumer goods also remained strong, reflecting Vietnam’s role in regional production and cross-border commerce. By contrast, the tourism and hospitality sector fell 22.5 points to 67.9 after a strong previous quarter.
The Q3 survey also showed that businesses’ target markets influenced their confidence levels. Businesses focused on Vietnam recorded a confidence score of 80.4, compared with 73.2 among EU-focused firms, 70.7 among US-focused firms and 73.9 among ASEAN-focused firms. These differences reflect the uneven pressures facing businesses across markets, although the survey did not establish a single cause.
“Vietnam is on a remarkable winning streak. With GDP growing by 9.95% year on year in Q3 and by 9.01% over the first nine months, the country is moving closer to its ambition of double-digit growth at a time of considerable global uncertainty,” EuroCham Chairman Bruno Jaspaert said.
However, he stressed that the key task now is to make growth more tangible across the economy by improving predictability, strengthening resilience and consolidating reforms, enabling businesses to devote more of their energy to creating value.
For EuroCham, the BCI findings provide a concrete basis for constructive cooperation, including working with Vietnamese policymakers to make regulations more predictable and strengthen links between foreign investors and domestic enterprises. The chamber will also actively support Vietnam’s pursuit of competitive, inclusive and sustainable growth.
Despite the challenges businesses face, confidence in Vietnam’s future remains strong. Nine in ten respondents will recommend Vietnam as an investment destination, while 63% plan to operate in the country for more than five years and 23% look beyond a 20-year horizon.
Vietnam’s appeal stems from a combination of practical advantages and long-term potential, including its workforce, competitive costs, political stability and macroeconomic stability. Other attractions include its domestic market, extensive network of free trade agreements and strategic position amid global supply chain shifts. Sustainability is also emerging as part of the investment proposition: nearly one in five respondents recognised the Government’s commitment to sustainable growth, with this consideration more prominent among large enterprises.
As businesses reconsider their supply chains in response to global tensions and shifting trade relationships, Vietnam is increasingly positioned as more than a competitive production base; it has become a strategic hub connecting regional growth with global markets. The rise in registered foreign direct investment (FDI) to 50.36 billion USD in the first nine months of 2026, alongside 21.07 billion USD in disbursed investment – a five-year high – adds to the picture of sustained investor interest.
While large enterprises bring scale to manufacturing, infrastructure development and the green transition, small and medium-sized enterprises (SMEs) contribute specialised technologies, innovation, expertise and employment, often generating economic value far beyond the scale of their investments.
Resolution No. 10/NQ-TW, dated June 8, 2026, on the development of the foreign-invested economy offers a timely opportunity to recognise and strengthen these complementary contributions. By emphasising investment quality, technology transfer, innovation and domestic supply chains, it encourages a broader assessment of investment success, taking into account not only the capital attracted but also the capabilities, knowledge and opportunities created within Vietnam’s economy.
The opportunity is not to choose between large investors and SMEs, but to help them grow together, EuroCham noted./.
