Business

German firms consider Vietnam potential destination: Survey

The German Chamber of Commerce Abroad (AHK) in Vietnam on November 21 released its AHK World Business Outlook – Fall 2023, which highlights Vietnam as a promising investment destination for German businesses.
German firms consider Vietnam potential destination: Survey ảnh 1Electronic accessories production at YPE Vietnam company in Binh Xuyen 2 Industrial Park in Vinh Phuc province (Photo: VNA)
HCM City (VNA) - The German Chamber of CommerceAbroad (AHK) in Vietnam on November 21 released its AHK World Business Outlook –Fall 2023, which highlights Vietnam as a promising investment destination forGerman businesses.

In October, German companies made a big step in increasingtheir presence in the Vietnamese market with the implementation of 26 projectsworth nearly 221.5 million USD. This reflected the firms’ strong confidence inthe Vietnamese market, and at the same time showed the attractiveness ofVietnam to German businesses who wish to expand their operations in Asia,according to the survey.

It said that German enterprises are paying great attention to green investmentprojects. Meanwhile, the Vietnamese market is ready to welcome and supportbusiness projects, providing a foundation for growth and sustainable businessdiversification.

Specifically, for investment plans, the survey revealed that42% of German companies in Vietnam prioritise diversifying production andmanufacturing activities, as well as focusing on product diversificationstrategies. The sector is followed by sales and marketing at 41%, services(35%), and logistics (31%).

Regarding factors affecting the investment decision, 50% of surveyed businessesheld that the growth potential of the Vietnamese market is a key factor, alongwith skilled workforce.

Over risks and challenges, the survey pointed out that Germanbusinesses assess that the decline in global demand is a main barrier, and they areconcerned about the risk of supply chain disruption. In addition, thoseoperating in the Vietnamese market also encounter some difficulties such asenergy costs and financial resources.

At the same time, it said that German businesses tend to invest more in theirnetwork of business establishments abroad than in the German market. Inresponse to the development of the global economy, many German enterprises andbusinesses with close connections to Germany are continuing to expand theirbusiness scale in the global market, including Vietnam, it added.

The AHK World Business Outlook is based on a regular GermanChamber of Commerce and Industry (DIHK) survey of member companies of theGerman Chambers of Commerce Abroad, Delegations, and Representative Offices(AHKs). In fall 2023, it collected feedback from more than 3,600 Germancompanies, branches, and subsidiaries worldwide as well as companies with closeties to Germany. The survey was conducted from September 25 to October 20./.
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#German Chamber of Commerce Abroad (AHK) #AHK World Business Outlook – Fall 2023 #Vietnamese market #German businesses #Vietnam #Vietnam news #Vietnam News Agency
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