Swiss daily highlights Vietnam’s economic development potential

With a population exceeding 100 million, Vietnam is attracting growing interest from foreign investors and is actively working to diversify its economy.

Electronic component manufacturing. (Photo: VNA)

Geneva (VNA) – Swiss daily newspaper Le Temps has run an article assessing Vietnam’s economic development potential, on the occasion of the country’s 50th anniversary of the liberation of the South and national reunification (April 30, 1975-2025).

According to the article, it all began in the 1990s, when Frederic Montier, who would later become head of the Vietnam representative office of technology firm ELCA, first recognised the country’s potential through a scientist, and then discovered that Vietnamese people consistently ranked among the top 15 in international mathematical olympiads.

This insight led ELCA, based in the canton of Vaud, to open its Vietnam office in 1998. Today, the company employs over 400 software developers in Vietnam who work on solutions for the Swiss market and manage the group’s global services.

Over time, ELCA’s pioneering presence has been overshadowed by Swiss giants such as Nestle and multinational technology group ABB. However, Montier remains proud that ELCA was likely the first Swiss IT and telecoms firm to establish operations in Vietnam.

At present, nearly all Swiss tech companies have a branch in Vietnam, with a total of around 100 Swiss firms doing business and pouring nearly 2 billion USD into the Southeast Asian country in 2023.

According to Roger Leitner, President of the Swiss-Asian Chamber of Commerce, such examples demonstrate how Swiss quality standards can be successfully implemented in Vietnam.

He cited the case of Jakob AG as an impressive example of how Swiss companies can expand operations in Vietnam with long-term vision, local engagement, and a commitment to quality, while maintaining international competitiveness.

Leitner also expressed confidence that a bilateral trade agreement can provide Switzerland with a competitive edge over European Union countries, which are already benefiting from a free trade agreement with Vietnam.

He further highlighted the country’s economic growth momentum in recent years. With a population exceeding 100 million, he said, Vietnam is attracting growing interest from foreign investors and is actively working to diversify its economy. The country is positioning itself as a favourable regional option, offering lower labour costs and greater flexibility for businesses.

Le Temps also acknowledged the challenges and risks faced by Swiss firms in seeking to invest in Vietnam. Nonetheless, Montier affirmed that Vietnam remains a welcoming destination for business.

Vietnam offers excellent quality of life, he noted, adding that one aspect that is often overlooked in discussions is the country's active infrastructure development./.