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German firms consider Việt Nam potential destination: survey
Vietnam News - 11/25/2023 4:50:36 PM
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The German Chamber of Commerce Abroad (AHK) in Việt Nam has released its AHK World Business Outlook – Fall 2023, which highlights Việt Nam as a promising investment destination for German businesses.
In October, German companies made a big step in increasing their presence in the Vietnamese market with the implementation of 26 projects worth nearly US$221.5 million. This reflected the firms’ strong confidence in the Vietnamese market, and at the same time showed the attractiveness of Việt Nam to German businesses who wish to expand their operations in Asia, according to the survey.
German enterprises are paying great attention to green investment projects. Meanwhile, the Vietnamese market is ready to welcome and support business projects, providing a foundation for growth and sustainable business diversification.
Specifically, for investment plans, the survey revealed that 42 per cent of German companies in Việt Nam prioritised diversifying production and manufacturing activities, as well as focusing on product diversification strategies. The sector was followed by sales and marketing at 41 per cent, services (35 per cent), and logistics (31 per cent).
Regarding factors affecting the investment decision, 50 per cent of surveyed businesses held that the growth potential of the Vietnamese market was a key factor, along with skilled workforce.
Regarding risks and challenges, the survey pointed out that German businesses assessed that the decline in global demand was a main barrier, and they were concerned about the risk of supply chain disruption. In addition, those operating in the Vietnamese market also encountered some difficulties such as energy costs and financial resources.
At the same time, it said that German businesses tended to invest more in their network of business establishments abroad than in the German market. In response to the development of the global economy, many German enterprises and businesses with close connections to Germany were continuing to expand their business scale in the global market, including Việt Nam, it added.
The AHK World Business Outlook is based on a regular German Chamber of Commerce and Industry (DIHK) survey of member companies of the German Chambers of Commerce Abroad, Delegations, and Representative Offices (AHKs). In fall 2023, it collected feedback from more than 3,600 German companies, branches, and subsidiaries worldwide as well as companies with close ties to Germany. The survey was conducted from September 25 to October 20. — VNS

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