According to an HSBC poll, foreign companies doing business in Southeast Asia or considering doing so are drawn to Vietnam’s skilled labor population.

At March, over 1,500 senior decision-makers in companies with a turnover of at least US$5 million were polled in six countries: China, France, Germany, India, the United Kingdom, and the United States.

Three out of ten people think Vietnam’s competent workforce is its most appealing attribute.

The country’s positive economic outlook, competitive wages, and tenacity during the Covid-19 outbreak were all mentioned by 27% of respondents as desirable features.

Thirty-six percent of American enterprises were drawn to Vietnam because of the ability to test and develop new goods or solutions, and 33 percent enjoyed the country’s friendly policies.

Vietnam’s supportive government and regulatory environment (49 percent) as well as infrastructure attracted Indian companies (39 percent).

Supply chain ease and social and political stability were mentioned by a quarter of the respondents as reasons for choosing Germany.

The positive economic outlook drew the attention of 33% of French people.

Because of its strong foundations and attraction to international investors, Tim Evans, general director of HSBC Vietnam, believes the country is on its path to become one of the world’s manufacturing centers.

He went on to say that transferring global enterprises to Vietnam is “not a short-term strategy, but a long-term one.”

However, the pandemic’s disruptive impact and the problems of adopting to modern sustainability criteria were the top concerns for multinational corporations with operations in Vietnam.

Interestingly, despite their geological proximity, Chinese enterprises were more than twice as likely as those from the United Kingdom to identify culture as a barrier to doing business in Vietnam.

Following Vietnam’s promise to achieve net-zero carbon emissions by 2050, 31% of respondents expressed concern about new restrictions and rules on carbon reduction.

Three out of ten businesses said they needed to develop their internal sustainability expertise, while 36% said it was challenging to find people with the necessary sustainability credentials and understanding.

Source : VnExpress