German firms maintain positive view over economic expectations in Vietnam
Employees at work at a factory. Many German firms are still upbeat and have high expectations over the Vietnamese economy – PHOTO: VNA
HCMC – Many German firms are still upbeat and have high expectations over the Vietnamese economy, with 47% of them intending to expand business in Vietnam and 50% assuming an increase in employment in 2021 and 2022, according to a business outlook 2021 survey released by the Delegation of German Industry and Commerce in Vietnam on May 12.
German businesses in Vietnam have also shown optimism over the country’s economy in the medium and long term, looking forward to an improved 2021 and 2022.
While 46% of German firms had a positive view of the local economic development in 2020, 66% of the firms expected a significant improvement in 2021. One-third of the survey participants think that the economy of Vietnam will recover in the first half of the year, while 30% say that the recovery will happen next year.
German companies operating in Vietnam assess both their business situation and future business expectations significantly better than in 2020. Some 55% of them rated their current business in Vietnam as good, while only 11% said it was poor.
In 2020, only 36% had a positive view of their situation in Vietnam. The number of negative ratings fell from 23% in 2020 to 11% in 2021.
Though as many as 50% of German firms active in Vietnam intend to increase employment in 2021 and 2022, the lack of qualified workers seems to be one of the greatest business challenges hindering their plan.
In 2020, only 18% of German firms said they faced difficulties in finding highly qualified workers. However, the number soared to 42% in 2021, according to the survey.
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