The two factors were chosen by 28% of respondents each in a survey published this month in HSBC Global Connections Report.

"Skilled workforce" and "increasing domestic consumer income" got 27% of votes each.

Workers seen at a garment factory in Ho Chi Minh City.

Some 26% said it is a "sizeable market to scale quickly."

"Business decision makers from Chinese and Indian companies are likely to highlight the opportunity to scale quickly in Vietnam’s sizeable market, with 32% and 41% ... pointing to this market attribute."

Indian businesses also pointed to the opportunity to develop and test new products and solutions, with 45% saying this attracted them to the country.

A quarter of all business also saw advantages in Vietnam’s demographics and young population.

Vietnam’s importance in global trade was reflected by the strong interest in free trade agreements, with 63% of companies in the survey intending to make use of the E.U.-Vietnam Trade Agreement, which has the goal of eliminating 99% of tariffs.

The survey polled 3,000 companies with commercial interests in Southeast Asia in July and August.

Of them, 27% (880 businesses) already have operations in Vietnam, and more than half of them are prioritizing growth there over the next two years.

Of firms without operations in the country, 13% are planning to enter in the next two years.

There are also several challenges that make Vietnam less than attractive to foreign investors.

Australian companies were especially likely to say they had dealt with cultural issues, with 40% saying they had faced these in Vietnam.

U.S. (32%) and Hong Kong (34%) firms said adapting to regulations as their primary challenge.

International businesses were generally concerned about a skills shortage.

The biggest barrier to becoming more sustainable was the ability to hire employees with sustainability expertise, according to 37% of respondents.

Vietnam, Japan step up labour, employment cooperation

Deputy Minister of Labour, Invalids and Social Affairs Nguyen Ba Hoan has proposed Japan’s Wakayama prefecture pay more attention to vocational training and welfare of Vietnamese guest workers living there.

NA Chairman hails labourers’ contributions to national development

National Assembly (NA) Chairman Vuong Dinh Hue hailed efforts and resolve by labourers as well as their willingness to join hands with the Government and the State in national construction and development while addressing a labourers’ forum in Hanoi on July 28.

Bac Giang facilitates labours to work in Korea under term contract

(BGO) – The Department of Labour, Invalids and Social Affairs (DoLISA) on July 26 held an event at the first facility of provincial Job Service Center in Tho Xuong ward, Bac Giang city (Bac Giang province) to instruct and receive labours’ registration profile to work in Republic of Korea (RoK).

Businesses get support in labour employment

(BGO) – In the last 5 months of 2023, the businesses in Bac Giang province want to employ 70,000 labours more, reported the Department of Labour, Invalids and Social Affairs (DoLISA).

4 outstanding labourers from Bac Giang presented Nguyen Duc Canh award

(BGO)- The Vietnam General Confederation of Labour (VGCL) on July 24 organised a ceremony to present the 4th Nguyen Duc Canh award in 2023 at Ho Chi Minh National Academy of Politics. 4 individuals from Bac Giang province were awarded at this event.

Source: VnExpress