Vietnam’s economic growth recovered strongly in 2022, recording a GDP growth rate of 8.02 per cent, outperforming the average growth rate of the Asia region. But after dramatic growth in 2022, Vietnam’s economic growth rate is expected to slow down in 2023 owing to the recession risks and weakening demand in the EU and the US.
The survey shows that the post-Covid resumption has presented significant challenges for firms to adapt due to the fundamental shift in manpower management and consumer behaviours. In Vietnam, human resource development is now deemed the most significant key success factor, having surpassed cost control.
Almost half of the total respondents stayed positive regarding Vietnamese economic growth towards the end of 2023, which is consistent with their reported interest in further investing in the country.
Vietnam is a country severely affected by climate change. At The UN Climate Change Conference in Egypt (COP27) in November 2022, Vietnam reiterated its ambitious commitments, which are setting a net-zero emissions target by 2050 and an end date for using coal. As many Swedish companies in Vietnam have a clear sustainability profile, there is now significant potential to deliver green solutions in response to the country's climate commitments.
The majority of large companies surveyed stated that the Swedish brand contributed to their business “to an extent or great extent", while the contribution for small and medium-sized enterprises is smaller.
Please download the report to fully overview the results with a detailed analysis.
ABOUT THE SURVEY
The purpose of this report is to enhance the readers’ understanding of Swedish companies’ performance in Vietnam and to share insights into the opportunities and challenges that the Vietnamese market poses.
The Vietnam survey was conducted in the first quarter of 2023 to study how Swedish companies performed in 2022 as well as their expectations for 2023 and onwards. There were 36 Swedish companies in Vietnam who chose to participate in this year’s survey. This does not give a complete picture of the situation of Swedish companies in Vietnam, but the participating companies represent a broad spectrum.
Lastly, we would like to extend our sincere gratitude to the participating companies and respondents who have contributed to this report.