Around 60% of surveyed businesses in Vietnam remain optimistic for the year ahead, and some 46% of them expect an increase in the pace of overseas expansion, according to the UOB Business Outlook Study 2025.

Conducted in January 2025, the study surveyed 4,200 businesses across ASEAN and China, including 525 in Vietnam. It was followed by a dipstick survey in April 2025 of 800 businesses, after the US tariffs were announced.

The report shows that interest in overseas expansion remains strong, especially among Tech, Media & Telecom and Business Services firms. Revenue, profits, and reputation are key drivers for overseas expansion.

Overseas expansion remains a priority for Vietnamese businesses, with nearly 70% foreseeing growth in intra-ASEAN trade. The study found that ASEAN is a key destination for Vietnamese businesses, particularly Thailand and Singapore. Furthermore, the European market is viewed as a key area for the nation's present and future growth.

According to the report, businesses face challenges with rising business costs and high levels of inflation, which are set to increase after the recent US tariffs. Some 52% of businesses expect raw material and production costs to increase a lot after the recent US tariffs. Meanwhile, 30% expressed concern about growing inflation. 

They are currently diversifying suppliers, boosting the use of local materials, and reducing reliance on the US market.

They also prioritize digitalization and sustainability, with 61% and 56%, respectively, planning to further invest in these areas.

They are also seeking support from the government and financial institutions to cope with current challenges. They want financial relief from the tariffs, such as targeted subsidies or tax exemptions for the most affected sectors. They are calling for longer-term support, including bilateral trade agreements with key markets and assistance with supply chain relocation.