European businesses in Vietnam came through 2021 with positive results and are optimistic about the country’s trade and investment environment in 2022, according to the latest results in the Business Climate Index (BCI) from the European Union - Vietnam Business Council (EVBC).

The European Chamber of Commerce in Vietnam (EuroCham) conducted a survey of more than 1,200 members, including business leaders and investors in all fields, on Vietnam’s trade and investment environment and their predictions on the growth of their business. More than half expect stability and economic growth in the first quarter of 2022, an increase of 8 percentage points compared to the previous period. Business leaders are also more confident about the prospects for business development in the “new normal”. Forty-three per cent of European businesses are planning to increase investment in the first quarter.

In addition, improvements in entry requirements for vaccinated foreigners to live and work in Vietnam have boosted the business environment and enhanced the confidence of business leaders, according to Mr. Alain Cany, EuroCham Chairman.

He added, however, that some industries are still at risk of slow recovery from the pandemic. EuroCham therefore encourages the government to go further and faster in recovering these industries, especially in areas with high vaccination rates. From there, Vietnam can achieve its potential in recovering its economy and attract more foreign investment this year.