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European business leaders remain cautious but see signs of improvement in VN's economy in Q1/2023

EuroCham Vietnam recently released its latest Business Climate Index (BCI) for Quarter 1 / 2023, highlighting the collective opinions of European business leaders in the country.

 

Ho Chi Minh City, Vietnam - The European Chamber of Commerce released it Business Climate Index (BCI) for the first quarter of 2023.


In this BCI results, European business leaders remain cautious but see signs of improvement in VN's economy. The BCI, which measures the business sentiment of European businesses and investors in Vietnam, maintained a stable score of 48.0 in Q1 2023.


Here are some additional key takeaways:

⭐The number of respondents who are optimistic about Vietnam's economy has risen by 8 points.

⭐Fewer individuals expect a downturn in the economy, while more predict an upturn in revenue and orders.

⭐Foreign businesses still face challenges such as regulatory opacity, administrative inefficiencies, and visa and work permit issues.

⭐Tourism is one of the top three sectors poised for growth in Q2 2023, with 38% citing it as a potential high-growth industry.

Six percentage point (ppts) fewer business leaders agreed that the Vietnam economy would deteriorate in Q1 2023, while one percentage point more respondents indicated that the economy would stabilize and improve in the next quarter in Q1 2023, compared to the previous quarter.


The Business Climate Index (BCI) is a regular barometer of the business sentiment among European companies operating in Vietnam. Because of the active participation of EuroCham members in this survey since 2011, the BCI

is seen by decision-makers, media, and business professionals in Vietnam as a key indicator of economic activity in the country.


The BCI consolidates perceptions of European and Europe-related companies operating in Vietnam regarding the state and evolution of the business environment in the country.




Source: CCIPV / EUROCHAM

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