A Measured Outlook Amid Shifting Tides
Vietnam’s ongoing economic reforms and structural improvements helped bolster positive sentiment at the time of the survey. European firms recognised these efforts and, broadly speaking, responded with a neutral-to-positive stance on the business climate. However, even then, caution was already setting in. Anticipation of external shocks – particularly from Washington – was already present, highlighting that global policy moves were already weighing on the minds of investors.
EuroCham Chairman Bruno Jaspaert commented:
“The findings indicate that most European firms did not anticipate such drastic tariff measures and remained confident in Vietnam’s diplomatic ability to navigate global trade tensions. Around two–thirds of respondents reported a neutral stance – neither overly optimistic nor overly apprehensive.”
He further noted that the survey results predate the United States’ major trade policy announcement on its so-called “Liberation Day,” underscoring the importance of interpreting the data within its specific timeframe.
The data reflects a near balance in outlooks on supply chain strategies (+1%) and access to financing (+1%), suggesting a conservatively favourable view of the business environment.
Nonetheless, concerns were already emerging. Roughly 39% of surveyed businesses anticipated pricing strategies – such as tariff-related cost changes and operational expenses – to be key challenges. Another 36% projected moderate to significant difficulties in market demand and revenue projections.
“Despite this, most businesses had not yet adjusted their investment, hiring, or compliance strategies, reflecting a “wait-and-see” approach in light of the anticipated but then-uncertain trade developments,” EuroCham Chairman remarked.