A recent survey reveals that 70% of German businesses operating in Vietnam hold a positive outlook on the economy in 2014 and are sanguine on prospects for continued buoyancy in the upcoming year. The results of the survey, made public on July 29 by the German ASEAN Chamber Network (GACN), reflect the opinions of Ge
A recent survey reveals that 70% of German businesses operating in Vietnam hold a positive outlook on the economy in 2014 and are sanguine on prospects for continued buoyancy in the upcoming year.
The results of the survey, made public on July 29 by the German ASEAN Chamber Network (GACN), reflect the opinions of German invested businesses operating in –industry (48%), services (35%), business (9%), consultancy (6%) and auditing (3%).
The survey shows that 50% of the respondents report overall improved success in the past year and this positive outlook is being translated into ongoing plans to invest and recruit. Over 60% of the businesses plan to expand their workforce over the next 12 months.
However, 70% of the companies surveyed report they find it extremely burdensome to locate qualified engineers while 46% said it is essential for the country to develop a better skilled workforce.
Most of the companies have provided continuing education and organised training courses for their staff and workers, with 70% believing that the German vocational training model is a good choice for Vietnam.
A shortage of skilled workers was the number one obstacle reported in the survey followed by import barriers, corruption, inflation, and tax burden.
The survey reaffirmed the importance of the huge lucrative retail market in Vietnam to German businesses and the importance of free trade agreements (FTAs) contributing to their optimism on the nation's economic development.