Nguyen Xuan Phuc
Prime Minister, Viet Nam
Most CEOs in Viet Nam (92%) are confident in growth for their business over the next 12 months, with 38% of CEOs in Viet Nam 'very confident'. This is line with all APEC CEOs.
The region’s interest in Viet Nam is set to remain strong. The economy ranks first in the top 10 APEC destinations to receive a net increase in cross-border investment over the next 12 months, slightly ahead of China, Indonesia and the United States. Close to half of foreign business investors in Viet Nam (47%) plan to increase their investment in Viet Nam during the next 12 months.
36% of Viet Nam CEOs are more confident today in launching a new product or service than they were a year ago while 14% are losing confidence.
36% of CEOs are more confident today than they were a year ago in increasing profit margin from domestic operations while 22% are less confident.
26% of CEOs are less confident today that they can attract and retain the people they need to compete in global markets while 15% are more confident.
Building a workforce fit for the future is one of the biggest concerns for Viet Nam CEOs. They recognise the importance of adapting to the digital age and have signed up to lead the transformation of the workforce.
CEOs in Viet Nam are investing in automation and forms of artificial intelligence, like machine learning. These actions point to a future workforce that is more analytical, more intelligence-consuming, and less focused on commoditised task.
“We have to train the labour force to adapt to and use new technologies. We need to build a thorough plan and prepare the necessary talent to execute new business ideas and adapt to Industry 4.0. This is one of our big concerns. We see a need to recruit the right talent and act fast. Preparing the human factor is always key.”
Truong Thi Le Khanh, Chairperson, Vinh Hoan Corporation
CEOs in Viet Nam believe more can be done to help all workers in APEC economies adapt to era of greater automation and jobs rebalancing. Findings reveal Viet Nam CEOs rate greater investment by business in continuous learning and increasing business investment in education systems as the most effective ways to accelerate digital workforce readiness. This is followed by expanding public-private initiatives in workforce training.
“Viet Nam has got a great workforce. We have got a young population, but it should not end up becoming a manufacturing place for only low-value items or mass items. It should upgrade the skills of its workforce to also become the manufacturer of very high-end items.”
Uday Shankar Sinha, CEO & General Director, Suntory PepsiCo Vietnam Beverage
Viet Nam’s Prime Minister and selected business leaders in Viet Nam share their views on how doing business is evolving.