The region is increasingly becoming a second pillar alongside China as part of a “China+1” strategy, further driven by the world’s largest free trade zone, RCEP. Vietnam is expected to be the growth leader in 2024 with 6–6.5%, a forecast recently confirmed in our candidate discussions in Singapore.
The latest figures from the AHK also support this assessment. Some experts even claim that Vietnam is today where China was around 15 years ago. The three core regions with strong business and growth potential in Vietnam are the Hanoi–Haiphong area in the north (excellent infrastructure and proximity to China!), Central Vietnam (low labor costs), and the greater Ho Chi Minh City area in the south.
We have been active on the ground in Vietnam since 2006. In addition, we have filled several managing director positions with responsibility for all of Southeast Asia, in which Vietnam played a key role in our clients’ growth strategies. The most recent placement was completed just a few weeks ago.
Through the local AHK and the German Business Association (GBA), which is very active in Vietnam, we know all relevant German and Western companies including their managing directors. Currently, there are more than 100 production sites of German companies in Vietnam, including several etec clients.
Our strong network of informants and former candidates also serves as a valuable multiplier that is available to you when working with us.
The timing for investments in this market currently appears favorable. Beyond Vietnam, current regional investment focus includes India, Malaysia and Korea. In all these markets, etec has local project experience and a strong network.