The services sector has been a driver of economic support, with policies aimed at stimulating domestic consumption and promoting tourism to sustain growth in this sector.

Vietnam encourages Swiss investment in high-priority fields such as finance banking, insurance, manufacturing and processing, pharmacy, renewables, and tourism.

Hopes for improvements in market demand and new orders, alongside confidence that the Covid-19 pandemic will remain under control, supported optimism in production prospects for the coming year.

Business sentiment continues to improve with 57% of respondents predicting that output will increase over the coming 12 months, against 9% that expected a decrease.

Manufacturers remained optimistic that production will increase in the next 12 months.

The bright spot in the latest PMI survey was employment, which increased at the fastest pace in three and a half years.

Business conditions strengthened to the greatest extent in just over a year.

The total demand for steel in Vietnam’s manufacturing sector by 2030 would be $310 billion, which remains a huge market for the local steel industry, especially machine steel or high-quality carbon steel.

Firms remained optimistic that output will rise over the coming year, based on hopes that the pandemic will fade and new orders expand.