Vietnam among fastest growing in Asia-Pacific region

Vietnam, along with Thailand and Indonesia, is considered to have the greatest growth potential in Southeast Asia, as well as the Asia- Pacific region.

Vietnam is considered to be among the fastest growing in Southeast Asia and Asia- Pacific - Photo: BAO NGOC

68% of leaders, including founders and senior directors in various industries in the Asia-Pacific region, believe that the greatest growth potential is in Southeast Asian countries such as Thailand, Vietnam and Indonesia. This is the result of the report on growth opportunities for small businesses as well as challenges in international cross-border trade, recently released by FedEx Express (FedEx). The report said that economic growth, cultural understanding and improved trade agreements in the region are showing optimistic signs in the Southeast Asian market. According to the report, 88% of leaders said they have plans to expand their customer base globally in the next three years. In particular, business cooperation with partners, suppliers and customers in the European, North and South American markets "requires more effort". Despite the potential, the report also found that there are still challenges in capturing opportunities across borders, even within the Asia-Pacific region. When asked about barriers to international expansion, about 50% of leaders said that different and unique customs requirements and procedures in each country are a significant barrier for companies when looking for new customers (45%) or finding partners and suppliers in the global market (42%). With a lack of internal expertise in trade regulations, navigating customs regulations in different countries remains a problem.

Many business growth challenges

“Data shows that economic headwinds and global competition are among the biggest business challenges facing small and medium-sized enterprises in Asia today. With Southeast Asia growing faster than many other regions in the world, it makes sense to focus on Asian trade. However, there is still much work to be done to remove barriers to international access, despite the growing number of regional and bilateral trade agreements,” said Kawal Preet, general manager, FedEx Express, Asia Pacific, Middle East and Africa.

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