Vietnam's business landscape is showing increasingly positive signals, as revealed in UOB's Business Outlook 2026 study, released on 22/6. This year's survey included seven markets: Singapore, Indonesia, Malaysia, Thailand, Vietnam, Trung Quoc, and Hong Kong (Trung Quoc).

In Vietnam, the research findings are based on a 15-minute online survey completed by representatives from 226 large (with revenue of 5,000 billion VND or more) and medium (with revenue from 200 billion VND to under 5,000 billion VND) businesses nationwide. Participants included owners, senior management, or managers from six sectors: manufacturing, engineering, and industrial; healthcare, community, and personal services; professional and business services; consumer goods and wholesale trade; construction and real estate; and technology, media, and telecommunications.

Despite ongoing challenges from rising costs, geopolitical tensions, and global trade fluctuations, the business community remains optimistic about future growth prospects. The survey indicated a significant increase in positive business sentiment among Vietnamese enterprises.

Specifically, 85% of Vietnamese businesses reported positive sentiment, a sharp rise from 48% recorded by UOB in 2025, when business confidence was affected by global tariff policy changes. Growth expectations are projected to continue in the coming years, with over nine out of 10 businesses expecting improved business results this year and forecasting stronger revenue growth in the 2027-2028 period.

However, macroeconomic factors continue to exert pressure on production and business activities. Nearly one-half of the surveyed businesses cited increased operating costs due to geopolitical tensions and international trade-related factors. This environment highlights the urgent need to improve operational efficiency, control costs, and strengthen adaptability.

Cargo containers at Cat Lai port. Photo: Thanh Tung

prioritizing energy management and artificial intelligence adoption

One of the prominent priorities identified in this year's survey is energy management. A substantial 96% of Vietnamese businesses consider this issue important, significantly higher than the regional average of 87%. The study indicates that, in response to global energy market volatility and potential supply disruptions, businesses are adopting a more structured and proactive approach to energy use. Specifically, 55% of respondents prioritize ensuring a stable and sustainable energy supply for production and business operations. Meanwhile, 53% focus on optimizing energy use, and 47% emphasize reducing consumption and improving energy efficiency. To achieve these goals, businesses are increasing investments in solutions such as energy-saving machinery (43%) and solar energy (42%), aiming to balance cost management with sustainable operations.

Concurrently, Vietnamese businesses are accelerating digital transformation, with artificial intelligence (AI) gradually establishing itself as a key growth driver. While AI adoption is still in its early stages, 80% of businesses have begun implementation; however, only about 25% of these are using AI at an advanced level. UOB noted that the digital maturity level significantly influences AI adoption capability. Businesses with integrated digital systems generally exhibit a much faster pace in deploying and leveraging this technology.

Survey results also indicate that AI is delivering positive impacts on business operations. 49% of businesses reported improved productivity, 47% noted optimized operating costs, and 46% experienced revenue growth. Confidence in AI's potential continues to increase, with approximately two-thirds of businesses expecting to boost their investment budget for this technology by over 25% in 2026. However, AI implementation still faces significant hurdles. The biggest obstacles cited by businesses include investment costs and financial resource limitations (49%), limitations in AI solutions - partner ecosystem (48%), and data limitations - system readiness (47%).

diversifying supply chains and expanding into ASEAN

Beyond energy and digital transformation, supply chain management remains a central priority. A remarkable 97% of Vietnamese businesses consider it a strategic factor for their operations. Although supply chain disruptions have lessened compared to previous periods, businesses still face challenges such as geopolitical risks (40%), complexity in procurement activities (34%), and changes in legal regulations. As many as 88% of businesses stated that legal and compliance requirements are impacting their operations.

To enhance resilience, Vietnamese businesses are actively diversifying their supply chains. Approximately 80% of businesses plan to expand their supplier networks this year, with over one-half aiming to increase the number of suppliers within the ASEAN region and about 23% focusing on domestic supply. This aligns with the trend of relocating production activities to closer markets (nearshoring). Approximately one-third of Vietnamese businesses plan to establish or expand domestic production activities, while many businesses are also considering expanding into the ASEAN region (43%), thereby strengthening the region's role as a key manufacturing and supply chain hub.

According to UOB, this shift is strongly driving the wave of international market expansion. Out of 10 Vietnamese businesses surveyed, seven reported expanding their operations abroad in 2025, and nine indicated plans for continued expansion over the next three years. Similarly, 80% of Vietnamese businesses intend to invest overseas within the next two years, with an average expected investment exceeding 28 million USD. ASEAN emerges as the top priority destination, chosen by 65% of Vietnamese businesses for their expansion plans. Thailand, Singapore, and Indonesia are the most frequently targeted markets. However, businesses still face challenges, particularly in meeting legal, regulatory, compliance, and tax requirements (36%), finding suitable local partners (36%), and accessing cooperation opportunities with large enterprises or government-linked organizations.

To help businesses address these legal, operational, and international expansion challenges, UOB leverages its regional network and 11 Foreign Direct Investment (FDI) Advisory Centers across Asia. This system supports clients in various stages, from market entry and legal advice to connecting with local partners. Concurrently, the bank is implementing Supply Chain Finance solutions on the UOB Infinity platform in Vietnam. This platform allows clients to digitize and manage their entire supply chain on a unified system, connecting seamlessly across multiple markets in the region.

Ms. Pham Nhu Anh, Head of Wholesale Banking, UOB Vietnam. Photo: UOB Vietnam

Commenting on the research results, Ms. Pham Nhu Anh, Head of Wholesale Banking, UOB Vietnam, stated that Vietnamese businesses are demonstrating positive adaptability and resilience amidst global business environment fluctuations. According to her, the trend of investing in digital capabilities, strengthening supply chains, and increasing presence in ASEAN indicates that the business community is not only focused on short-term recovery but is also pursuing longer-term, more sustainable growth strategies. As one of the leading banks in ASEAN, with a deep understanding of local markets and an extensive regional network, UOB is committed to accompanying businesses on this journey to leverage cross-border opportunities and achieve sustainable development in the region.

2026 marks the seventh year UOB has conducted its Business Outlook Study. The program continues to expand in both survey frequency and research scope to timely reflect changes in the global economic and geopolitical environment.

Hoang Dan

Download the full study here.