Ingredients ripe for successful 2025

Ingredients ripe for successful 2025

Last year saw a raft of developments in Vietnam across tech, the legal system, cross-border trade, retail, tourism, and many more. New partnerships were signed, green deals approved, and economic records broken. CEOs, directors, and other leaders across the aforementioned industries and more besides offer their thoughts on the ups and downs of 2024, and more importantly, look ahead to what Vietnam can expect in the Year of the Snake.

ASSOC. PROF. LE THAI PHONG, DEAN OF BUSINESS ADMINISTRATION FOREIGN TRADE UNIVERSITY

This year is the dawn of a new era as the busi ness landscape of Vietnamese enterprises be gins to take shape through ambitious plans. While optimism for growth takes centre stage, cautionary undertones accompany the outlook.

At the close of last year, the Politburo em phasised the advent of a new era where the government steps back from activities that businesses excel in. This was followed by a pivotal decision to restructure state organi ation, signalling a critical move to empower enterprises, especially from 2025 onward.

The government’s commitment extends beyond promises of market transparency to prioritising the development of the private sector, avoiding overlap with state íunctions.

This paradigm shift marks a signihcant transformation in governance and business management. The government pledges greater transparency in its administration and man agement, while calling on businesses to en hance their internal governance practices. This dual responsibility presents opportunities and challenges alike, as Vietnam transitions away from the traditional ‘askgive’ model towards a more open and transparent approach.

Efforts to reduce opaque practices aim not only to create a more conducive business en vironment but also to foster rapid and sustainable national growth, aligning with party and state objectives. This is a time for both busi nesses and the government to unite, leveraging policy reforms to propel the economy forward.

In 2024, Vietnam witnessed over 135,000 businesses exit the market, a 20.6 per cent increase from 2023. This exodus, marked by halts in operations, pending dissolutions, or permanent closures, underscores the challeng es of restructuring, from private enterprises to state apparatuses. Rather than a sign of eco nomic downturn, this wave of closures rehects adaptation to a shiíting landscape.

The rise of ecommerce platforms like Tik Tok, Shopee, and Lazada has revolutionised smallscale business operations, rendering tra ditional shopfronts increasingly obsolete. Con currently, the influx of lowcost goods from China has intensihed price competition, push ing many domestic enterprises to the brink.

Global economic deceleration, with Inter¬national Monetary Fund projections of only 3.2 per cent growth for 2024, adds to this. Po sitioned at the end of the value chain, Vietnam faces ripple effects from upstream diíhculties, leading to order shortages, losses, and an in ability to sustain operating costs.

Digital transformation has emerged as a strategic solution. Technology adoption helps businesses reduce expenses, enhance transpar ency, and improve competitiveness. Enterpris¬es must digitise business processes, invest in technological tools, and swiftly adapt to mar ket demands. Flexibility and change manage ment are equally critical. With 2024 heralding sweeping restructures, businesses must be equipped to revise strategies and enhance op erational eíhciency.

Foreign investment capital continues to play a crucial role, contributing 16 per cent of total national investment, 20 per cent of GDP, and over 70 per cent of export turnover. While some argue that foreigninvested enterprises have yet to deliver optimal results, concerns about technology transfer, environmental im pact, and tax evasion highlight the need for improved collaboration between foreign and local businesses. Nevertheless, íunding from abroad remains indispensable to Vietnam’s economic development.

Workers must also upskill to meet the de mands of such environments, characterised by high professional expectations and cultural diversity. Enhanced productivity and profes sionalism pave the way for better remuner ation and career growth. EAective hnancial management becomes critical for survival. Businesses must mitigate hnancial risks, opti mise costs, and ensure cash flow to navigate challenges and prepare for recovery.

Ultimately, the cooperation of govern ment, businesses, and workers is essential to fostering a transparent, fair, and sustainable business ecosystem. Vietnam’s enterprises face three key drivers for growth in 2025, including digital transformation, green tran sition, and transparent corporate governance.

While progress in digital and green ini tiatives has been commendable, governance transparency remains a signihcant challenge. Many businesses still adhere to outdated prac tices, such as maintaining dual accounting sys tems or relying on informal relationships over standardised compliance. These barriers hin der growth and limit access to capital, especial ly from international investors who prioritise transparency. By embracing digitalisation and green transformation, businesses can not only enhance operational eíhciency but also foster transparency in governance. Transparent prac tices from the outset build trust with partners, banks, and investors, unlocking opportunities for expansion and sustainable growth.

JULIEN BRUN, MANAGING PARTNER, CEL

As global supply chains undergo restructuring, Vietnam faces mounting pressure from potential US policy shifts.

With the US as its largest trading partner, proposed import duties under a new administration could significantly impact Vietnam’s export competitiveness. This evolving reglobalisation demands diversification of trade partnerships and innovative approaches to maintain Vietnam’s strategic position in global supply networks.

Vietnamese consumer sentiment shows tentative signs of improvement following the 2023 inflationary period. However, this recovery remains delicate, with purchasing patterns reflecting continued caution. The interplay between global economic uncertainties and local market dynamics will likely keep consumer confidence in a holding pattern through early 2025.

While regional manufacturing giants like India leverage economies of scale, Vietnam must position itself beyond cost-effectiveness as a sustainability leader. This strategic shift resonates particularly well with the European Union, whose unwavering commitment to environmental standards makes it an increasingly vital trading partner.

Vietnam’s focus on biodiversity preservation, carbon footprint reduction, and plastic usage minimisation throughout supply chains is attracting both environmentally conscious domestic consumers and international partners. While this transformation requires practical incentives, particularly in reducing plastic packaging and waste, early adoption could establish Vietnam as a recognised leader in sustainable manufacturing.

Vietnam’s supply chains stand to emerge stronger by embracing these challenges as catalysts for transformation. The convergence of strategic consolidation opportunities, particularly in logistics, with an accelerated sustainability agenda could help Vietnam maintain its growth trajectory while building more resilient trade relationships. Success in 2025 will hinge on the country’s ability to balance immediate economic pressures with sustainable development goals.

FURUSAWA YASUYUKI, MEMBER OF BOARD OF EXECUTIVE DIRECTORS, AEON GROUP (JAPAN)

Vietnam’s economy is expected to continue growing, driven by several key factors. Firstly, the country’s working-age population, which accounts for about 70 per cent of the total population. This demographic group is a major driver of robust purchasing power, which in turn supports consumption of a wide range of goods and services.

The growing urbanisation of Vietnam’s major cities, particularly Ho Chi Minh City, contributes to the increasingly diverse consumer base.

Additionally, Vietnam’s infrastructure, especially in transportation, is developing. With major projects such as the North-South expressway, the country is seeing improvements in connectivity that will create significant opportunities for businesses. These infrastructure developments are expected to facilitate the movement of goods and people, thereby enhancing retail activities and market expansion.

The retail market in Vietnam for 2025 is also expected to grow, offering opportunities for development.

The country’s GDP has shown consistent growth over the past decade, and restored new orders and increased import-export trade signify positive signals for a strong recovery and growing optimism in Vietnam’s business environment.

This economic momentum is bolstered by controlled inflation, with the consumer price index at 4-4.5 per cent. Average inflation in Vietnam remains under control and within the forecasted range for 2024. This supports the country’s continued economic recovery and development. With retail companies announcing ambitious expansion plans for 2025, the market is expected to remain vibrant and dynamic. Retailers are set to continue aggressive growth strategies, leveraging favourable economic conditions to enhance market share.

In the coming years, AEON remains focused on expanding market share and increasing customer quantity in Vietnam, by developing both physical stores through multi-format rollout and enhancing our e-commerce platform.

MARIA AHLSTRỎM, CHIEF OF SUSTAINABILITY ECOLEAN GROUP

Under the pressure of policies restricting single use plastics under the Environmental Protection Law and the requirements for a circular economy, we think embracing circular economy principles is crucial. This involves designing products with recyclability in mind, and working to implement recycling solutions for collecting waste and take-back schemes to ensure materials are reused.

Additionally, investing in local recycling infrastructure and collaborating with waste management companies can significantly improve recycling rates.

Our business idea is to provide a safe and convenient packaging solution. With our environmental product declaration, both we and our customers can evaluate our product’s environmental performance over its life cycle. The declarations typically consider the full-value chain, from material extraction to manufactured product to its usage stage and end of life.

We are also working towards our 2030 targets to reach a circular business where we will source a minimum 10 per cent renewable or recycled polymer for our packages, maximised the waste recycling in our own production as well as supporting and establishing partnerships to develop recycling infrastructure in all our markets.

One of our most important innovation projects is to ensure that all our packages comply with the EU “Designed for Recycling” guidelines. This means all our packages should be ready for recycling by 2030.

One of the toughest challenges in improving plastic recycling efficiency in Vietnam is the efficient collection and

sorting of plastic waste. To address this, we are starting up cooperating with local organisations to increase public awareness and participation.

Furthermore, to enhance competitiveness and encourage the use of more sustainable products, we invest in research to reduce costs of a more sustainable material. We aim to make these products more competitive. Educating consumers about the environmental benefits of more sustainable materials and recycling is also crucial.

NAM THIEU, COUNTRY DIRECTOR FOR VIETNAM, LAOS, AND CAMBODIA, QUALCOMM

Vietnam is on a promising trajectory in AI, fuelled by strong government initiatives, an expand What sets Vietnam apart is its focus on practical applications spanning manufacturing, smart cities, and enterprise solutions while fostering collaborations between global technology partners like Qualcomm and local businesses.

Vietnam will play an increasingly vital role in shaping AI advancements in the region, leveraging its talent, infrastructure, and commitment to digital transformation to drive meaningful progress.

Over our years of development, we have remained committed to supporting all Vietnamese businesses by providing access to our most advanced technologies.

This includes cutting-edge connectivity solutions which have empowered local companies to develop globally competitive products and strengthen their market presence.

To help reduce development time and costs here in Vietnam and beyond, we provide reference designs for smartphones, AI cameras, AI boxes, and Wi-Fi mesh systems, particularly beneficial for smalland medium-sized enterprises.

We further assist various original equipment manufacturers with design, testing, and also certification, ensuring they can always produce high-quality products locally while enhancing both manufacturing capabilities and competitiveness.

Additionally, Qualcomm has focused on technical training and hands-on support, from product design to field-testing, helping local businesses bring their innovations to market efficiently. By fostering technical expertise and empowering Vietnamese companies, we are contributing to the creation of a robust technology ecosystem capable of meeting the demands of an increasingly digital economy.

Vietnam’s growing contributions are reflected through tangible achievements, such as 30 commercial products developed with our technology and 10 per cent export to global markets.

In the broader picture, in 2024, Vietnam stood as Qualcomm’s second-largest market globally, contributing approximately 12 per cent of the company’s total revenue, following China.

While the revenue figures primarily reflect transactions with manufacturers rather than end users, the consistent growth from across Vietnam underscores our strategic importance and also highlights Vietnam’s potential as a hub for both technology innovation and high-quality manufacturing.

DARRELL OH, CHAIRMAN, PHARMA GROUP

The numerous improvements in the key legislations are highly valued, as they contribute to enhancing Vietnam's local pharmaceutical environment and send a positive signal to current and potential investors.

2024 serves as the foundation with the newly issuance of amended key legislations including the Pharma Law, Health Insurance Law, and Tender Law. We are also thrilled with the timely issuance of the renewal circular by the end of 2024, ensuring the continued validity of marketing authorisations for products in the market, effectively preventing potential drug supply disruptions.

There are now clear objectives to transform scientific mindsets and approaches, facilitate policy realisation, remove barriers, and unlock untapped potential. From the perspective of Vietnam's innovative pharmaceutical industry, in which Pharma Group members invest an average 20 per cent global revenue to research and development, we support this direction.

Although many positive improvements have been made, future implementations are considered as not yet creating the breakthroughs required per the country's directions.

2025 and beyond will be even more crucial as it focuses on guiding regulations and implementation. We anticipate the clear, effective execution of these strategies, as well as the national strategy for the pharma sector, alongside further enhancements in the regulatory environment, incentives, and legal certainty. These factors will play a crucial role in determining the feasibility and success of these directions. According to Pharma Group member feedback in a survey in 2024, Vietnam poses a significant potential in attracting additional investment from these multinationals, particularly in research and development. This includes testing, clinical trials and tech transfer which will, in turn, foster the creation of a vibrant, innovative-driven pharmaceutical sector and create spillover effects for other industries.

Vietnam holds the second-largest pharmaceutical market in ASEAN, valued at $7.6 billion in 2023, which helps position Vietnam as a regional investment hotspot while contributing to its broader development.

While there has been growth in Vietnam's pharma sector in recent years, the country has yet to fully leverage its strengths and competitive advantages. With intense competition from neighboring countries offering incentives and continuously streamlining regulations, it is vital for Vietnam to accelerate its efforts to attract foreign direct investment and innovation.

In addition to the legislation, it is also even more critical to address key issues related to market access and create a predictable, operational business environment to effectively attract and sustain investment.

Throughout the legislative reform process and over 25 years of presenting in Vietnam, we greatly appreciate the thoughtful considerations and incorporating recommendations from industry and various stakeholders, as well as supporting the implementation of these legislations.

We are eager to continue contributing our policy recommendations and expertise to shape and implement strategies that help Vietnam achieve its aspirations moving forward.

NGUYEN VAN VIET CHAIRMAN, VIETNAM ASSOCIATION OF BEER, WINE, AND BEVERAGES

The Vietnamese beverage industry, in 2024, although facing many challenges, launched many new products and designs suitable for consumption, and adapted to all conditions and circumstances. This was thanks to proactive research, assessment, and proposals from the collective leadership and employees in the industry, who all offered a spirit of solidarity, self-reliance, innovation, creativity, and timely and effective solutions.

The entire industry contributes about VND60 trillion ($2.5 billion) to the state budget each year, creating jobs for millions of direct workers at manufacturing plants and indirectly in the service supply chain, contributing to promoting tourism development, cultural exchange, and creating a beautiful image of the country.

In 2024, with the strong direction and support from all levels and the efforts of the business community, our country has achieved all 15 targets set by the National Assembly. The manufacturing and processing industry increased by 10 per cent, including the contribution of the Vietnamese beverage industry.

Vietnam has great potential to develop the market. It is expected that revenues of the beverage industry will reach $7.1 billion by 2026, with an expected import turnover of $267 million.

The trend of food and beverage makers and consumers are focusing on not only health productions but also green and sustainable actions. Enterprises in the industry such Heineken, Coca-Cola, Suntory Pepsico, Pernod Ricard, and Diageo demonstrate a sense of community and responsibility in meeting Vietnam's environmental protection standards. They are constantly introducing many initiatives in sustainable development, switching to using solar, using biomass fuel from plants, and optimising energy recovery systems.

2025 is a year with many special events for the country and an important year when the country transforms with a streamlined management apparatus from the central to local levels, preparing for the 14th National Party Congress. The world and domestic situation is forecasted to be mixed with difficulties and advantages.

SAROJ CHAYAVIVATKUL PRESIDENT, TBC-BALL BEVERAGE CAN VIETNAM

Despite the ongoing economic recovery and rising material costs in 2024, we prioritised operational efficiency and sustainability. Key measures such as leveraging advanced production technologies, adhering to Aluminum Stewardship Initiative standards, and ensuring continuous environmental compliance allowed us to deliver high-quality products to both local and international markets.

The Vietnamese government's proactive role in stabilising the economy, enhancing infrastructure, and streamlining administrative processes has been invaluable. Notable initiatives, such as improved transportation networks and simplified regulatory procedures, have supported foreign investment and enabled businesses like ours to thrive.

We appreciate the government's commitment to sustainability, particularly its focus on renewable energy and green growth strategies, which align closely with our environmental goals.

TBC-Ball remains dedicated to growth and innovation in 2025. Our priorities include adjusting our production to have more flexibility to respond to the demands of customers, adopting advanced recycling technologies to strengthen circular economy practices, and focusing on creating a positive impact on our social ecosystem.

This involves ensuring meaningful contributions to all external partners, including customers, suppliers, and the communities we engage with. By fostering these relationships, we aim to drive shared success and long-term development.

LANCE LI, CEO, BW INDUSTRIAL DEVELOPMENT

2024 marked a significant milestone for BW Industrial Development, reflecting a year of remarkable achievements. The company successfully launched 13 projects last year, offering one million square metres of new

In terms of leasing performance, the company secured over 1.2 million sq.m of leases in 2024, including ready-built factories and warehouses, covering both new and renewed leases. This represents a notable 2.5x increase in year-to-date leasing activities since 2021.

Our ability to attract global corporations such as Chervon, Skyworth, TCL, Nippon Express, 7-Eleven, and Mixue further solidifies its position as a trusted developer in Vietnam.

BW continues to play a crucial role in Vietnam's industrial transformation by providing ready-built, modern, multi-story, institutional-grade infrastructure for international manufacturers and warehouse operators seeking to quickly set up operations. Often, our ready build factories serve as initial manufacturing sites, allowing foreign investors the time to develop their investment plans, secure land, and establish their own factories as their businesses grow.

Sustainability remains at the core of our business philosophy. With increasing demand for greener operations from end users, BW is committed to implementing fundamental and practical measures to promote sustainable practices. The company achieved LEED Gold certification for BW Xuyen A Logistics Park and LEED Silver for BW Phu Nghia Logistics Park. Several double-story ready-built warehouses, set to be completed in 2025, are designed according to LEED Gold standards, including the BW Vinh Loc 2 IP, BW VSIP Bac Ninh 2, and BW Thuan Dao Logistics Park. We are the largest rooftop space owner in Vietnam with close to 3 million sq.m.

LOGARAJU THULASIRAJ GENERAL OPERATIONS MANAGER PEBSTEEL

The Vietnamese steel industry is demonstrating a remarkable recovery in domestic demand and exports, even in the face of challenges posed by the declining real estate market in China. This resilience highlights the sector's adaptability and potential for growth as it navigates a complex global landscape.

Despite these positive indicators, steel enterprises continue to face significant challenges. The prices of raw materials remain high, while demand in certain international markets, particularly China, is still not stable in the long term, with fluctuations in purchasing power.

Additionally, competition from low-priced Chinese steel products exerts considerable pressure on domestic prices and profit margins. The Vietnamese steel market is currently experiencing intense competition not only among local companies but also from international manufacturers. Chinese steel products maintain a price advantage, posing challenges for domestic firms.

2024 was a challenging year, albeit we started the year with numerous projects signed. However, some projects were either cancelled or postponed, which affected our operation significantly. With the effort and dedication of our experienced senior manager and with the right strategy, we have delivered 20 per cent higher volume than 2023.

We are optimistic about our business, and are expanding in Southeast Asia. For example, in the Philippines and Indonesia we have three offices to cover all regions as first movers. We are developing builders in various countries like Australia, Bangladesh, the Middle East, and Africa. We are expanding not only in standard pre-engineered buildings, but also 20 floor-high buildings, a hospital, a colosseum, and an aircraft hangar.

THARABODEE SERNG-ADICHAIWIT, VICE CHAIRMAN, THAI CHAMBER OF COMMERCE AND INDUSTRY IN VIETNAM

At the beginning of 2024, we all believed it would be a great year after a challenging 2023 where consumer spending dropped sharply, exports plummeted and the real estate bubble burst.

Though GDP in 2024 grew over 7 per cent, it still was another challenging year, when most businesses I met found that their revenues were still not as good as economic data showed, especially with revenue level still not back to 2022 levels.

From my findings, only a few industries performed well in 2024, such as electronics, industrial parks, hotels, livestock, and essential goods like healthcare and food and beverages. Only these industries are continuing their expansion.

Industries related to luxury, non-essential goods, and building materials were vulnerable to a sharp decline in sales, and inevitably needed to tighten their belts.

We witnessed the Vietnamese government efforts to turn around the economy and consumer sentiment through useful policies like reducing VAT, postponing tax, accelerating government spending, introducing the land and real estate law, and reducing the special consumption tax for the vehicle industry.

Over 60 per cent of our surveyed members in December were confident of Vietnam's improving economic prospects in 2025, while 69 per cent believe the country will continue to prosper in this decade. Some 62 per cent also agreed that Vietnam is a better investment destination compared to other ASEAN countries.

There are several big investments worth several hundred million US dollars, in industrial areas, shopping malls, power, and manufacturing, that are still stuck and pending for government approval. Our members wish the government can support and provide clear guidelines on relevant laws.

NGUYEN BACH DIEP, CHAIR FPT

Retail The Vietnamese pharmaceutical market is currently worth $8.4 billion and is expected to reach $12 billion by 2027, with ustainable growth in the coming years. Therefore, it has many units participating in the market, motivating all parties to constantly improve and meet customer needs.

The promulgation of the amended Law on Pharmacy is neccesary to fully institutionalise the Party's guidelines and policies related to the pharmaceutical sector as well as to address the limitations of current laws. This is in line with market trends and is expected to have many positive impacts on the domestic pharmaceutical industry. Accordingly, people will enjoy good service with quality drugs at reasonable prices.

With the FPT Long Chau Pharmacy and vaccination centres, we identify technology and digital transformation as important keys. The application of AI and digital solutions will help personalise the experience of each customer, from utilities such as medication reminders and vaccination schedule management for the whole family, to other smart healthcare services. Our goal is to ensure that each customer can protect their health and that of their family in the most convenient and effective way.

The road ahead is full of challenges, but with the determination, constant innovation, and high sense of responsibility of the entire team, we believe that it will create new milestones, and continue to spread sustainable values to the community and customers. 2025 will be an important year, marking a new step forward for us on the journey of strong and comprehensive development.

FEDERICO VASOLI, VICE CHAIRMAN, ITALIAN CHAMBER OF COMMERCE IN VIETNAM

European businesses operating in Vietnam are displaying resilience despite facing challenges in 2024. The latest Business Confidence Index from the European Chamber of Commerce in Vietnam shows an increase to 52 in Q3 2024, up from 45.1 in the same period last year.

This positive outlook persists even in the face of disruptions caused by Typhoon Yagi, which impacted infrastructure and agriculture in northern Vietnam.

Approximately two-thirds of European companies surveyed view Vietnam as an attractive investment destination, with many planning to expand their operations, particularly in the northern regions and major cities. Nearly 80 per cent of companies already operate one to three offices or manufacturing facilities in the country, indicating strong potential for further growth.

However, European businesses continue to face significant challenges in Vietnam. The top three obstacles reported are administrative burdens, unclear regulations, and difficulties in obtaining licences and permits. Companies also struggle with hiring skilled local and foreign talent due to skill gaps, high turnover rates, and visa restrictions.

The implementation of new EU regulations is set to have far-reaching implications for European companies operating here and their local suppliers. European firms will need to adapt their practices to comply with these new requirements. This includes conducting due diligence on their entire activity chain, implementing measures to address issues, and adopting climate transition plans.

The impact of these regulations extends beyond EUbased companies, affecting Vietnamese businesses closely linked to European value chains. Local suppliers may be required to meet higher standards in areas such as environmental protection and sustainability reporting.

To address these, European companies are investing in sustainability tech, providing training and support to Vietnamese suppliers.

DAO THE ANH CHAIRMAN, RSL GROUP

This year is seen as pivotal for laying a strong foundation for high economic growth.

Along with the determination to restructure, Vietnam will also have more opportunities to draw in new foreign direct investment (FDI).

Positive FDI attraction and record disbursement results promise to generate a strong 2025. The disbursement of over $25.35 billion in 2024 the highest level recorded is not only a solid foundation but also a testament to Vietnam's capability and potential. Notably, the ongoing supply chain restructuring and the growing trend of investment in high technology and renewable energy are paving the way for a surge in high-quality projects.

Building on this momentum, Vietnam can aim to attract $40-50 billion in FDI inflows in 2025 from key partners such as Japan, South Korea, China, Singapore, and the EU, with a focus on high technology, renewable energy, and logistics.

Vietnam's competitiveness goes beyond labour costs or short-term incentives. It lies in a firm commitment to building a sustainable and reliable investment environment. Based on that, Vietnam should focus on developing a modern, synchronised strategic infrastructure system, accelerating key projects, connecting expressways with airports and seaports, and urgently implementing high-speed railways and urban rail lines, which will help to unlock the new FDI influx.

ERIC HERDING MANAGING DIRECTOR DSV AIR & SEA VIETNAM

We are optimistic about the business environment in Vietnam. Our engagements with customers and business partners have revealed a mostly positive outlook, particularly for the manufacturing sector, which continues to expand and diversify.

Our industry will also benefit from increased capacity in northern Vietnam for the transport and logistics sector, including new logistics parks, border crossing facilities at the Vietnam-China border, and the opening of new terminals at Haiphong seaport. We anticipate these developments to significantly enhance efficient and reliable international trading.

We plan to expand our digital platform, My DSV, which provides customers with reliable and detailed information, supporting efficient and effective management of orders, shipments, and financials in the supply chain. Additionally, we will invest in our green logistics product offering and leverage our global network to stay at the forefront of the wide array of new global and European environmental and sustainability regulations.

The snake is often associated with intelligence and a keen ability to observe and understand the world, qualities that perfectly align with our vision for the Year of the Snake. We remain vigilant regarding national and international events and developments that will undoubtedly impact the markets. It will be vital for our business and our customers to stay ahead of the curve.

We foresee that securing adequate capacity and establishing a diverse and flexible suite of international freight solutions and routes will be critical to defending against global supply chain disruptions and the backdrop of uncertainty in the global economy.

OH HSIU-HAU MANAGING PARTNER ALLEN & GLEDHILL VIETNAM

In 2024, we were fortunate to have received several industry awards and rankings from well-known legal directories such as Chambers Asia-Pacific, The Legal 500 Asia-Pacific, IFLR1000 Asia-Pacific, and Asian Legal Business. These would not have been possible without the unwavering support of our clients, and we would like to express our appreciation for their continued support and trust.

2024 has also been about collaboration. In addition to the Vietnam M&A Forum, we were honoured to have been invited to co-host a significant seminar with the Vietnam Competition Commission. The seminar was designed for participants to gain an understanding of key regulatory requirements and effective compliance strategies related to Vietnam's economic regulations. We extend our gratitude to the commission for the privilege of coorganising this, and look forward to contributing to similar initiatives in the future.

We are committed to meeting the evolving needs of the market and are eager to play our part as Vietnam's economy continues to grow. Through our local expertise and the resources of A&G Asia, we hope to support the legal and corporate investment interests of our clients in Vietnam by providing them with innovative and tailored solutions that cater to their individual business objectives.

VIR