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The Business of Expansion
How international businesses in Vietnam are harnessing growth and building resilience in an uncertain world
A quiet shift is underway in Vietnamese boardrooms. For decades, the story was about attracting capital in. Now, it's about taking ambition out.
The numbers tell the story. According to HSBC’s report “The Business of Expansion”, 84% of Vietnam-headquartered international enterprises intend to expand overseas in the next two years. This reflects a more outward-looking corporate agenda, shaped by shifting trade dynamics and a drive to diversify markets, customers and supply chains.
Vietnamese businesses are expanding overseas with growing confidence. Success depends on getting fundamentals right early: resourcing, funding and cross-border operations. We’re committed to supporting clients with international connectivity, local insight and banking capabilities.
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The Business of Expansion Report
HSBC conducted a study of more than 2,700 businesses over a period of 18 months with responses from 18 markets, that have either expanded overseas in the past two years or have plans to do so in the near future. The study found that expanding into new markets remains a core strategic objective for ambitious decision-makers.
While recent upheavals in global trade and geopolitics have forced some businesses to delay their plans, many more are accelerating their expansion. These businesses are not waiting for conditions to return to a previous steady state; they are taking action to seize new opportunities and position for the future. This report offers practical insights into how international businesses are adapting their expansion plans offering new insights into the goals, drivers and strategies of internationally-minded businesses.
Note
This study, a mix of quantitative and qualitative methods, took place over a period of 18 months across 18 markets, concluding in Q1 2026, and was conducted by Intuit Research. This study is not a product of HSBC Global Investment Research.
The quantitative survey comprised 2,703 financial decision makers who expressed plans to expand to new markets in the next two years or had done so in the past two years. All respondents represented businesses with annual turnover between USD50 million and USD2 billion across a mix of sectors, including: consumer; technology, media and telecoms; energy, materials and power; healthcare; commercial real estate; transport and industrials; conglomerates; professional services; and institutions. Responses were collected in December 2025 and January 2026. The sample was spread equally across all markets with at least 150 responses from each of the following: Australia, Mainland China, France, Germany, Hong Kong, India, Indonesia, Japan, Malaysia, Mexico, the Philippines, Singapore, South Korea, Thailand, Vietnam, the UAE, the UK and the US.
