(VOVworld) – 38% of Malaysian enterprises have ranked Vietnam an ideal location in Asia to expand their business in the next three to five years, according to the Asian Enterprise Survey 2016 conducted by the United Overseas Bank Limited (UOB).

Malaysian enterprises keen on business expansion in Vietnam (Photo: VNA)

Malaysian entrepreneurs said they were drawn to Vietnam’s stable political climate (44%), large and growing customer demand (42%) and favorable tax and regulatory environment (32%).

An economic growth of 6% last year and 60% of its 90 million people under 35 years old have made Vietnam an attractive destination for investment.

Malaysian businesses praised Vietnam’s future opportunities brought by free trade agreements with the EU and the Eurasian Economic Union.

With its a global network of more than 500 offices in 19 countries and territories in the Asia Pacific, Europe and North America, Singapore-based UOB opened its branch in Vietnam in 1995.