Vietnam is a country located in Southeast Asia, known for its breathtaking natural landscapes, rich history, and vibrant culture. With a population of over 96 million people, Vietnam presents a significant market for businesses looking to expand in the region.
Over the past few decades, Vietnam has undergone remarkable economic transformation, transitioning from a centrally planned economy to a dynamic market-oriented one. The country has experienced rapid economic growth, attracting foreign investments across various sectors.
Vietnam offers diverse opportunities for businesses. The manufacturing sector, particularly in textiles, electronics, and automotive industries, has flourished, with many global companies setting up production facilities in the country. Vietnam's skilled and affordable labor force, coupled with its strategic location as a gateway to the ASEAN region, makes it an attractive destination for manufacturing and export-oriented businesses.
The tourism industry in Vietnam has also seen substantial growth. The country's natural beauty, cultural heritage, and bustling cities have made it a popular destination for international travelers. This has led to opportunities in hospitality, accommodation, and related services.
Furthermore, Vietnam is investing heavily in developing its infrastructure, including transportation networks, energy, and telecommunications. These ongoing projects offer openings for investment and partnerships in sectors such as construction, renewable energy, and telecommunications.
Vietnam has been actively engaged in regional and international trade agreements, enhancing its global integration and market access. The country is a member of the Association of Southeast Asian Nations (ASEAN) and has signed various free trade agreements, including the ASEAN Free Trade Area (AFTA), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and the EU-Vietnam Free Trade Agreement (EVFTA). These agreements provide preferential access to markets and facilitate trade for businesses operating in Vietnam.
The Vietnamese government has implemented reforms to improve the business environment and attract foreign investment. Initiatives such as tax incentives, streamlined administrative procedures, and investment promotion programs aim to create a favorable climate for businesses.
Are you interested in exploiting the many benefits that the Vietnamese market has to offer? Through tailor-made research and more than 35 years of experience, IBR would like to explore your company’s opportunities in Vietnam with you.