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Vietnam

Vietnam, a country of near 100 million people has risen from the ashes of war into one of Asia’s fast growing dragon economies.

Vietnam, a country of near 100 million people has risen from the ashes of war into one of Asia’s fast growing dragon economies.

Just a few decades ago, Vietnam was one of the poorest countries in the world, exporting only agricultural products, yet now is the fourth largest SE Asian economy with massive growth in electronics and manufacturing exports. Where Vietnam was once a domestic agrarian economy, it is now a major exporter ranking second globally in mobile devices and fourth in furniture.

Vietnam remains one of the only countries in ASEAN where international firms can freely establish a wholly foreign-owned entity. In addition, the government welcomes Foreign Direct Investments with a range of benefits including tax holidays This strongly export-driven economy offers manufacturing industries a unique environment for ongoing success. 70% of the population is under 35 years old, providing a skilled, motivated workforce. Further, domestic consumption is increasing 20% annually with a fast-growing middle class.

Vietnam enjoys a number of Free Trade Agreements as well as unique ties with several major world economies. Business success in Vietnam is linked to several critical factors, one these being to enter the local “circle of trust” in order to establish and maintain operations.

Navigating Vietnamese business culture and understanding the differences between your home country and other regional economies will require research, preparation, and patience. Asian Insiders is here to help you connect, engage, and create impact in Vietnam.

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