The Vietnamese market is dynamic, and opportunities currently exist across a wide range of sectors. Here are some key features foreign businesses will want to be aware of, as well as a SWOT Analysis of Vietnam. To better understand if you’re ready to enter the market, click here to take our Readiness Check.

• Since the lifting of the US embargo in 1994 and WTO membership of Vietnam in 2007, the country has seen high growth years, one after another. The industry is manufacturing and export-oriented, and the legislation and government support are finetuned for that. Due to the USD-tied currency, the cost environment is very competitive across all sectors and services. While China is losing some manufacturing activities, Vietnam has grabbed more than 10% of the total moved value.
• Vietnam’s most important export sector is now locally assembled electronics, notably Samsung mobile phones and other consumer electronics. Within the last ten years, they have surpassed the traditional textile, shoe, and agricultural exports. The country is the world’s second-largest mobile phone exporter behind only China. However, this must not hide under the fact that electronics and machinery are typically assembly industries, and other industries add more value to production. Textile, metal, and wood-based production remain vital sectors providing plenty of opportunities for foreign companies looking for China+1 supply chains.
• Vietnam presents an attractive market for consumer and professional products. While the middle class is continuously looking for new spending opportunities, the local manufacturers are rapidly investing in new technologies to ensure the quality required by foreign customers and the cost competitiveness needed in the export industries. Both these phenomena create a lucrative sales environment to tap into.