So just what do you know about Vietnam beyond the Hollywood blockbusters and tropical beaches?
With its young workforce, strong economy, and good infrastructure, Vietnam has all the ingredients for future growth with the new President, Vo Van Thuong who took office on 2nd March, promising “a developing country with modern industry and high middle-income by 2030”.
This promise is endorsed by the Center for International Development at Harvard University which listed Vietnam among the 10 fastest growing economies in the world over the next eight years. According to Harvard Growth Lab, Vietnamese GDP is anticipated to rank sixth in ASEAN this year, fifth in 2023-24 and third in 2025-27.
Powering this economic growth are two factors; over 60% of the population are digital-natives under the age of 30 making Vietnam the fastest growing digital economy in the region; and according to Samsung experts, Vietnam is gradually replacing China as one of the largest factories in the world.
Two countries taking advantage of this exciting market are the US and the UK. The United States’ investment in Vietnam stood at almost US$10 billion by 2021, shared among more than 1,100 projects across the country making it Vietnam’s second-largest trading partner, while the UK had invested close to £1 billion by 2020 covering some 400 projects. Trade between the two countries is greatly facilitated by the UK-Vietnam Free Trade Agreement (UKVFTA).
Priority Consultants’ operations in Ho Chi Minh City and Hanoi deliver outstanding results for clients from both countries, as well as other forward-looking organisations. We firmly believe the potential of the Vietnam market makes it a must for businesses seeking growth especially in the context of the current global economic threats. Not to mention, for those business people who can’t function without their hit from Starbucks or Costa, this exotic land has the best coffee in the world!