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Vietnam

Welcome to Vietnam

The Socialist Republic of Vietnam located in South East Asia borders China to the north, Laos and Cambodia to the west and South China Sea to the east. It has the third-largest population in South-East Asia. It has been identified as one of the most progressive countries worldwide in which to do business with offering immense opportunities in trade, import-export, manufacturing and investment and as a good alternative to China. It became the 150th member of the World Trade Organization (WTO) in January 2007.
 
Vietnam has one of the fastest-growing, most vibrant economies in Asia. Consistently over the past ten years, economic growth has been second only to China and GDP has been doubling every ten years since 1986.GDP in 2010 was recorded as $102 billion USD. In the second quarter of 2010, Vietnam recorded GDP growth of 6.4 per cent, almost back to the levels achieved before the global economic downturn.
 
Vietnamese is the official language. English is increasingly favored and taught in schools while both Chinese and French languages are present.
 
Vietnam has the third-largest population in South-East Asia while population growth has blossomed to over 90 million people increasing at 1.077% per year. Vietnam has a young, well-educated and relatively cheap workforce compared with neighboring countries. With the medium age being 27.4 years, 57% of Vietnam's population is under 30 years of age. The Labor Force is estimated at over 46 million and the Per Capita Income in 2010 was $1,168 USD.
 
Vietnam's Capital is Hanoi (pop. 6.472 million). Other key cities include - Ho Chi Minh City (formerly Saigon; pop. 7.163 million), Haiphong (pop. 1.841 million), Danang (pop. 890,500), Can Tho (pop. 1.189 million). 70% of all export revenue is generated through the Ho Chi Minh City area which includes the 8 provinces in the Southern Key Economic Zone which leads the country in exports and growth.

Principal products for export include crude oil, textiles and garments, footwear, ceramics and pottery, finished wooden products, furniture, electronics, agricultural products such as rice, coffee, pepper, cashews, rubber, and seafood.

Principal products for import include machinery, building equipment, oil and gas, iron and steel, garment materials, plastics, raw cotton, medical and pharmaceutical products, grain, cement, motorcycles.

There has been a significant number of Hi-tech companies such as Samsung, Intel and Canon setting up in Vietnam to take advantage of flexible labor laws, low cost manufacturing and available work force.

Vietnam has been highlighted as one of the most popular emerging markets and leading investment destinations as traders and investors worldwide look for growth opportunities to compensate for stagnation in other parts of the developed world.

Source: Vietnam B2B Direct

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