I have been very fortunate to Visit Vietnam on a couple of occasions and hope to have the opportunity to do so again.
The economy has made massive strides over the years since the first major economic reforms that took place in 1986. It is moving from a low-cost labour economy into a higher value, high quality enterprising market.
It is widely forecast to become one of the ten fastest growing economies over the next few decades. The country though still requires major investment in its overall infrastructure. Vietnam is undoubtedly one of Asia's most vibrant economies whilst there is already a large market for capital goods there is a growing market for consumer items.
Major infrastructure plans are in place that include rail and international and regional airports. Vietnam has high growth which is alleviating poverty and has become a magnet for foreign investment.
Achieving the world's second highest growth rate per person since the 1990's, only beaten by China a country that was ravaged by years of war has become a solidly middle class income society.
Of Vietnams GDP of $176 billion industry and manufacturing comprise 40% whilst the service sector is 43%, economic growth projections are solidly positive. It is helped by a positive attitude to economic policy by the government which also accept they have weak points to be addressed particularly in the public sector.
Exports are important and is a significant portion of the economic success. Becoming renowned for Hi-tech manufacturing and electronics, areas also of interest are mining and mineral processing.
Long term construction, tourism, retail and inward investment by foreign companies will mean plenty of investment in the country’s infrastructure it is forecast that $200 billion will be spent on development in the 2010-2020 period.
In 2014 the government listed 127 developments suitable for foreign investment and is promoting projects including transportation, utilities, industrial zones and energy infrastructure.
If you would like more information on Vietnam and exporting to the Far East in general just give me a call.