Businesses are jumping at the opportunity to take part of this growth story (Vietnam received a record US$17.5 billion in FDI in 2017). Vietnam’s economic prospects are underpinned by a stable government, abundant natural resources, an ideal geographic location, WTO integration and youthful demographics.
Vietnam has been called Asia’s newest ‘tiger’ economy, following in the footsteps of Hong Kong SAR, Singapore and South Korea. The country is committed to continuing its global economic integration. Vietnam joined the WTO in January 2007 and concluded several free trade agreements in 2015-16, including the EU-Vietnam Free Trade Agreement, the Korea Free Trade Agreement and the Eurasian Economic Union Fee Trade Agreement. Vietnam is also a signatory of the Regional Comprehensive Economic Partnership (RCEP) and in November 2018 ratified its membership in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Reasons to do business in Vietnam include:
- Rapid economic growth
- Favourable demographics
- Educated workforce
- Improved legal environment
- WTO integration