Investment in Vietnam

With over 3,400 km of coastline, a tropical climate in the south, numerous breathtaking scenic sites such as Halong Bay, the historic sites of Hue in the center and the rich cultural heritage of the country has made Vietnam an increasingly popular tourist destination. However the idyllic beauty of the country hides the dynamics of a fast growing economy that has opened up to the global business community. With an average annual growth rate of 7% between 2000 and 2004, Vietnam has shown resilience in the face of global economic stagnation and the future looks particularly bright as the country joined the WTO.

    The impressive and continuous growth of the Vietnamese economy originates in the political will behind the Doi Moi policy (translated “Change/Newness”) adopted by the Vietnamese government in 1986. Under this new policy Vietnam opened its economy to the outside world and encouraged investment from abroad and from here it developed the strong, export-led economy admired by so many today.

    Within the Vietnamese economy, the garment industry plays a vital role, intrinsically linked to the demographics of the country. With a population of over 83 ,000,000 of which 75% are under the age of 35, creating plentiful employment is a priority for Vietnam’s government. The labor-intensive garment industry has become the most important employer in the country providing badly needed jobs throughout the country. Today, garments are the second largest export for Vietnam (US$4.2 billion in 2004), only behind the oil industry, but it is the most important employer.

    Doing business in Vietnam has never been easier than now as the country joined the WTO International business laws are being adopted; the infrastructure and telecommunications of Vietnam are fast reaching the standards found anywhere else in the world. Equally important, is the high level of education found throughout the country and the very competitive wage rates that permit Vietnam’s garment industry to compete against the garment industry of anywhere else in the world. All in all, Vietnam is open for business to the world and we welcome you to come and join us.