Vietnam is on the rise. Having put its tumultuous history in the rearview mirror, the country is moving forward quickly and is now one of the world’s fastest developing nations as well as the third-largest economy in all of Southeast Asia. Vietnam claimed its independence from France at the end of World War II, followed by the unification of the north and south in 1975, putting decades of political turmoil to a close. Modern Vietnam has since then been slowly moving away from an economy mostly based on agriculture, and is taking its place among today’s Asian success stories.
The current Vietnamese government is focused on outreach and growth and is committed to attaining global economic integration. The nation has a youthful population, low inflation, and a stable political system, which is contributing to the rise of a very strong manufacturing sector. The government is very supportive of foreign business, leading to the rise of accounting and consulting services aimed at helping companies from other nations manage their affairs in the thriving economy. Let’s now examine what makes Vietnam a great place to do business in further detail!
- An Economy On The Rise – In 1986 the Vietnamese government had a change of heart regarding the way things were developing, or rather weren’t developing, and enacted the “doi moi” renovation policy. This forward-thinking new way of doing business heralded an exciting new era dedicated to competitiveness and modernization in the country, which began the move from the historic agrarian focus to a modern market-based industrial economy that is continuing to surpass all expectations today!
- A Rapidly Developing Infrastructure – Just a half century ago people in Vietnam were getting from place to place in oxcarts on muddy tracks, but now paved roads and modern highways are the norm, crisscrossing the land so that people can travel easily with safety and convenience. There is a major infrastructure construction boon driven by the demands of the people and supported by a government that is dedicated to achieving a socioeconomic success that can compete head-to-head with its neighbours and the world!
- A Manufacturing Boom – The manufacturing industry in Vietnam is exploding, especially in the field of electronics, a sector that has become a major contributor to the nation’s booming gross national product. The competition is tough considering that Asia is the electronics manufacturing hub of the world, but Vietnam is tirelessly catching up, and on track to challenge some long-established electronics-focused economies that have perhaps grown a bit complacent, surpassing them in both quality and price!
- The Door Is Wide Open To Foreign Business – The Vietnamese government has made sweeping changes to its business regulations in the interest of attracting both foreign investment and participation in the form of international companies opening businesses and factories which will further fuel the Vietnam economic miracle. These major improvements have made it quite easy to do business in the country, and the World Bank has scored Vietnam as one of the world’s most improved nations.
The new Vietnam is on the rise economically so get on board now, it’s a country that’s going places fast!
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