Why you should start a business in Vietnam

As one of the fast growing economies in the world, Vietnam has become a strategic location for many foreign businesses to extend their investment.

Strong economic growth rate

Since the economic reform in 1986, Vietnam’s economy has grown significantly even in a time of great uncertainty. Though the financial crisis slowed down the growth, the country’s economy remained fairly resilient and soon returned to pre-crisis numbers. Having long been an attractive destination for fereign direct investment (FDI), startups in Vietnam are no doubt becoming popular among foreign investors.

Young and highly skilled population

Foreign investors can also take advantage of Vietnam’s population growth. The third largest population country in Southest Asia is relatively young, with over half of the population under the age of 30. This large, well-educated and comparatively inexpensive workforce has become one of Vietnam’s great assets.

Government support

Since the Vietnamese government noticed the economic impact of foreign investments, they have been showing unwavering commitment to reforms and numerous amendments to its regulations. Certain efforts to make investing in Vietnam more transparent have paid off. The country’s position in the annual survey of areas that facilitate effective business is constantly improving.

New market 

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Vietnam’s economy has experienced remarkable development over the past 30 years. The potential is unlimited. Nevertheless, as a fairly new market with less difficulty in opening a business, investors may face intense competition while implementing innovative ideas or taking risks.

Free Trade Agreement

Vietnam is a member of ASEAN and the World Trade Organization, which allows relatively favorable trade with other countries. The Free Trade Agreement (FTA) with the European Union that came into effect in 2018 also supports Vietnam’s eagerness to boost its economic growth.

Low cost

Starting a business in Vietnam opens up huge saving opportunities. After all, local prices and the cost of living in this country are highly affordable. Rent and transportation cost will not be a huge concern, thankfully.

Infrastructure development

Modern infrastructure is one of the important factors for economic growth. The new urban rail network, the expansion of regional airports as well as the international airport hub are all part of major infrastructure development programs. Additionally, Vietnam benefits from its strategic location in the heart of ASEAN.

 

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