Vietnam has been enjoying strong growth since the 1990s despite crisis and uncertainties in the global market. Its government has also worked to improve business policies. Vietnam continues to prioritize infrastructure investment and does not shy away from looking at countries outside ASEAN to fuel its growth.
The government has also invested in industrial zones and this investment is expected to further increase as foreign investment pours in. These reasons have made Vietnam one of the fastest growing economies in Asia maintaining a 7 percent Gross Domestic Product (GDP) in 2019. In addition, Vietnam’s labor force is a competitive advantage and is an important part of Vietnam’s future economic growth. Vietnam is known for its young, hardworking, literate and easy to train workforce.
All these factors make Vietnam an attractive destination for business, however challenges remain such as bureaucracy, language barriers, supply chain constraints, grey areas in regulations and infrastructure.