Market Profile
Vietnam, with an increasingly deregulated business environment and ambitious
reform, has experienced robust growth with an average GDP growth of 6 per
cent in the last 20 years (World Bank, GDP growth, 2016). GDP grew by 6.8
per cent in 2017 (fastest in the last 10 years) and is projected to grow by
7.1 per cent in 2018 and 6.8 per cent in 2019 according to the Asian
Development Bank.
Foreign Direct Investment (FDI) to Vietnam hit a record high of
US$35.88 billion in 2017, up 44.4 per cent.
“Vietnam continued to surprise the region and the world by the depth
and pace of economic integration and regulatory reforms, which led to a
significant improvement in the investment environment.” (Doing business
in Vietnam, PwC, 2017).
Vietnam’s fundamental growth drivers include domestic demand, a result of a fast growing middle class, the golden population structure with a median age of 30, a highly educated and digitally-savvy generation, as well
as export-oriented manufacturing.
“Vietnam’s dynamic environment, reflected in a young population,
growing wealth, changing consumer attitudes, greater mobility and
urbanization – are pushing the country through a period of great
change.”
More information on doing business in Vietnam
ASEAN NOW – Insights for Australian Business
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Key sections:
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