Economic growth in 2011 reached 5.9%. While the current accountdeficit is projected to slightly widen, it remains strongly covered byrobust direct investment inflows. Over the medium term, thefoundations for sustained growth are considered to remain firm, asa result of the maintenance of sound macro-economic policies. Vietnam is the most eastern country on the Indochina Peninsula. Itis bordered by China to the north, Lao PDR to the northwest,Cambodia to the southwest and the South China Sea to the east.With a population of over 90 million, Vietnam is the 13th mostpopulous country in the world.
Vietnam is a country of tropical lowlands, hills and densely forestedhighlands, with level land covering no more than 20% of the area.The country is divided into the highlands and the Red River Delta inthe north, the Giai Truong Son (central mountains), the coastallowlands and the Mekong River Delta in the south.
The nation has seven developed ports and harbours at Cam Ranh,Da Nang, Hai Phong, Ho Chi Minh City, Hong Gai, Qhi Nhon andNha Trang. There are also more than 17,000 kilometres ofnavigable waterways, which play a significant role in rural life.
Vietnam has a vast cultural legacy and is also endowed with a 3,444kilometre coastline, providing ample opportunity to develop seabased tourism around spectacular bays, beaches and islands. Theseinclude areas such as Mong Cai City, Halong Bay, Hai Phong City,Nam Dinh Province and Da Nang. The native Vietnamese are the largest ethnic group containing 90%of the population of this largely Buddhist country. The teachings ofConfucius highly influence the individual in Vietnamese society.This stresses for, amongst other things; loyalty, honour, sincerityand respect for age. Collectivism is a general part of society with anindividual seen as secondary to a group. Vietnam joined ASEAN 28 July 1995, making it the seventh member.
- Joined ASEAN: 28 July 1995
- Head of State: President Truong Tan Sang
- Area: 331,210 square kilometres
- Border countries: Lao PDR, Cambodia, China
- Coastline: 3,444 kilometres (excluding islands)
- Capital city: Hanoi
- Total population: 91,519,289
- Population of capital: 2,668,000
- Climate: Tropical in the south, monsoons in the north with the hot, rainy season May to September. Warm and dry October to March
- Languages: Vietnamese, English, French, Chinese, Khmer
- Religions: Buddhist 9.3%, Catholic 6.7%, Hoa Hao 1.5%, Cao Dai 1.1%, Protestant 0.5%, Muslim 0.1%, none 80.8%
- Ethnic groups: Kinh (Viet) 85.7%, Tay 1.9%, Thai 1.8%, Muong 1.5%, Khmer 1.5%, Mong 1.2%, Nung 1.1%, others 5.3%
- Monetary unit: Dong (VND)
- Natural resources: Phosphates, coal, manganese, rare earth elements, bauxite, chromate, timber, hydropower
- Major exports: Clothes, shoes, marine products, crude oil, electronics, wooden products, coffee, rice, machinery
- Main export trading countries: US 18%, Japan 11%, China 11%, Germany 3.7%
- Major imports: Machinery and equipment, petroleum products, steel products, raw materials for clothing and shoe industries, electronics, plastics, automobiles
- Main import trading countries: China 22%, South Korea 13.2%, Japan 10.4%, Taiwan 8.6%, Thailand 6.4%, Singapore 6.4%
- Internet domain: .vn
- International dialling code: +84
- Sources: CIA World Factbook, ASEAN, IMF, Kwintessential.co.uk, Journeymart.com
Vietnam’s proximity to Southeast Asia’s other major and developing markets is one of the key components to attract foreign investors. China is five hour truck drive from Hanoi; Vietnam borders the developing economies of Laos and Cambodia, and it is close to major markets such as Malaysia, Thailand and the Philippines. Under the ‘China Plus One’ policy, many manufacturers with Chinese-based plants have also located their second plants in Vietnam.
Fast Growing Economy
While reform process(known as Doi Moi or ‘renovation’) is ongoing, progress has been remarkable in such a short time. Vietnam’s gross domestic product has trebled in the last decade, from US $27.5 billion to US$89.1 billion in 2008, and its very high import and export volumes make it one of the world’s most open economies.
Laws Encouraging Investment
Laws encouraging foreign investment and domestic private investment started to appear in the late 1980s. These culminated in July 2006 with a new Law on Investment and a Law on Enterprises, both of which went a long way towards ensuring that both foreign and domestic companies are treated equally under one set of laws.
Vietnam is now a major source of the world’s manufactured goods, especially garments and textiles, a major producer of agricultural commodities such as rice, coffee and rubber and has rapidly developing tourism, mining, services and high-technology sectors.
Motivated and Educated Workforce
Vietnam’s population is expected to grow to 90 million by 2010 and around 60% is aged under 35.
Vietnamese workforce is considered motivated, adaptable and entrepreneurial, while professionals typically speak English, and possibly another foreign language as well.
Labor Law Reform
The Vietnamese government is in the process of reviewing and rewriting Labour Law. As one of many key organizations, American Chamber of Commerce in Vietnam has been providing inputs for revision of Labor Law.
For more information, please visit at http://fia.mpi.gov.vn
Doing Business in Vietnam
- Country Background
- Selected Economic Indicators and Other Statistics
- Operational Costs
- Transportation Costs
- Telecommunication Costs
- Investment Regulation and Procedures
- Expatriate Living Costs
- Employment Regulation
- List of Useful Information
- Other Useful Addresses
- List of Useful Web Site
- Public National Holidays
- Total Material
- Guide Book
- Capital : Hanoi
- National Population : 78.7 million
- Language : Vietnamese
While Viet Nam is known to many, it is only recently that it became accesWhile Viet Nam is known to many, it is only recently that it became accesaccesthe South China Sea and includes riverine detals, cool upland mountains, untouched coastal stretches, thriving cities and the relaxed capital Hanoi.
Hanoi is more reserved than Ho Chi Minh City and features preserved French-style architecture, recreational lakes, stately monuments, galleries and busy street life. Halong Bay, as World Natural Heritage, to the north is a perfect holiday destination with inspirational limestone crags and islands.
There are many ethnic groups living a traditional way of life around Sa Pa to the northwest of Hanoi. Further South, the Ancient Imperial City of Hue, as World Cultural Heritage, on the Perfume River was once home to the Emperors of south contains good beaches at Nha Trang, Da Nang (Bac My An Beach), Vung Tau and Bai Sau.
The archaeological remains of the Cham people are best seen in Da Nang and Nha Trang. Nearby, Hoi An is a preserved fusion of architectural styles dating from the 16th Century. Viet Nam’s best known hillstation and cool moutain retreat is Da Lat, a quaint holiday hideaway as well as home to various interesting ethnic groups.
Ho Chi Minh City is the most obvious sign of doi moi – Viet Nam’s economic restructuring. The city once known as Saigon is vibrant, lively and pro-gressive.
The city has museums and grand public buildings. The markets are good places for shopping and there is a lively enter-tainment and dining scene in the city. Cholon, known as Saigon’s Chinatown, is nearby and there are interesting pagodas, shops and streets. In and near the Mekong Delta there are several tourist attractions including the Cu Chi Tunnels, Cao Dai Cathedral and untouched farming villages like Long Xuyen. With over 78.7 million people there is a great cultural contrast within the country. The food is unique and combines subtle spices with fresh ingredients. Street stalls are common and pho or soup is popular as are coffee and baguettes. There are many festivals with Tet or Viet Namese New Year being the most significant Viet Namese culture is complex with music being central to many activities.Wauppets are uniquely Viet Namese and there are some very good painters in the country.
For more information, please visit http://www.vietnamtourism.com/