Vietnam Market - ASEAN's Promising Market for Foreign Direct Investment
Vietnam has made rapid progress over the past several decades, averaging GDP growth rates exceeding 7% all throughout the 1990s and 2000s. The country remains one of Asia’s more promising markets as it opens to foreign investment — and buying property is arguably the best way to gain from Vietnam’s economic rise as a whole.
Vietnam has especially become competitive in its industrial sector. China is falling in popularity among global companies that increasingly prefer building factories in Southeast Asia. This is probably caused by rising costs, more regulations, weaker growth, and a strong “home-bias” in the Chinese market. A looming trade war with the United States also certainly doesn’t help problems in Asia’s biggest economy. Whatever the cause might be, East Asia is experiencing a downturn while Southeast Asia is on the rise
Vietnam has made rapid development and the country’s economy is expected to overtake many Southeast Asian countries in the years to come. When it comes to investing in Vietnam, from early 90s up until now, Vietnam has brought in the strong inflow of foreign investments, with average GDP surpassing 7% each year.
Apart from the country’s beautiful sceneries and amazing beaches, what draws in all the interest of foreign investments are the numerous business opportunities, abundant resources, inexpensive workforce, a strategic location to China and favourable business environment.
Vietnam is the 14th largest country by population with 95 million people. By 2030, the population will further grow to 105 million people. When a country’s population is growing, it means that the demand of manufactured goods will rise as well. As the cost of labor has been increasing in China significantly, the huge population in Vietnam provides a cheaper alternative and greater skilled workforce.
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