WHY VIETNAM?

It is the 3rd Fastest Growing Major Economy in the World in 2024. 6 Key Reasons You Should Consider Vietnam

1. Growing Economy

GDP forecast at $468.5 Billion USD (2024), growth forecasts at 6.1$36.6 Billion USD in 2023), and an expanding domestic market, solidifying its role as a 'regional powerhouse' in South East Asia. Vietnam is projected to have the highest FDI in SEA over the next 10 years - further driving growth.

2. Large Consumer Market

Vietnam's population exceeds 98 million, with a youthful demographic & rapidly growing middle class, this is creating significant demand for high quality products & services. Over the next decade an estimated 30 million Vietnamese will enter the relative middle class.

3. Political Stability

The one party government focuses on economic development, fostering a predictable and secure environment for operations. The CPV aim is for Vietnam to become a 'middle income' country by 2025, an 'upper income' country by 2030. The political & business environment is hospitable & welcoming :)

4. Cost-Competitive Advantage

Vietnam offers globally competitive labour costs, benefiting manufacturing & export-driven industries by reducing operational expenses. Many speculate that with higher tariffs on China, Vietnam will be a key beneficiary.

5. Strategic Location

Positioned at the 'cross roads' of South East Asia, Vietnam provides access to a regional market of over 650 million people, making it ideal for cross-regional distribution, trade & operations.

6. Favourable Trade Agreements

Vietnam has numerous FTA's, including agreements with the UK, EU, US & Japan which lower tariffs & improve market access for foreign investors. In all, Vietnam is a signatory to 18+ active and planned, bilateral and multilateral Free Trade Agreements.

Author

AiUTOMATING PEOPLE, ABN ASIA was founded by people with deep roots in academia, with work experience in the US, Holland, Hungary, Japan, South Korea, Singapore, and Vietnam. ABN Asia is where academia and technology meet opportunity. With our cutting-edge solutions and competent software development services, we're helping businesses level up and take on the global scene. Our commitment: Faster. Better. More reliable. In most cases: Cheaper as well.

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