Why Vietnam is good for business?

Vietnam has emerged as the highest probability destination for external investors due to its favorable position of Vietnam, youthful labor, price competitiveness, and steady economic growth. Due to open-market policy and firm commitments towards open trade, the nation has emerged as the most favorable region for both manufacturing and service-oriented industries.

Here are the key reasons why Vietnam is good for business:

1. Strategic Position of Asia

Geographically located at the very center of Southeast Asia, Vietnam borders major markets like China, Singapore, Thailand, and the remainder of the ASEAN region, providing the perfect springboard to region-wide expansion.

2. Rapid Economic Development

Vietnam has kept the highest GDP growth rate of the region throughout, driven by favorable exports, foreign direct investment, and infrastructure expansion.

3. Effective and Competitive Workforce

The country’s young, well-educated labor force provides both productivity and cost advantages for international businesses.

4. Government Support and Trade Agreements

The Vietnamese government attracts foreign investment through incentives, tax benefits, and integration of key trade agreements such as CPTPP, RCEP, and EVFTA, providing market access to the globe.

5. Growing Consumer Market 

With a population of nearly 100 million and rising income levels, Vietnam is one of the fastest-growing consumer markets in Asia.

6. Stable Political and Social Environment

The country’s political stability and consistent economic policies provide confidence and predictability for long-term business planning.

For investors and companies looking to open or develop their businesses in Vietnam, One IBC Vietnam offers specialist services in company formation, licensing, and business consultancy, making market access to the Vietnamese market seamless and convenient.