Vietnam is a developing country in South East Asia. It is not only challenging but also advantageous for doing business here. Three following reasons will be useful for the businessman to choose Vietnam in his career:
Vietnam is in a profound integration process which results in many huge opportunities for foreigners doing business in Vietnam. Up to now, Vietnam is a member of ten free trade agreements. Five more agreements are still under negotiations. Significantly, European Union and Vietnam reached agreement on free trade deal on August 4, 2015. That is a milestone in financial, economic and investment corporation between Vietnam and EU. This agreement supports European investors doing business in Vietnam to expand their production and business activities. Thanks to the trade deal, the inefficient economy of Vietnam is hoped to have more reforms.
Most foreign investors find that complicated procedures are the most irritating when doing business in Vietnam. However, the government has determined to reform institutions and administrative procedures dramatically. That shall bring the better conditions for production and business activities. In fact, most of administrative procedures in finance sector have been reformed thoroughly, especially in taxation and customs procedures.
Geopolitical advantages and labor market conditions
Vietnam has geopolitical advantages in the region when locating on the sea route connecting Europe and North-East Asian countries. There are many main point habors such as Hai Phong, Da Nang, Cam Ranh and Sai Gon. Goods can be delivered from Vietnam to many places in the world. Besides, labour market with 54 million young workers is another attractive point to foreigners doing business in Vietnam.