VIETNAM

The Socialist Republic of Vietnam is one of the fastest growing economies in Southeast Asia, and has strongly prioritized its goal of achieving the status of a developed country by 2020. After the civil war that affected the country in the middle of the last century, the government in 1986 embarked on a path of reform that mobilized Vietnam's economy from its centralized position towards integration with the global economy. By the year 2000, the country already had diplomatic relations with most of the nations of the world.

 

The economic growth of Vietnam in the 21st century is one of the highest in the world, and currently ranks third in South Asia in terms of growth of the middle class. The country has continued to diversify its economy from agriculture and its main economic sector is the services industry followed by manufacturing. Vietnam has also exhibited great growth in exports, especially in the areas of telecommunications, textiles, clothing and manufacturing. It should also be noted that the country has one of the highest rates of foreign investment in the region, reaching 8% of its GDP.

 

Socially, Vietnam's business culture is based on the personal relationships generated between partners. A recommendation that is usually made to foreigners is to share details and anecdotes about their family and hobbies to strengthen relations with their Vietnamese counterparts, given the great importance placed on this type of emotional connection and its effect on the terms of the negotiation to be carried out. The initial contacts, therefore, are usually made through a reference or recommendation.

 

It should be noted that business decisions in Vietnam are usually taken as a group, so it is more important to connect with the group than to have a "pituto" as it would be in Chile.

Population:

96.1 million

(2017)

GDP (USD):

223.8 billion

(2017)

GDP Growth rate:

7.0%

(2018 forecast)

General Information

Main Languages:

Vietnamese (official)

Capital: 

Hanoi

Key cities: 

Ho Chi Minh City, Hai Phong, Can Tho

Currency: 

Dong (VND)

Main religions: 

Tam Giáo, Budism, Christianity 

Economic Composition

Vietnam is LOW-MEDIUM income DEVELOPING economy 

Why Vietnam?

  • Key global manufacturing hub​​

  • Among the countries with the lowest labor costs in Asia​​​

  • Opportunity for foreign companies to engage in value chain development

  • Young and urbanized population

  • Educated and technical low-cost labour force

Main Industries

Manufacturing

Electronics

Textiles y footwear

Coffee

Petroleum

Food processing

High growth Sectors

Manufacturing

Insurance and banking

Tourism

Renewable energy

Agriculture

IT & BPO

© 2019 Cámara de Comercio Chile-ASEAN A.G.

Chile-ASEAN Chamber of Commerce A.G.

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