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.
GDP Growth rate:
Ho Chi Minh City, Hai Phong, Can Tho
Tam Giáo, Budism, Christianity
Vietnam is LOW-MEDIUM income DEVELOPING economy
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
Textiles y footwear
High growth Sectors
Insurance and banking
IT & BPO