Over the past decade, many companies from the West have started considering or already have set up their businesses in Asia. This trend has helped the rapid economic growth across the continent, making it a great location for international expansion.
If you’re considering expanding to Asia: picking the best spot to launch your business is important!
Vietnam’s name has been consistently rising recently, with its growing economy and great strategic location attracting international companies. Both stories and data suggest that Vietnam could become Southeast Asia’s – or even Asia’s – new business powerhouse.
So, what makes Vietnam such a hot spot for business?
1. Vietnam has a thriving economy with untapped potential.
Vietnam’s economic story is remarkable. For over a decade, the country has consistently grown its GDP making it a global leader in economic expansion.
This is because of its powerful combination: a young, skilled workforce, a stable government that builds and supports businesses, and a growing population with rising incomes.
2. Vietnam’s location is strategic for trade connectivity.
The country is ideally placed in Southeast Asia.
Vietnam borders China, Laos, Cambodia, and Thailand. This puts businesses at the doorstep of other region’s markets— with a combined population surpassing millions. Vietnam also enjoys a top-notch infrastructure network, featuring a well-developed transportation system that makes moving goods and providing services easy. To add to its advantages, Vietnam has numerous free trade agreements (FTAs) that offer businesses significant tariff reductions and streamlined customs procedures.
3. Vietnam’s e-commerce market is growing rapidly.
Vietnam’s e-commerce market is consistently growing, with projections reaching over $60 billion by 2030 (source: Statista “E-commerce in Vietnam”). This surge in demand for online shopping creates a golden opportunity for businesses to reach a market hungry for what you offer.
4. Vietnam’s business-friendly environment is supported by the government.
Vietnam actively welcomes foreign investment by creating a business-friendly environment. This includes offering tax breaks, investment incentives, simplifying business registration, and streamlining bureaucracy. The government enhances this by continuously investing in the country’s infrastructure and improving its regulations.
5. Vietnam has a young, tech-savvy, dynamic workforce.
Vietnam boasts a young and digitally savvy population. This translates into a large, readily available pool of talented workers with a strong work ethic and eagerness to learn. The government’s focus on education ensures skilled graduates enter the workforce, creating a ready market for your business.
How can Filta help you navigate the path to success?
We understand the complexities involved. Filta offers services to ensure a seamless journey.
- FiltaRecruit – Recruitment Service
- Using our extensive combined global recruitment experience of over 70 years, we ensure a seamless process to find the perfect Vietnamese talent for your needs, no matter where you are in the world.
- We combine our in-depth knowledge of your organization with our expertise in global recruitment, remote workforces, and digital disciplines to deliver a tailored recruitment experience that finds the perfect fit for your team and your business.
- FiltaEmploy – Employer of Record Service
- Let us be your bridge to a seamless hiring experience in Vietnam. Our EOR service handles the employment processes and paperwork, so you can focus on working with your team and building your business.
- We take care of compliance, payroll, and other HR-related matters so that you can collaborate with Vietnamese talent without any hassle on your part.
Vietnam presents exciting opportunities for businesses looking to expand their reach and tap into a strong market. With its economy, location, and supportive government policies, Vietnam is eyed to become a leading player in the global business industry.
Partner with Filta, so you can leverage our expertise and experience to overcome challenges, capitalize on opportunities, and achieve long-term success in Vietnam!
Contact Filta today by heading to www.filtaglobal.com or reach out to Nerissa Chaux, Filta’s Co-Founder and Chief Growth Officer at nerissa@filtaglobal.com and schedule a consultation with our team of experts. We will guide you through every step of the journey, ensuring a smooth and successful expansion. Let Filta be your key to unlocking the doors of opportunity in Vietnam!
