Today, if you're wondering what Ho Chi Minh City will be like in a few years, the easiest image to picture is Bangkok, the capital of Thailand. With its current rate of development, Vietnam will very quickly become a promising new nation in Asia within a few years. Why can we be so confident in this?
Let's look at the specific examples below.
Vietnam's development prospects
Population size and quality
Vietnam currently has over 95 million people. Of these, half are of working age, two-thirds are under 35, and are receiving education and acquiring knowledge every day.
The pace of integration among the population is quite rapid, adapting well to modern global trends. It's no exaggeration to say that the most obvious evidence today is the significant investment parents make in their children's education and skill development from a young age. We can easily spot children speaking English fluently on the streets, and programs developing critical thinking and business acumen for children are gaining strong support.
GDP growth rate
Vietnam's GDP growth rate is approximately 7% per year, and is expected to remain at this level in the near future.
Much of this growth comes from foreign direct investment. For example, Samsung mobile phones are largely manufactured in Vietnam; Intel's second-largest manufacturing facility outside the United States is also located in the country.
Geographical location
► Located in the heart of Southeast Asia, close to regional development centers such as East Asia and South Asia;
► Holding a position of control over the trans-Asian continental route connecting Asia with Europe;
► Located on the southern flank of China, with easy access to a consumer market of 1,4 billion people.
► The coastline stretches for thousands of kilometers, offering the potential for developing a large port system.
Vietnam is a potential investment choice for companies looking to reduce their trade with Asia's largest economy (China). In the first half of 2019, exports from emerging Asian economies to the US increased by 10%. Vietnam stood out, with a 33% increase, notably in electronics.
Consumer demand
Domestic consumer demand is expanding significantly. As evidence, total retail sales of goods and consumer service revenue in the first nine months of 2019 reached a high growth rate of 11,6% compared to the same period last year, totaling VND 3.634,8 trillion (approximately USD 156,6 million).
The average smartphone usage rate is around 90%, and internet access has doubled in the past six years.
The above evidence shows that our country is not only a major production base, but also a potential market for large service and consumer goods corporations. Furthermore, with the increasingly high level of education among our population, becoming a new "star" of the continent will no longer be a distant dream for us!
