Vietnam is a country with 329.560 sq. km land area, 1 million sq. km economic zone and 3260 km coastline, which is similar to Norway. However, the population is around 89 million people, which is 19 times larger than the Norwegian.
Around 60% of the population is born after 1975, which means that around 1,5 million people enter the labour market every year. The Vietnamese people are hard-working, fast-learning and friendly skilled craftsmen.
Economic development
Vietnam began its program of economic renovation, or doi moi, in 1986. While reform has been gradual, the country will continue to experience strong economic growth, mainly driven by the dynamic private sector. Entry to the World Trade Organization (WTO) is expected to boost export levels in the years to come.
Vietnam has been one of the fastest-growing and dynamic economies in Asia over the past 5 years, averaging 7,5% annual GDP growth. During the coming 5 years GDP growth is forecasted to average 8% annually. The economic boom has lifted many Vietnamese out of poverty, reducing the poverty rate from 58% in 1993 to 20% in 2004.
The country is now one of the few unexploited economic markets in the world, and an attractive business destination. Regarding manufacturing the country is probably one of the most efficient places to establish your business today.
