The easternmost country in southeast Asia, Vietnam is the world’s 35th largest economy by PPP. Vietnam benefits from its proximity to China, and the country is fast becoming a key regional trading hub. Home to 95.5 million people, Vietnam is the world’s 15th most populous country.
The Vietnamese economy has undergone extensive expansion since 2000. Vietnam’s success has been driven chiefly by high FDI rates, and the country’s development strategy is based on the diversification of its economy. Vietnam offers investors a welcoming business environment, and a skilled, inexpensive workforce.
Services account for around 44% of national GDP. Vietnam’s beautiful landscape and sunny climate make it an ideal tourist destination, and the country receives around 7 million visitors annually. Foreign investment is particularly sought after in the high-end tourist industry, and in hotel development.
Until the late 2000s, oil was Vietnam’s primary export. Vietnam’s refining capacity is limited to a single refinery in Ho Chi Minh City, and so the country output is largely limited to crude oil. In recent years, a large number of Chinese factories have relocated to Vietnam, and high-tech electrical equipment has overtaken oil to become the country’s primary export product.
Our HLB offices are among the largest Vietnamese legal organisations operating in auditing, accounting, financial and tax consultancy and business evaluation.
Latest insights, case studies and news from across the network
Industrial manufacturing for the digital age
New technologies are driving change in the industrial manufacturing sector, which is undergoing a rapid transformation.
What does the future of work look like?
With plenty of time to adapt to working remotely during the lockdowns and discovering the benefits, more and more businesses are embracing a hybrid work style.
How the Dutch Meat Tax could affect the global food and beverage industry
In an effort to reduce emissions and encourage healthier, greener lifestyles across Western Europe, many national governments are now taking up the idea of a levy or tax on meat,...
Get in touch
Whatever your question our global team will point you in the right directionStart the conversation