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.
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