A Close Look into Vietnam: Trade & Investment and Retail Market Opportunities
Vietnam's successful economic reforms have catapulted it into one of the most dynamic and fastest-growing emerging markets globally. At the Chamber’s webinar on 24 August, Consul General of Vietnam Pham Binh Dam said despite Covid-19, the country still managed a growth rate of 5.6% in 2021, and the growth is expected to pick up once again in 2022 once Vietnamese vaccines are rolled out. There is an abundance of business opportunities in digitization, tourism & hospitality, M&A, manufacturing, and infrastructure.
Hoang T. Duong, Chief Representative of KPMG in Danang, said Vietnam’s recently signed EUVFTA and RCEP, along with its cost-efficient and highly-trainable labour force, made it one of the most attractive destinations for manufacturing. Considerable red tape was still present in areas such as tax filing, but the government had been working on reforms to improve.
Anthony Lam, whose company Golden Resources Development operates over 400 Circle K branches in the country, said there was a huge demand for Hong Kong’s professional expertise in all areas from banking and accounting, to legal and sustainability. He reminded companies entering Vietnam to learn the culture and diligently manage language barriers.
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