The Ireland Business Directory recently posted an overwhelmingly positive review of Vietnam on its website.
The review stated that Vietnam has successfully shifted from a centralised planning to a socialist-oriented market economy. Over the past two decades, Vietnam has achieved impressive GDP growth rate on average of 7%. Vietnam's open economy reached a two-way trade volume at around 160% of GDP.
Vietnam now takes lead in the world in exporting rice, coffee and cashew nuts, seafood, electronics, software, crude oil and household utensils, the review continued.
Among the newly-emerging economies, Vietnam is considered the leading destination for foreign investors. Over the past five years, Vietnam has attracted some US$6.5 billion in foreign investment capital (FDI) each year.
A report by Ernst & Young was also referenced, which described Vietnam as a rising star with an average GDP per capita increasing six times within the next 25 years. The review also emphasised that the number of households with an income of US$30,000 per year in Vietnam is expected to rise from below 6,000 in 2011 to over 60,000 in 2021.
The review added that Irish businesses can seize good opportunities in such fields of infrastructure, agriculture, energy, information technology and the development of human resource in the Vietnamese market in the future.
The state owned enterprises (SOEs)' equitisation process will open up huge opportunities for foreign investors to make their joint efforts to restructure the national economy. Being the 150th member of the World Trade Organisation, Vietnam is integrating deeply into the regional and the world economies.
VNA/VOV online
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