Vietnam- a dynamic market
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(VOVworld)- The Ireland Business Directory recently posted an overwhelmingly positive review of Vietnam on its website. The review stated that Vietnam has successfully shifted from 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 two-way trade volume at around 160% of GDP. According to the review, Vietnam has now taken the lead in the world in exporting rice, coffee and cashew nuts, seafood, electronics, software, crude oil and household utensils. 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) every year. The review added that Irish businesses could seize good opportunities in such fields as infrastructure, agriculture, energy, information technology and the development of human resources in the Vietnamese market in the future. It said the state owned enterprises (SOEs)’ equitisation process would open up huge opportunities for foreign investors to make joint efforts to help restructure the national economy. Being the 150th member of the World Trade Organisation, Vietnam is integrating deeply into the regional and world economies.