Last Updated On August 17, 2020
Vietnam’s economy is a burgeoning one. It is developing at a rapid rate and people from all over the world are investing in different sectors as there is ample opportunity for growth. The country offers countless options for expatriates and foreigners. The economy of Vietnam could be best described as one that is going through a phase of transition.
It did dwindle at the end of the 2000s but by mid-2010s it was back up at its feet and is currently showing great signs of progression. In this article, we would be casting a close eye on the various sectors in which one can work in Vietnam and which of those are the most trending ones.
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Information technology, development for startup and outsourcing companies
The main reason behind Vietnam’s ever-improving status in the IT world is the support that the government has led to this sector. For more than around 15 years they have tried to position themselves as a nation that is ready to embrace technological advancements and has provided the best possible environment for multi-national technological companies.
If one adds to that the developing infrastructure and an increasing talent pool of local tech experts, the recipe is all but ripe for exponential growth. A lot of tech companies have established their offices in the country to utilize the outsourcing services that the skilled IT force provides. Investment opportunities that are available in the IT field include E-learning content, online/window-based games, enterprise software, animation, computer-produced imagery, etc.
Factories / Manufacturing and other industries in Vietnam
The manufacturing industry which has seen the most upward curve in recent years in Vietnam is the automobile industry. This is mainly down to the heavy capital which the Japanese have invested in the country. If we breakdown Vietnam’s economic setup into a simple statement then we can safely say that Vietnam is basically a service economy that has a strong financial sector. The country is also a leader in the production as well as the export of various agricultural products which typically include rubber, rice, and fishery. Electrical appliances are also a strong manufacturing sector. Cement, furniture, and plastic are also profitable factories operating in the current economic ecosystem of the nation. It would be fair to say that the industrial sector has outgrown the agricultural sector and is a more substantial contributor to the economy of the country.
Trade leader in exporting to Europe and USA
If we make a list of Vietnam’s top 10 exported products than refined petroleum will definitely top that list. Petroleum will be closely followed by rubber, rice, raw sugar as the most profitable exports of the country. Closely following on the heels of these commodities will be products like computers, delivery trucks, integrated circuits, telephones, and jewelry. Over the past half a decade the country has shown a very commendable export sales growth rate of about 2%. This indicates the importance of this sector to the country’s economic stability.
The countries to which Vietnam sells the majority of its exports are wealthy countries that take up these products at a very reasonable rate, allowing Vietnam to make good money from both their raw materials as well as their finished products. These top export destinations include the United States, China, Japan, Hong Kong, and Malaysia. In terms of sheer facts, Vietnam is one of the biggest exporters of natural rubber in the entire world and while the value of natural rubber exports has decreased worldwide, Vietnam is yet to show such a decline. And if we take a bird’s eye view at the imports of the country, one gets to find that the major imports of the country are Crude petroleum. Gold. Petroleum gas, Coal briquettes, and Soybeans.
Tourism is a growing sector in Vietnam
Tourism is another one of the country’s most profitable sectors. In Hanoi, the country has one of the world’s most vibrant city with an approximate 16 million visitors landing up on these shores annually. The attraction and charm of the country, especially Hanoi shows no sign of tailing off, in fact, if anything it has only gone from strength to strength. In Southeast Asia, Vietnam along with Thailand is miles ahead of everyone as the leaders of tourism in the region. With Hanoi being globally renowned as a center of great cultural heritage, beaches, jungles, islands, and wild nature, people from all parts of the world consider it to be their go-to vacation spot.
The magnificent royal palaces and temples provide great attraction to visitors from all over the world but the Europeans especially find it a great place to visit and relax.
Logistics and supply chain management
If one sector which was previously ignored by Vietnam’s government in the past but has seen a recent resurgence, it has to be the logistics industry. As the government realized the importance of this sector it took steps to enhance the capacity and working of the nation’s logistics service providers. The transport and warehouse management services have been at the forefront of this improvement drive and its positive consequences have been duly felt. As a result of these efforts, the production and delivery costs have minimized drastically. Local as well as foreign private agencies have shown a very keen interest in this regard.
Education in Vietnam : Teaching english and language schools
Teaching as a profession in Vietnam is a very luring proposition for foreigners. The administration is always on the lookout for individuals who are native speakers of the English language. If you meet the criteria, there are multiple levels at which a decently paid job can be found. From public schools to universities, from private language academies to international schools and private tutoring, there are enough opportunities out there if one has the appetite for it.
All in all, Vietnam’s economy is definitely on the upward curve and this is a great time to become a part of it. Anyone who wants to spend his future life in Vietnam has a plethora of options and careers to choose from and will surely have a pleasant life to look forward to.