The media outlet pointed out several key factors of Vietnam in attracting FDI, including boasting almost uniquely favorable demographics, with 40% of its population of 100 million under the age of 25.
Vietnam has a 1,300-kilometre land border with China, meaning it has direct access to that market of 1.2 billion consumers, along its low wage costs, and a large, well-educated labor force. In addition, through its ASEAN membership the country has tariff-free access to 800 million more people across Southeast Asia.
“The 2023 outlook for the business environment in Vietnam shows promising signs of improvement,” says Thierry Mermet, CEO of Source Of Asia (SOA), a consultant to companies looking for business opportunities in Vietnam and ASEAN.
“Vietnam is really cementing its position as one of the top three places where European business leaders want to invest,” Mermet explained.
The media outlet also confirmed that the US is in the process of boosting its economic and technical ties with Vietnam as the two countries recently agreed upon the establishment of their comprehensive strategic partnership during US President Joe Biden’s visit to Vietnam in early September.