The Vietnamese economy is wide-awake and ready for business. In the last decade the GDP has doubled, the annual growth rate has averaged 7.2% and increased foreign investment has created an economy boom.
The good news for UK businesses is that the UK/Vietnam relationship is very strong. Trade and investment form an important element of the Strategic Partnership Agreement signed in 2010. The Ministry of Industry and Trade in Vietnam also predicts the country’s import value to be around £52 billion by 2013.
BP, Tate & Lyle, Unilever and Prudential contribute to the £520m UK export goods and services
In 2007, Vietnam became a member of the World Trade Organisation making it an attractive and profitable place to do business, particularly with the 90m population increasing their spending power.
There are a number of large reputable businesses who are making substantial investments into the market. But many smaller UK companies have also invested in Vietnam, helping to establish the UK’s reputation.
Key sectors for Vietnam:
- Oil and Gas
- Agricultural processing
- Financial Services
Key exports identified by UKTI:
- Power generating machinery & equipment
- Industrial machinery & equipment
- Medical & pharmaceutical products
- Professional & scientific instruments
Key Vietnam facts:
- 50% of the population are under 30 years old
- Fast growing and vibrant economy
- Well educated population with expanding middle class
- Ho Chi Minh City is the economic heart of Vietnam with a population of 9 million and home to the country’s first stock exchange
- Hanoi is the second largest city with a population of 6.5 million and numerous industrial clusters
- Da Nang is a major port city which plays a key role in the transportation of goods
Get government funding to undertake research and meet potential customers
There is some great support available for UK exporters keen to do business with Vietnam, including research funding from UK Investment and Trade https://www.gov.uk/government/organisations/uk-trade-investment
Things to consider when communicating with potential customers in Vietnam:
- Web users are 4x more likely to purchase from a website that communicates in their language
- Customers who buy online will pay more for a product if they can buy it in their own language
- Over 56% of consumers say that the ability to obtain information in their own language is more important than price
Expansion plans are often exciting but can also be daunting, especially as effective communication plays a major role in the success of market penetration. You may need to think about translating your website and print material, marketing materials and also technical and product-related content such as manuals.
If you have any questions about how to approach communication requirements for new markets or would like information on our Vietnamese translation services, please contact a member of our team on + 44 (0) 1926 335 681 or email firstname.lastname@example.org.