One of today’s hottest markets for companies looking for new business expansion is Vietnam, either for their own direct in-country operations or as a key offshore sourcing center for technical talent and services.
The website, If It Were My Home, provides an interesting perspective comparing basic living standards of a person in Vietnam to a person living in the United States.
From the site:
If Vietnam were your home instead of The United States you would…
- be 82.19% less likely to be unemployed
- die 6.65 years sooner
- make 92.42% less money
- spend 98.85% less money on health care
- consume 95.26% less oil
- use 90.87% less electricity
- be 60.53% less likely to be murdered
- experience 16.44% less of a class divide
Vietnam is close to the geographic size of New Mexico for overall land mass.
- There are approximately 95 million people.
- Life expectancy for men is 71.3 years, for women it is 80.7 years. That is quite a difference.
- 45% of the population is 25 to 54 years old.
- The median age is 30.1.
- The leading ethnic group is Viet: 85.7%
- The literacy rate is about 95%.
Languages of Vietnam
- Vietnamese is the official language of Vietnam.
- English is growing in influence and now serves as a leading second language.
- Rice is the leading food staple and eaten by most people in Vietnam three times a day.
- Marriage is a cultural norm, which usually takes place in late teens or early 20’s.
- It is common for one’s home to have two to three generations of a family living together.
- There are six official religions the government recognizes: Buddhism, Catholicism, Protestantism, Islam, Cao Dai and Hoa Hao, the last two are indigenous religions.
- High income households have doubled in the last ten years.
- Casual fast food is a market segment that has seen impressive acceptance and growth.
- Mobile commerce and internet use is widely accepted and outpaces desktop internet usage
Forbes magazine had an article this past Fall calling Vietnam the next economic tiger in Asia. Vietnam has a strong economy, solid foundation for an educated population, appealing country for international staff, and attractive local base of employees to hire with technical ability. Its government, a socialist republic, is quite stable. Given these traits it has become a market that large companies have begun to recognize for their expansion and investment. The future is looking very good for Vietnam to continue as a growth market in the years ahead.