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Business and Market Overview of Vietnam
ECONOMY. In 1986, the Vietnamese government abandoned its Marxist economic policy and implemented "doi moi" (renovation) involving economic structural reforms. These reforms included modernising and liberalising the economy and developing more export driven industries. Vietnam joined the Association of Southeast Asian Nation (ASEAN) and became a signatory of the ASEAN Free Trade Agreement (AFTA). The US-Vietnam Bilateral Trade Agreement in 2001 has brought major changes to Vietnam's economy and hopes to become a member of the WTO in 2006. DEMOGRAPHY. Vietnamese (also known as Viet or Khin) is the major ethnic community accounting for nearly 86% of the country's population and reside mainly in the eastern half of the country. Minorities include Chinese who live mainly in the urban areas, Khmer Crom (related to the Khmers of Cambodia), Tays and Montagnards who live in the mountainous regions of the country. INFRASTRUCTURE. Vietnam's telecommunication systems lag behind many neighbouring countries in the region and therefore government puts great emphasis on its modernisation. Digital exchanges now connected to Hanoi, Da Nang, and Ho Chi Minh City and main lines have increased while the use of mobile telephones is growing. The national road system stretches from the northern to southern tip of Vietnam. Northern and southern Vietnam are served by two international airports and two main sea ports serving international shipping. INTERNATIONAL TRADE. Vietnam's major trading partners are the US, Japan, China, Australia, Germany, Singapore, Taiwan, Thailand and South Korea. Major exports include oil, seafood, rice, coffee, cashew nuts, rubber, tea, garments and shoes. Major imports include machineries and equipments, petroleum products, fertilisers, steel products, cotton, grains, cement and motorcycles. CONSUMER USAGE OF TECHNOLOGY. There were nearly 10.1 million telephones installed in Vietnam and nearly 5.0 million mobile phone subscribers in 2004. The government is putting considerable efforts to modernise and improve the country's telecommunication system but still lags compared to Singapore, Thailand and Malaysia. Computer penetration is low; estimates vary from 2% to 4% of the population in 2004 and an estimated 5.8 million internet users. The penetration of television is only 20% and concentrated to homes in the cities and towns. Similarly, installation of refrigerators is concentrated in the cities where 60% of the homes have refrigerators. RETAIL MARKET. Retail sales in Vietnam grew by 8%-12% annually from 2000 to 2004 brought about by increasing disposable income due to the country's strong economic growth. Vietnamese consumers spend two-thirds of their income on retail purchases amounting to US$16.3 billion in 2004. Traditional wet markets and the "mom and pop" shops dominate the retail industry accounting for 95% of the total retail trade. Many of these retail shops measure no more than five square metres (54 square feet). Modern retail establishments are limited but gradually emerging in the country and generally locally owned businesses concentrated in Ho Chi Minh City and Hanoi. FOOD CULTURE. Rice and noodles are the staple food of the Vietnamese but taste preference differs by region. Foods in central Vietnam are spicier while foods in northern and southern Vietnam are less spicy and tend to be saltier. The Vietnamese often dip their foods with chilli, garlic or fish sauce to add flavour. The French colonialists introduced European style bread and bakeries into the Vietnamese food culture. Western style fast food service establishments are beginning to emerge alongside the traditional snack bars, cake shops and mobile food carts.
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Article Source: http://www.articlesbase.com/business-opportunities-articles/business-and-market-overview-of-vietnam-39102.html About the Author:
Khal Mastan is a Senior Consultant with Pegasus Business and Market Advisory (http://bma.pegasus-asia.com) based in Malaysia. He involves himself in business and marketing research and provides consulting services on markets in Southeast Asia namely Malaysia, Thailand, Singapore, Indonesia, Philippines and Brunei. He has more than 20 years experience in the region and work experience in various industries. He holds a bachelors degree in Biochemistry and an MBA. He can be contacted at khalzuri@pegasus-asia.com or +6 (03) 7726 5373 in Malaysia.
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