While the history of Vietnam can be traced back 4000 years, these days the country is looking pretty young and vibrant.
With 60 percent of its 94 million citizens under the age of 35, the fastest growing middle class in Southeast Asia, and new housing, office, and retail space fueling the modernization of urban areas, Vietnam is a rising economic star.
Vietnam’s youthful population - with a preference for U.S. goods and services, consistently strong economic growth, and an increasingly open, market-oriented trade policy all present major opportunities for U.S. companies. And the recently signed Trans-Pacific Partnership (TPP), which will eliminate all foreign import taxes on industrial and consumer goods in Vietnam for U.S. exporters, makes the prospect of expansion into Vietnam even more attractive.
U.S. companies have already seen success in Vietnam and that realization is expected to grow. In 2013 alone, 6,598 U.S. companies exported goods to Vietnam – with 84% of those being small and medium-sized companies. And a 2015 survey by the American Chamber of Commerce found that among nearly 600 U.S. companies, Vietnam is only second to Indonesia as a priority for expansion into foreign markets.
From accounting, to auto parts, and retail to recycling, and a lot in between, Vietnam is seeking and enjoying U.S. participation in their economy.
Expansion into foreign markets like Vietnam is a promising prospect, but may seem more than a little daunting to U.S. companies sticking their toe in global markets. It doesn’t have to be.
At GetGlobal 2016 – held in Los Angeles in October – experts on foreign expansion, including Vietnam, will help U.S. businesses make sense of foreign markets. We’ll cover everything from navigating bureaucracies, to tax structures, to hiring, to business etiquette (e.g. did you know the Vietnamese prefer an introduction from someone they know and trust – and business cards should be extended using both hands?) and more.
Join us and learn how to expand your business into promising foreign markets. Register now.