Since early 2020, the Covid-19 pandemic has spread rapidly from China to many countries in the world. To ensure health safety for the citizen, many countries have implemented economic closure and social isolation to avoid the spread of disease, including Vietnam.
The closure of the economy as well as the social isolation have caused many factories to close, the economy stagnated, reduced productivity and the amount of consumption, etc. this greatly affects the economic development of the country. After curbing the pandemic, many countries are tending to reopen the economy, in order to restore the country’s economic situation. However, due to the effects of the US-China trade war and the Covid-19 pandemic earlier this year, a series of factories and businesses in China were forced to close, leading to China’s economic growth is the sharpest decline in nearly 30 years, this is influence to many international investors in here.
Because of this influence, many investors in Korea, Japan, the United States and Europe, who have invested in China, have changed their investment locations to other countries, Vietnam has been a suitable choice for making an investment, setting up company and factory. With many effective anti-pandemic policies, Vietnam has now controlled the pandemic situation and is on the way of economic recovery. Not only that, with many policies to attract FDI for many years, many international investors have chosen Vietnam as the investment destination and gained many high benefits.
In addition, Vietnam is a coastal country in Southeast Asia, a convenient place to trade with many countries in the world and in the region by sea, which helps import-export enterprises more favorable in merchandise trade. Not only that, so far, Vietnam is a country with a young population, abundant human resources, and highly qualified, known by many investors. And Vietnam is also known as a developing country on tourism and services, particularly in 2019, Vietnam welcomed more than 16 million international tourists, accounting for nearly 9% of the country’s GDP, this encourages investors in the field of tourism to make investments in Vietnam in the best way. In recent years, with the goal of building a smart city, as well as developing high technology, Vietnam has many policies to support investors to invest in the high-tech sector, which helps many investors from the US, South Korea, and Japan are well-known countries with high-tech products that have the opportunity to invest with many incentives.
To seize investment opportunities, as well as create the best environment for investors to invest effectively, Viet Nam is gradually completing infrastructure, economic policies, laws, and training human resources to further meet the investment needs of international investors in Vietnam in the future.
The 4th wave of Covid – 19 since May 2021 has seriously impacted Vietnam which the government has to implement several strict measures to curb the disease including issuing numerous decisions to implement social distancing for many cities and provinces including economic hubs Ho Chi Minh City, Hanoi and Da Nang while country-wise vaccination has been rolled out.
From Oct 1st, 2021, most of the cities have loosen up strict movement restrictions and it is expected that Vietnam is quickly be back to “new normal” to start receive the investment from foreign investors.
How ANT Consulting Could Help Your Business?
You could learn more about Foreign invest in Vietnam or contact our lawyers and consultants in Vietnam for advice via email email@example.com or call our office at +84 28 730 86 529