Miracle Economic Growth in Vietnam

June 25th, 2019

Vietnam is young and emerging on the world stage and anything feels possible with its recent growth surge. The Vietnam economy may be the fastest-growing of the world's economies. It is expected to grow at around 6.7 percent this year, transforming Vietnam from one of the world's poorest nations to a lower middle- income country. Some even project that Vietnam’s economy could be bigger than Singapore’s by 2029.

It wasn’t always like this. A mere 30 years ago, the country was one of the poorest in the world. How did this southeast Asian nation grow to be on its way to a middle-income country? Analysts from the World Bank and think tank Brookings, explain that Vietnam’s economic rise can be described by three influences: “First, it has embraced trade liberalization with gusto. Second, it has complemented external liberalization with domestic reforms through deregulation and lowering the cost of doing business. Finally, Vietnam has invested heavily in human and physical capital, predominantly through public investments.”

Yes, numbers in Vietnam are looking impressive so far. The country’s business environment grew tremendously at the start of 2018 alone with over 26,000 new enterprises established as one of the many signs. This shows how far Vietnam has come since it launched its bold Doi Moi renovation and economic reform program a little over three decades ago making Vietnam among the most attractive investment markets in the region today.

Vietnam’s economy is developing very fast, it’s the 7th member of ASEAN and is a very exciting time in the region. Tiger Consulting Asia has offices in six ASEAN countries including Vietnam. We are committed to making expansion and management of Asian and UAE operations easier for international businesses. Tiger Consulting's HR, Payroll, employment and business support services are managed by experienced teams on the ground in 16 locations: Australia, Cambodia, China, Hong Kong, India, Indonesia, Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan, Thailand, Vietnam, UAE and USA. The company currently serves 300+ businesses spanning industries including IT, telecom, social networking, fashion, finance, pharmaceuticals, travel, recruitment, Gas & Oil and hospitality.

For questions about Tiger-Consulting’s HR, Payroll, PEO and business support services in Asia and UAE, contact sales@Tiger-Consulting.net

Mercy Mildener
Public Relations and Marketing Consultant

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