In the past three years alone, a growing number of businesses have relocated their operations from China to Vietnam in an attempt to escape rising costs and an increasingly complex regulatory environment. Located in a strategic position for foreign companies with operations throughout Southeast Asia, Vietnam is an ideal export hub to reach other ASEAN markets.
Foreign direct investment (FDI) pledges in Vietnam rose to USD 6.9 billion over this year first quarter, surging 85% from last year, according to General Statistics Office (GSO). The processing and manufacturing industries remained the top destinations for FDI, which attracted USD 5.2 billion over the period, accounting for 76% of Vietnam’s total registered FDI. Professional activities, science and technology sector ranked second with combined pledged investment worth USD 335 million, or 5% of the total.
Thanks to our team efforts, we recently opened a branch office in Ho Chi Minh City, Vietnam. The last 12 months we have signed several new contracts with MNCs based in Vietnam. Most of them helping European companies entering the Vietnamese market. The reason why our clients are entering Vietnam it is that the country is quickly becoming an investment and tech hub for local and international enterprises. The industry is still nascent here, but we are starting to see the market mature from either packaging software or outsourcing to a product environment. This is leading to an increase in start-ups focused on e-commerce and product development.
We believe in MNCs and SMEs businesses development and we are here to support their development.