It was inconceivable that Vietnam could ever catch up to the rest of the world’s major economic players. From being ravaged by war and post war conditions such as government collectivization of land and businesses, the country has made tremendous efforts to recovery. Through implementation of privatization, direct foreign investment, and deregulation, economic activity continues to rise. The country resumes preparing for international integration by educating its workforce and through investments in manufacturing technologies and infrastructure. Vietnam has positioned itself as a vital partner in the global marketplace. Its ability to produce low cost manufacturing yet high quality products has attracted companies from all over the world and will ever increase. As a member of the ASEAN Free Trade Area and the World Trade Organization, Vietnam reaffirms its commitment to economic liberalization. According to the Ministry of Foreign Affairs, this country’s GDP increased by a staggering 7.2% in 2005. At this remarkable rate, Vietnam has the potential to emerge as the world’s top outsource destinations.
By Trisha Le, Research Intern for GLOBAL ID, LLC.
www.identifyglobal.com
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