Exporting to Vietnam
Vietnam grew 7.1% in 2018 (IMF, 2019), the highest for a decade (World Bank, 2019).
Open to international business
Vietnam has moved up the World Bank’s ease of doing business rankings in recent years. The government is making changes that will open the country up to foreign businesses.
Opportunities for exporters
There are opportunities for UK companies across a broad range of industries. Our trade advisers in Vietnam have identified particular opportunities for UK businesses in the following sectors
English language training
There’s a growing demand in Vietnam to learn and speak English due to continued economic growth, substantial investment and the political will to upskill the labour force.
Higher education and teacher training
As a result of a shortage of teachers and the Vietnamese government’s reform of the education system and curriculum, there are ongoing opportunities for UK companies who can deliver high-quality training. In the university sector, many openings exist for companies who specialise in providing international education, joint degree programmes, technology transfer, quality assurance and research collaborations.
Technical and vocational training lies at the heart of Vietnam’s development plans, with jobs evolving in line with digital developments. As the country adapts to meet the requirements of the digital economy, there’s a need for UK organisations who focus on the development of cognitive skills, IT, STEM learning and education technology.
A booming oil and gas industry
Oil and gas is a major foreign-currency earner for Vietnam and a large consumer of imported technology. The country is reforming its oil industry, which is stimulating opportunities for UK companies to supply technology, equipment and services for production, refineries and training.
Demand for expertise in renewable energy
There’s a demand in Vietnam for policy and regulation support, technology, equipment and training for the renewable energy sector. These are all areas in which the UK can offer world-leading expertise.
An expanding public transport network
Plans to build 8 metro lines in Hanoi and another 8 in Ho Chi Minh City are in the early stages. A planned project to build a high-speed North-South railway is also expected to start in 2020. This is creating opportunities to UK businesses who have products and services in the railway supply chain.
Many projects in Vietnam are supported by development assistance funding from other countries or the Asian Development Bank. This creates the chance for UK businesses to get involved in larger supply chains and bigger projects.
Vietnam’s aviation sector is growing. The expansion of existing airlines and the entry of new operators are opening up possibilities for UK companies to provide equipment, training and other aviation services.
Expansion and diversification
Vietnam’s healthcare spending continues to grow as the country aims to increase the skills of its healthcare workforce and improves its capability to deliver healthcare. Openings for UK companies are available, particularly in the spheres of education and training, clinical services and digital health.
A need for imported pharmaceutical products
Vietnamese pharmaceutical production and supply capacity is not strong, and the country spends a large amount on imported drugs. With 60% of pharmaceutical end products and 90% of active pharmaceutical ingredients used in drug production imported (Vietnam Foreign Investment Agency, 2019), there are plenty of opportunities for UK exporters.
Major developments in healthcare infrastructure
Many healthcare infrastructure projects, including the construction of more hospitals, are planned or in progress. Low corporate income tax and tax exemptions are among the incentives offered to overseas healthcare investors.