Vietnam’s economy registered a strong recovery in 2022 after two years of COVID-19 infection. The achievement was driven by the robust rebound of demand and production as well as the country’s proactive response to emerging threats in the aftermath of the pandemic: the spike in global inflation and intensified global divide. With a GDP growth rate of 8.02% last year, Vietnam was recognized as one of the bright spots in the gloomy global economic picture. However, headwinds developed in the last quarter of 2022 and have persisted during the first half of 2023, adversely impacting economic activities and slowing GDP growth. The economic outlook is generally still positive with international organisations continuing to place high expectations on Vietnam’s breakthrough in the second half of the year, maintaining its position as a rising star in the ASEAN region.
Vietnam continues to make a mark on the global map as an attractive and safe destination for foreign investment. Vietnam’s advantages include its favourable geographical location, young, educated, and affordable labour forces as well as political stability. This year, we believe that with the combination of efforts and experiences of international and domestic forces, Vietnam can overcome challenges and continue boosting economic growth while keeping inflation under control, ensuring a sound environment for investors.
As Vietnam is increasingly becoming a favoured destination for foreign investment, Grant Thornton Vietnam prepared ‘Doing Business in Vietnam 2023’ to assist investors to have an overview of the country’s business environment. We hope this guide will help you learn and understand further about doing business in Vietnam.
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