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100 Million+

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Vietnamese

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Vietnam Dong

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331,212 Skm

VIETNAM

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The Socialist Republic of Vietnam (SRV), is a country at the eastern edge of mainland Southeast Asia, its the world's fifteenth-most populous country.

 

Vietnam shares land borders with China to the north, and Laos and Cambodia to the west. It shares maritime borders with Thailand through the Gulf of Thailand, and the Philippines, Indonesia, and Malaysia through the South China Sea. Its capital is Hanoi and its largest city is Ho Chi Minh City (commonly referred to by its former name, Saigon).

Chambers of Commerce

chambers of commerce are very useful in vietnam for networking and business support, as well as professional accommodation. Chambers are business portals that can direct you to the right professionals. 

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demography in vietnam
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DEMOGRAPHY

As of 2023, Vietnam's demography is characterized by a young and growing population, urbanization, and changing demographic trends influenced by economic development and social shifts.

Key aspects of demography in Vietnam in 2023 include:

  • Population Growth: Vietnam has a population of approximately 100 million people, making it one of the most populous countries in Southeast Asia. The population has been steadily growing due to a relatively high birth rate and improved healthcare, contributing to a youthful demographic profile.

  • Youthful Population: A significant portion of Vietnam's population consists of young people. The median age is relatively low, with a large percentage of the population falling within the working-age group. This demographic structure presents both opportunities and challenges for the country's labor force and economic development.

  • Urbanization: Urbanization continues to shape Vietnam's demographic landscape, with a growing number of people moving from rural to urban areas in search of better opportunities. Major cities like Ho Chi Minh City and Hanoi have experienced rapid urban growth, leading to changes in lifestyle, infrastructure, and social dynamics.

  • Changing Family Patterns: Social changes and economic growth have contributed to evolving family patterns. While traditional values of family cohesion remain strong, modernization has led to smaller family sizes and changing roles within households.

  • Education and Healthcare: Improvements in education and healthcare have resulted in increased life expectancy and reduced infant mortality rates. This has contributed to a growing and healthier population.

  • Migration: Internal migration within the country and international migration for work opportunities have influenced demographic patterns. People from rural areas often seek work in urban centers or other countries, impacting population distribution and contributing to urbanization.

  • Fertility Rate and Family Planning: The government has implemented family planning policies to manage population growth. Although fertility rates have declined over the years, efforts to promote family planning and reproductive health continue to influence demographic trends.

  • Aging Population: While Vietnam's population is still relatively young, the country is experiencing the beginning of an aging population trend. As life expectancy increases and fertility rates decline, the proportion of elderly citizens is expected to rise in the coming decades, posing challenges for healthcare and social support systems.

Overall, Vietnam's demography in 2023 reflects a dynamic interplay of youth, urbanization, economic development, and changing social norms. These demographic trends will have significant implications for the country's future workforce, social policies, and overall development trajectory.

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INTERIOR ECONOMY

Vietnam's internal economy has been experiencing significant growth and transformation in recent years. The country has transitioned from an agrarian-based economy to one that is increasingly driven by manufacturing, services, and technology sectors.

Industrialization and urbanization have played a key role in shaping Vietnam's internal economy. The manufacturing sector, especially in areas like electronics, textiles, and footwear, has seen substantial growth, driven by foreign direct investment and export-oriented production. This has led to the creation of jobs and increased income levels for many Vietnamese citizens.

The services sector, including finance, retail, and tourism, has also expanded rapidly. The rise of the middle class and changing consumer preferences have fueled demand for various services, contributing to overall economic growth.

Furthermore, the Vietnamese government has implemented economic reforms and policies to promote private sector participation and entrepreneurship. This has led to a thriving startup ecosystem and an increase in innovative ventures across various industries.

While the internal economy has shown resilience and dynamism, challenges such as income inequality, environmental sustainability, and infrastructure development still remain. The government continues to focus on addressing these issues while fostering sustainable and inclusive economic growth.

Overall, Vietnam's internal economy is evolving and diversifying, with ongoing efforts to create a conducive environment for business growth, innovation, and long-term economic prosperity.

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STOCK EXCHANGE

The stock exchange in Vietnam, known as the Ho Chi Minh City Stock Exchange (HOSE), is a key player in the country's financial market. It serves as a platform for companies to raise capital by listing their shares and provides investors with opportunities to trade securities. The stock market has shown consistent growth over the years, attracting domestic and foreign investors. Government initiatives, regulatory reforms, and improved transparency have contributed to its development, making it an essential component of Vietnam's evolving financial landscape.

Some companies of the HOSE:

 

  • Vietcombank (VCB) - Vietnam Joint Stock Commercial Bank for Foreign Trade

  • Vinhomes (VHM) - Real estate development and management

  • VietinBank (CTG) - Vietnam Joint Stock Commercial Bank for Industry and Trade

  • Techcombank (TCB) - Vietnam Technological and Commercial Joint Stock Bank

  • Vingroup (VIC) - Conglomerate with interests in real estate, retail, and entertainment

  • BIDV (BID) - Bank for Investment and Development of Vietnam

  • Vietjet Air (VJC) - Low-cost airline company

  • PetroVietnam Gas (GAS) - Oil and gas exploration, production, and distribution

  • FPT Corporation (FPT) - Information technology services and software development

  • MWG (Mobile World Group) - Retailer of consumer electronics and mobile devices

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IMPORT - EXPORT - GDP

Vietnam is a rapidly growing and dynamic player in the global import and export market. The country has established itself as a key manufacturing and trading hub in Southeast Asia, attracting significant foreign investment and driving its economy forward.

In terms of exports,

Vietnam is known for its diverse range of products, including electronics, textiles, footwear, machinery, and agricultural goods such as coffee, rice, and seafood. The country has leveraged its competitive labor costs and favorable trade agreements to become a major exporter to various markets, including the United States, European Union, China, and other Asian countries.

On the import side,

Vietnam imports a wide array of products to meet domestic demand and support its growing industries. These imports include machinery, equipment, raw materials, petroleum products, and consumer goods. China, South Korea, and other ASEAN countries are among Vietnam's key trading partners for imports.

Vietnam's strategic geographic location, along with its participation in international trade agreements such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Vietnam Free Trade Agreement (EVFTA), have further boosted its import and export activities. These agreements provide businesses with improved market access and reduced tariffs, making Vietnam an attractive destination for trade.

The government of Vietnam continues to focus on trade liberalization and economic reform to enhance its global trade relations and strengthen its position in the global supply chain. As a result, the country's import and export landscape is expected to continue evolving and expanding in the coming years.

GDP in Vietnam is expected to reach 433.33 USD Billion by the end of 2023, (3.3%) according to Trading Economics global macro models and analysts expectations. In the long-term, the Vietnam GDP is projected to trend around 461.49 USD Billion in 2024 and 492.88 USD Billion in 2025, according to our econometric models.

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DIGITAL - TECH

The tech and digital industry in Vietnam has experienced remarkable growth and innovation in recent years, positioning the country as a burgeoning player in the global technology landscape. With a young and tech-savvy population, a growing startup ecosystem, and supportive government policies, Vietnam has become an attractive destination for tech investment and development.

Vietnam has witnessed the rise of numerous successful tech startups across various sectors, including e-commerce, fintech, edtech, and healthtech. These startups have leveraged the country's strong engineering talent pool and competitive cost structure to create innovative solutions tailored to both domestic and international markets.

The government's focus on fostering digital transformation has led to the proliferation of e-government services, digital payment platforms, and smart city initiatives. This commitment to technological advancement has attracted foreign tech giants to establish a presence in Vietnam, further contributing to the growth of the industry.

The country's thriving software outsourcing industry is another hallmark of its tech prowess. Vietnam has gained recognition as a preferred destination for offshore software development due to its skilled workforce, competitive pricing, and commitment to quality.

Investments in 5G infrastructure and advancements in artificial intelligence (AI) and blockchain technology also highlight Vietnam's ambition to be at the forefront of tech innovation in the region.

While the tech and digital industry presents significant opportunities, challenges such as intellectual property protection, regulatory compliance, and the digital divide in rural areas remain areas of focus for industry stakeholders.

Overall, the tech and digital industry in Vietnam is dynamic and evolving, marked by a blend of innovation, entrepreneurship, and government support that positions the country for continued growth and success on the global tech stage.

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CULTURE - ART

Vietnam offers a rich tapestry of cultural activities that showcase its history, traditions, and artistic heritage. From vibrant festivals to traditional performances, these activities provide insights into the country's diverse cultural identity.

Festivals play a significant role in Vietnamese culture, reflecting both its spiritual beliefs and agricultural heritage. The Lunar New Year, known as Tet, is the most important and widely celebrated festival, marked by elaborate decorations, family reunions, and traditional customs. Other festivals, such as the Mid-Autumn Festival and Hung King's Temple Festival, offer unique opportunities to witness cultural rituals and engage in communal festivities.

Traditional performances, such as water puppetry and ca tru singing, offer captivating glimpses into Vietnam's performing arts heritage. Water puppetry, a centuries-old art form, involves intricate puppet shows performed on water using wooden puppets manipulated by hidden puppeteers. Ca tru is a genre of ceremonial singing accompanied by traditional instruments, showcasing the country's melodic and poetic traditions.

Vietnam's cultural activities also extend to its handicrafts and traditional crafts. Visitors can explore bustling markets and artisan villages to witness artisans creating intricate silk products, pottery, lacquerware, and wood carvings. These crafts serve as a link to the past while contributing to the country's artistic legacy.

In recent years, modern cultural activities have gained prominence in Vietnam. Contemporary art galleries, music festivals, and fashion shows offer a blend of traditional and contemporary expressions, reflecting the country's evolving cultural landscape.

Overall, Vietnam's cultural activities provide a captivating glimpse into its rich heritage, fostering an appreciation for its history, traditions, and artistic achievements.

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ENTREPREUNORSHIP

Entrepreneurship for foreigners in Vietnam offers a range of opportunities and challenges in a dynamic and rapidly evolving business landscape. The Vietnamese government has taken steps to encourage foreign investment and entrepreneurship, making it relatively easier for foreigners to start and operate businesses in the country.

Foreign entrepreneurs can establish various types of businesses, such as joint ventures, wholly foreign-owned enterprises, and branches or representative offices. Vietnam's strategic geographic location, favorable trade agreements, and growing consumer market make it an attractive destination for business ventures.

However, navigating the regulatory and bureaucratic processes can be complex, requiring a thorough understanding of local laws, regulations, and business practices. Cultural nuances and language barriers may also pose challenges for foreigners looking to establish a presence in the Vietnamese market.

Networking and building relationships with local partners, suppliers, and customers are essential for success. Developing a deep understanding of the local market, consumer preferences, and competition is crucial to creating a sustainable business model.

Foreign entrepreneurs often find opportunities in sectors such as manufacturing, technology, hospitality, and services. Vietnam's young and tech-savvy population, along with its growing middle class, presents a promising customer base for innovative products and services.

Overall, entrepreneurship for foreigners in Vietnam offers the potential for growth and success, but it requires careful planning, adaptability, and a willingness to embrace the unique challenges and opportunities of the local business environment.

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TAXES - ACCOUNTING

Taxes in Vietnam are an important aspect of doing business and are governed by the country's tax laws and regulations. The tax system is relatively straightforward, with various types of taxes applicable to both individuals and businesses.

Corporate income tax is a key consideration for businesses, with rates varying based on the industry and location. Value-added tax (VAT) applies to the sale of goods and services and is generally set at a standard rate of 10%. Personal income tax is also levied on individuals based on their income levels.

Foreign businesses and individuals operating in Vietnam may be subject to specific tax regulations, such as withholding tax on certain types of income. Double taxation treaties between Vietnam and other countries help mitigate the impact of double taxation on foreign entities.

The Vietnamese government has implemented measures to improve tax administration and increase transparency, including the adoption of electronic tax filing and payment systems. However, navigating the tax landscape can still be challenging due to language barriers and changes in regulations.

It is advisable for businesses and individuals to seek professional guidance from local tax experts or advisors to ensure compliance with tax obligations and to optimize their tax strategies. Understanding and effectively managing taxes is crucial for maintaining a successful and compliant business presence in Vietnam.

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AGRICULTURE

Agriculture holds a significant place in Vietnam's economy and culture, serving as a vital source of employment and contributing to the country's food security and export earnings. With a diverse climate and fertile land, Vietnam has a rich agricultural heritage that spans various regions and crops.

Rice cultivation is a cornerstone of Vietnamese agriculture, with the country being one of the world's largest rice producers and exporters. The iconic terraced rice fields in the northern mountains are a testament to the centuries-old tradition of rice farming. In addition to rice, Vietnam produces a variety of crops, including coffee, rubber, tea, fruits, and vegetables.

The country's aquaculture and fishing industry is also robust, making Vietnam one of the world's largest seafood exporters. Shrimp, pangasius, and other aquatic products contribute significantly to both domestic consumption and international trade.

Despite its agricultural strengths, the sector faces challenges such as land degradation, climate change, and a need for modernization. The Vietnamese government has implemented various policies to promote sustainable farming practices, improve productivity, and ensure food safety.

In recent years, there has been a growing emphasis on high-tech agriculture and agribusiness, with startups and entrepreneurs exploring innovative solutions for crop cultivation, livestock farming, and value-added food products.

Agriculture in Vietnam is deeply rooted in tradition while embracing modernization, reflecting the country's commitment to balancing economic growth with environmental sustainability and food security.

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PRESS

Press freedom in Vietnam is limited, with the government exerting significant control over the media landscape. State-owned media dominates the industry, and independent journalism often faces censorship and restrictions on reporting certain topics. Despite these challenges, Vietnam has a diverse media landscape that includes a mix of state-owned, private, and online outlets.

Here are some of the main media outlets in Vietnam:

  • Vietnam News Agency (VNA): The state-run national news agency, responsible for providing official news and information both domestically and internationally.

  • Vietnam Television (VTV): The state-owned television network that broadcasts a range of programs, including news, entertainment, and educational content.

  • Radio the Voice of Vietnam (VOV): The government-operated national radio broadcaster, offering news, music, and cultural programming.

  • Tuoi Tre (Youth): One of the most prominent Vietnamese newspapers, covering a wide range of topics including politics, economics, culture, and sports.

  • Thanh Nien (Youth): Another major newspaper known for its coverage of current events and social issues.

  • Nhan Dan (The People): The official newspaper of the Communist Party of Vietnam, providing news and information from the party's perspective.

  • Saigon Times: A business-focused newspaper providing economic and financial news and analysis.

  • Zing News: A popular online news portal offering a mix of news, entertainment, and lifestyle content.

  • VNExpress: A widely-read online news platform that covers a broad range of topics, including current events, business, and culture.

  • Dan Tri: An independent online news site known for its coverage of social issues and human rights.

It's important to note that while there is a growing online and social media presence in Vietnam, the government also monitors and censors online content. Independent and critical journalism can face challenges in terms of freedom of expression and government scrutiny.

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CONSUMPTION

Consumption in Vietnam has undergone significant transformation in recent years, driven by a burgeoning middle class, urbanization, and changing consumer preferences. As the economy grows and living standards improve, Vietnamese consumers are increasingly seeking a diverse range of goods and services.

Traditional markets and street vendors still play a vital role in daily consumption habits, offering fresh produce, household items, and local street food. However, modern retail formats such as supermarkets, convenience stores, and shopping malls have gained popularity, especially in urban areas.

The Vietnamese consumer market is characterized by a strong preference for value and quality. Brands that offer a balance between affordability and quality tend to resonate well with consumers. Imported products, especially those from neighboring countries and Western brands, are sought after for their perceived quality and prestige.

The rise of e-commerce and digital technology has further transformed consumption patterns. Online shopping and mobile payment platforms have gained traction, enabling consumers to access a wide range of products and services from the comfort of their homes.

Food and beverages, apparel, electronics, and personal care products are among the key categories driving consumption in Vietnam. Additionally, there is a growing interest in health and wellness products, sustainable and eco-friendly options, and experiences such as travel and entertainment.

While consumption patterns have evolved, certain cultural aspects of traditional Vietnamese lifestyles, such as family values and communal gatherings, continue to influence consumer choices. Overall, the changing consumption landscape in Vietnam reflects a dynamic blend of modernity and tradition, offering businesses opportunities to cater to a diverse and evolving consumer base.

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SPORTS

Sports play an important role in Vietnamese society, reflecting a mix of traditional and modern influences. Football (soccer) is the most popular sport in the country, with a passionate fan base and a strong presence in both urban and rural areas. The Vietnamese national football team, known as the Golden Dragons, has garnered significant support and competes in international tournaments.

Besides football, martial arts hold a significant place in Vietnamese culture. Traditional martial arts such as Vovinam and Bình Định are practiced and celebrated for their historical and self-defense value. These martial arts have also gained recognition on the international stage.

Badminton, volleyball, and table tennis are among the other popular sports in Vietnam, with participation extending from recreational to competitive levels. Water sports such as swimming and rowing also enjoy popularity due to the country's extensive coastline and numerous rivers.

Vietnam has been making strides in the international sports arena, participating in the Olympic Games and other major international competitions. The country's athletes have achieved notable success in events like weightlifting, shooting, and gymnastics.

In recent years, there has been increased emphasis on developing sports infrastructure, encouraging grassroots participation, and promoting a healthy lifestyle among the population. Sporting events and competitions, both local and international, contribute to the vibrant sports culture of Vietnam.

Overall, sports in Vietnam reflect a blend of tradition and modernity, showcasing the nation's athletic talent, cultural heritage, and commitment to promoting physical well-being among its people.

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EMPLOYEMENT

Employment in Vietnam is a complex and evolving landscape influenced by factors such as economic growth, urbanization, education, and technological advancement. The country has experienced significant improvements in employment opportunities and labor market conditions in recent years.

Vietnam's labor force is characterized by a youthful population, with a large proportion of young adults entering the workforce. The majority of employment is in the informal sector, including agriculture, small businesses, and family-owned enterprises. However, the formal sector, comprising manufacturing, services, and technology, has been expanding rapidly.

The manufacturing sector, fueled by foreign direct investment and export-oriented production, has generated a considerable number of jobs, particularly in industries such as electronics, textiles, and footwear. Vietnam's participation in international trade agreements has further boosted employment opportunities by facilitating market access and foreign investment.

The services sector, including retail, tourism, and finance, has also seen growth and contributed to employment opportunities, especially in urban areas.

Despite these positive developments, challenges remain. Informal and low-skilled jobs are still prevalent, and underemployment remains an issue for certain segments of the population. There is a growing emphasis on improving vocational training and education to bridge the skills gap and enhance employability.

The government has implemented policies to support job creation, skill development, and workforce mobility. Initiatives such as vocational training programs, labor market information systems, and efforts to promote entrepreneurship contribute to a more robust employment environment.

In recent years, the rise of the digital economy and tech startups has introduced new avenues for employment, particularly for young professionals with tech-related skills.

Overall, employment in Vietnam is marked by a dynamic interplay of traditional sectors, industrial growth, and efforts to address challenges through education and policy initiatives, with the aim of providing meaningful and sustainable job opportunities for its workforce.

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TRANSPORTS

Transportation in Vietnam has undergone significant improvements and changes in recent years, reflecting the country's rapid economic growth and urbanization. The transportation system in Vietnam is diverse, encompassing various modes of travel and connectivity options.

Road transportation is the primary mode of travel, with a network of highways, roads, and streets connecting cities, towns, and rural areas. Motorbikes are a ubiquitous form of personal transportation, particularly in urban centers, providing a cost-effective and efficient way for people to navigate through traffic.

Railway infrastructure has also seen modernization and expansion, with both passenger and freight services connecting major cities and regions. The Reunification Express, a scenic railway route, offers travelers the opportunity to experience the country's landscapes and culture.

Waterways, including rivers and coastal areas, have traditionally been essential for transportation and trade. While maritime transportation remains important for cargo and goods movement, tourism and leisure cruises along the Mekong Delta and Halong Bay are popular attractions.

Air travel has experienced rapid growth, with modern airports and expanded flight networks connecting major cities domestically and internationally. The availability of affordable flights has made air travel an increasingly popular option for both business and leisure travelers.

Vietnam's transportation sector has benefited from government investment and development initiatives, resulting in improved infrastructure and connectivity. However, challenges such as traffic congestion, road safety, and environmental concerns continue to be addressed through various policies and initiatives.

In recent years, ride-sharing and food delivery services have become integral parts of urban transportation, providing convenient options for locals and visitors alike.

Overall, transportation in Vietnam reflects a dynamic blend of traditional and modern modes, with ongoing efforts to enhance infrastructure, connectivity, and sustainability to accommodate the country's growing mobility needs.

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SECURITY & SAFETY

Security and safety in Vietnam have improved over the years, reflecting the country's commitment to ensuring the well-being of its residents and visitors. While Vietnam is generally considered safe for travelers, it's important to be aware of certain considerations and take precautions.

Crime rates in Vietnam are relatively low compared to many other countries, and violent crime is rare. Petty crimes such as pickpocketing and scams targeting tourists can occur, especially in crowded tourist areas. Travelers are advised to remain vigilant, keep an eye on their belongings, and be cautious when sharing personal information or engaging in transactions.

Road safety can be a concern, particularly in urban areas where traffic can be chaotic and traffic rules are not always strictly followed. Travelers should exercise caution when crossing streets and consider using reputable transportation options.

In terms of health and hygiene, Vietnam has made significant strides in improving healthcare facilities and standards. It's recommended for travelers to ensure they are up to date with routine vaccinations and consider vaccinations for diseases such as typhoid and hepatitis A. Drinking bottled or boiled water and practicing good hygiene can help prevent food and waterborne illnesses.

Natural disasters, such as typhoons and flooding, can occur in certain regions of Vietnam, particularly during the rainy season. Travelers are advised to stay informed about weather conditions and follow local authorities' instructions in the event of severe weather.

Overall, while Vietnam is relatively safe for travelers, it's important to stay informed, exercise common sense, and be aware of your surroundings to ensure a safe and enjoyable experience. Consulting travel advisories and guidelines from reputable sources before and during your trip can help you make informed decisions and stay safe.

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BANKING

Banking in Vietnam has undergone significant reforms and modernization in recent years, reflecting the country's economic growth and integration into the global financial system. The banking sector in Vietnam plays a crucial role in facilitating financial transactions, supporting business activities, and promoting economic development.

Key aspects of banking in Vietnam include:

  • Banking System: Vietnam's banking system consists of various types of banks, including state-owned commercial banks, joint-stock banks, foreign banks, and branches of foreign banks. The State Bank of Vietnam (SBV) serves as the country's central bank and regulates and supervises the banking sector.

  • Services and Products: Vietnamese banks offer a range of financial services and products, including savings accounts, checking accounts, loans, credit cards, and remittance services. Digital banking and online transactions have become increasingly popular, with many banks offering mobile banking apps and online platforms for convenience.

  • Foreign Investment: The banking sector has seen increased participation from foreign banks and financial institutions, contributing to competition, innovation, and improved services. Foreign banks offer a wider range of financial products and services, catering to both individuals and businesses.

  • Payment Systems: The adoption of modern payment systems, including electronic funds transfers, mobile payments, and digital wallets, has gained momentum in Vietnam. These systems offer convenient and secure ways for individuals and businesses to manage their finances and conduct transactions.

  • Financial Inclusion: The government has taken steps to promote financial inclusion and improve access to banking services, particularly in rural and remote areas. Initiatives such as mobile banking vans and simplified account opening procedures aim to bring banking services to a wider population.

  • Regulatory Framework: The SBV oversees the banking sector's regulatory framework, including prudential regulations, capital requirements, and risk management standards. The goal is to ensure the stability and integrity of the financial system.

  • Challenges and Reforms: Despite progress, challenges such as non-performing loans, governance issues, and potential exposure to financial risks remain. The government continues to implement reforms to enhance transparency, governance, and risk management practices within the banking sector.

Overall, banking in Vietnam has evolved to meet the demands of a growing economy and changing consumer behaviors. The sector continues to adapt to new technologies, regulations, and market trends, contributing to Vietnam's economic development and financial integration on the global stage.

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INSURANCE

Insurance in Vietnam has gained prominence as the country's economy grows and individuals and businesses seek to manage risks and protect their assets. The insurance industry in Vietnam has undergone significant development and modernization in recent years, reflecting increased awareness of the importance of insurance coverage.

Key aspects of insurance in Vietnam include:

Types of Insurance: The insurance market in Vietnam offers a wide range of insurance products, including life insurance, health insurance, property insurance, motor vehicle insurance, and liability insurance. These products provide coverage against various risks, ensuring financial protection for policyholders.

Market Players: The insurance industry in Vietnam comprises both domestic and foreign insurance companies. Several international insurance companies have established a presence in the country, contributing to competition, product innovation, and improved service quality.

Regulatory Oversight: The Ministry of Finance and the Insurance Supervisory Authority (ISA) regulate and oversee the insurance industry in Vietnam. The government has implemented measures to enhance the regulatory framework, promote transparency, and protect the interests of policyholders.

Increasing Awareness: As the understanding of insurance benefits grows, more individuals and businesses are recognizing the value of insurance coverage. Insurance education campaigns and initiatives have contributed to raising awareness about risk management and financial security.

Penetration and Growth: While the insurance industry in Vietnam is expanding, insurance penetration and coverage levels are still relatively low compared to more developed markets. However, the growing middle class, urbanization, and rising disposable income are driving increased demand for insurance products.

Digital Transformation: The adoption of digital technology has played a role in transforming the insurance industry. Online platforms and mobile apps provide convenient ways for individuals to compare policies, purchase coverage, and manage their insurance portfolios.

Challenges and Opportunities: The insurance sector in Vietnam faces challenges such as limited product awareness, fraud, and the need for more sophisticated risk assessment. However, these challenges also present opportunities for insurers to innovate, develop tailored solutions, and expand their customer base.

Overall, the insurance industry in Vietnam is evolving to meet the evolving needs of individuals and businesses seeking protection against various risks. As the market continues to mature, insurance plays a vital role in enhancing financial security and contributing to the overall stability of the country's economy.

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SOCIAL - BEHAVIOUR - MINDSET

Social behavior in Vietnam is influenced by a rich cultural heritage, traditional values, and modern dynamics. The Vietnamese people are known for their warmth, hospitality, and strong sense of community, which shape their interactions and relationships.

Key aspects of social behavior in Vietnam include:

  • Respect for Elders: Respect for elders is a fundamental value in Vietnamese culture. Younger generations show deference to their elders through gestures, language, and customs, reflecting the importance of family and tradition.

  • Group Harmony: Vietnamese society places a strong emphasis on maintaining harmony within social groups. Individuals often prioritize group interests over personal desires and strive to avoid confrontation or disagreement.

  • Etiquette and Politeness: Politeness and proper etiquette are highly regarded. Greeting others with a bow, using honorifics, and expressing gratitude are common practices that reflect respect and consideration.

  • Face and Saving Face: "Face" or maintaining one's social reputation is vital in Vietnamese culture. People avoid actions that could cause loss of face for themselves or others. Diplomacy and tact are used to address sensitive issues.

  • Gift-Giving: Giving and receiving gifts is a common social practice, especially during festivals, holidays, and special occasions. Gifts symbolize goodwill, and the act of giving reflects a sense of generosity and thoughtfulness.

  • Dining Etiquette: Sharing meals is a central social activity in Vietnam. Dining etiquette involves using chopsticks correctly, offering food to others, and showing appreciation for the host's hospitality.

  • Modesty: Modesty in behavior and appearance is valued in Vietnamese society. Modest dress and humility in conversation are seen as signs of propriety and respect for others.

  • Non-Verbal Communication: Non-verbal cues, such as facial expressions, gestures, and eye contact, play a significant role in communication. Reading and understanding these cues is essential for effective interaction.

  • Strong Work Ethic: Hard work, diligence, and dedication to one's profession are admired traits. A strong work ethic is often associated with success and contributing to the well-being of the family.

  • Changing Dynamics: Modernization, urbanization, and exposure to global influences have led to evolving social behavior in Vietnam. Younger generations may adopt more individualistic attitudes while still respecting traditional values.

Overall, social behavior in Vietnam reflects a blend of tradition, cultural values, and evolving dynamics. The strong sense of community, respect for elders, and emphasis on harmony continue to shape the interactions and relationships of the Vietnamese people.

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VISA - IMMIGRATION

Visa and immigration policies in Vietnam are essential considerations for travelers and individuals planning to live or work in the country. Vietnam has established guidelines and procedures to facilitate entry, residence, and employment for foreign nationals.

 

Key aspects of visa and immigration in Vietnam include:

  • Visa Types: Vietnam offers various types of visas, including tourist visas, business visas, work visas, and diplomatic visas. The type of visa required depends on the purpose of travel and the duration of stay.

  • Visa Exemptions: Citizens of certain countries are eligible for visa exemptions for specific durations of stay. These exemptions allow travelers to enter Vietnam without a visa for a limited period, typically ranging from 14 to 90 days, depending on the nationality.

  • Visa-on-Arrival: The visa-on-arrival (VOA) option is available for travelers arriving at certain international airports in Vietnam. This allows visitors to obtain a visa upon arrival by pre-arranging the necessary documentation through a travel agency or online platform.

  • Work Permits: Foreigners planning to work in Vietnam need to obtain a work permit before employment. Employers are typically responsible for applying for work permits on behalf of their foreign employees.

  • Residence Cards: Long-term residents, such as foreign workers, investors, and their family members, may be eligible to apply for residence cards. These cards provide legal permission for extended stays and may have varying validity periods.

  • Visa Extension and Renewal: Visitors already in Vietnam can apply for visa extensions or renewals through the local immigration authorities. Extension options vary based on visa type and intended duration of stay.

  • Documentation: Common documents required for visa applications include a valid passport, completed application forms, passport-sized photos, and supporting documents depending on the visa category.

  • Entry and Exit Procedures: Travelers are required to go through immigration and customs procedures upon entry and exit. It's important to follow the rules and regulations and declare any items or goods as required.

  • Changing Regulations: Visa and immigration policies in Vietnam can change over time due to government regulations and agreements. Travelers should stay updated on the latest requirements and procedures before planning their trip.

  • Professional Assistance: Many travelers and expatriates find it helpful to seek advice from local embassies, consulates, or immigration agencies to ensure accurate and up-to-date information regarding visa and immigration processes.

 

Overall, understanding visa and immigration procedures is crucial for a smooth and lawful entry and stay in Vietnam. It's advisable to research and prepare in advance, especially for long-term stays or work arrangements, to ensure compliance with Vietnamese regulations.

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WHAT POEPLE LOVE ABOUT VIETNAM

People are drawn to Vietnam for its captivating blend of culture, natural beauty, and vibrant energy. Some of the aspects that people love about Vietnam include:

  • Scenic Landscapes: Vietnam boasts stunning landscapes, from the iconic terraced rice fields in the north to the picturesque coastline along the South China Sea. The breathtaking beauty of places like Halong Bay, Sapa, and Da Nang's Marble Mountains captivates visitors.

  • Rich Culture and History: Vietnam's long and intricate history is reflected in its ancient temples, historic sites, and traditional architecture. Visitors appreciate the opportunity to explore the country's past through landmarks like the ancient town of Hoi An and the Imperial Citadel in Hue.

  • Delectable Cuisine: Vietnamese cuisine is celebrated worldwide for its fresh ingredients, bold flavors, and diverse dishes. From the iconic pho and banh mi to regional specialties like cao lau and bun bo Hue, the food culture in Vietnam i