Economic reforms have dramatically transformed Vietnam from one of the world's poorest countries 25 years ago, to a lower middle-income country today. The country has had an average annual GDP growth rate of 6.9% since 1990 and continues to rank as one of the fastest growing Asian economies. The World Bank estimates that Vietnam, with the right economic reforms and macroeconomic variables, will see its average income more than double to USD 7,000 in 15 years.
The country is at a turning point of reform and development. For foreign investors and enterprises, significant opportunities await, such as the recent conclusion of a Free Trade Agreement between Hong Kong and ASEAN, the latest development of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the country's strategic supply-chain location, and China's Belt & Road Initiative. However, tough challenges remain, such as the country's weak private property and environmental protections and lack of governmental transparency.
AmCham has had ongoing constructive dialogue with relevant government officials and agencies concerning Vietnam's economic development. In 2013, AmCham led a high-level delegation to Hanoi and Ho Chi Minh City and met with senior government officials on issues on economic restructuring, Trans-Pacific Partnership (TPP), infrastructure developments and other industry-specific topics including labor and sustainability.
THE 2018 DELEGATION
Five years later, AmCham is planning a delegation to Vietnam to obtain the latest on investment environment and opportunities, as well as to look into specific trade policies:
Ho Chi Minh City