Amazing Vietnam now being praised by its resident expats

Amazing Vietnam now being praised by its resident expats

Amazing Vietnam now being praised by its resident expats

Expats living and working in Vietnam are praising the country’s success in controlling the coronavirus pandemic.

Given the devastating effect on the world economy caused by the pandemic, it’s no surprise that Vietnam’s speedy recovery including zero deaths is causing pundits to project an economic revival way ahead of those in the rest of Southeast Asia. As a result, foreign investment is expected to flood into the country whilst other neighbouring states are still struggling with infection and lockdowns. The country is now promoting itself as a safe destination for manufacturers looking to move their supply chains from China.

One Vietnamese manufacturer of ready-to-go factories told local media the concept is popular with Korean and Japanese investors, adding he expects a post-pandemic demand from investors from Western nations looking to make up for lost time. International relocation advisers are already noting increased confidence in the country by major foreign investors, adding the government will be happy to help manufacturers looking to secure new production premises.

Even before the pandemic began, Vietnam was the success story in Southeast Asia, raging ahead of its neighbouring states in attracting China-based companies escaping from the US/China trade wars and rising labour costs. In addition, the new EU/Vietnam Free Trade Agreement is now encouraging Western investment. Obviously, revenue from tourism has been affected by the pandemic, but the increasing numbers of incoming expats now moving to the country from other SEA states are picking up at least some of the slack for smaller businesses.

Amazingly, Vietnam is projecting its annual GDP growth for this year at above five per cent – an unheard of prediction in a global economy threatened by a deep recession. However, whilst expatriate professionals across SEA and the rest of the world are rushing back to the home country, those established in Vietnam are more than happy to stay exactly where they are and contribute to this amazing country’s continued success in the very near future.

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