economic crisis tourism industry
economic crisis tourism industry
Is Vietnam the new economic hotspot?
Many experts have articulated that Vietnam is the new economic hotspot and has the potential economic growth and development China once had. Vietnam has a population of over 86 million, making it the 13th most populous country in the world; at the current growth rate it may soon reach the top 10 spot. Vietnam is a young country with an outstanding 65% of its population under the age of 30. Traditionally a rural agrarian society, the race is on for the move to the cities, like Thailand and Malaysia before it. Vietnam has an annual GDP (nominal) per person of only $1,000, similar GDP that made China & India the world number one place for labour and outsourcing. Despite economic instability Vietnam still manages to maintain high consistent economic growth.
Vietnam has its fair shares of people in rural areas as to educated urban/city areas. This gives the best of both worlds; business labouring and industrial establishment will be beneficial aswell as quality service outsourcing and other tertiary sector businesses. They have greater population, economic growth, and more competitive GDP per capita than rival neighbours, this is the imitating competitive edge China had that made them one of the most powerful country on earth.
Vietnam jumps to first place in the 2008 annual Global Retail Development Index (GRDI), kicking India out of its 3 year top spot as the number one destination for retail investment. The progress was driven by strong GDP growth, changes to the country’s regulatory structure favouring foreign investors and increasing consumer demand for modern retail concepts. Vietnamese consumers are among the youngest in Asia, with 79 million below the age of 65 and consumer spending has increased by more than 75% between 2000 – 2007.
Regardless of the global economic crisis, Vietnam still manages to pull themselves together and implement major development plans. Vietnam is currently building their biggest highway project (US$1.5 – $2bn), the 105 km Haiphong – Hanoi Highway is of international standards and the first ever highway in Vietnam designed without residential houses on both sides. The highway is an important route to link all the cities and provinces in the Northern Key Economic Region that helps facilitate implementation of the strategic project named as “Two corridors, one economic belt” in Vietnam – China economic cooperation (according to www.haiphong.gov.vn).
Vietnamese Prime Minister Nguyen Tan Dung appointed the state-owned Vietnam Infrastructure Development and Financial Investment Joint Stock Company (VIDIFI) to construct the nation’s highway and raise financing for it aswell as other coordinative projects along the highway. The coordinative projects consists of many major development plans such as science parks, industrial zones, new town/urban area and the Cat Hai Island industrial service trade complex located in Cat Hai island with an incredible area of 2,800ha. The estimated value of all coordinative projects is over US$4 billion. All projects lies within Vietnam’s prime locations. (www.vidifi.vn/english)
This is not where it stops, Vietnam continues to pursue further economic activities. VIDIFI is working on additional projects unrelated to the highway, projects including urban zones, tourism, office buildings, villages, and high class condominiums projects in Hanoi, Ho Chi Minh City and Dong Nai province. The projects will add a supplementary multibillion dollar injection to the economy. VIDIFI is currently working with British-Vietnamese entrepreneur Viet Anh Pham to encourage investments towards the projects. Mr Pham is the owner of Pham Industries and is currently managing up to US$6 billion of investments related to the proposed business plan. More information regarding the investment projects can be answered at www.vietanhpham.com, this is the direct communication access to Mr Pham in the interest of the projects.
All these progress and plans for growth could only lead to the obvious question “is Vietnam the new economic hotspot?” “Will it be the investor’s paradise?” Or is it just a temporary rocket blast that would eventual hit the ground? These are inevitable questions that needs to asked by investors and concerned parties, as for the answer only time will tell.
About the Author
L. Fisher: British journalist/reporter focused in research of business conduct, individuals and economic concerns.
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