Capital : Hanoi
Population : 97.34 Million
Language : Vietnamese ( Official ), English , Chinese , French , Khmer
Industries : Food processing , garments , shoes , machine-building ; mining , coal , steel ; cement , chemical fertilizer , glass , tires , oil , mobile phones
GDP ( US $ billion ): 271.2
Natural Resources : Phosphates , coal , manganese , rare earth elements , bauxite , chromate , timber , hydropower
Major Exports : Clothes , shoes , electronics , seafood , crude oil , rice , coffee , wooden products , machinery
Major Imports : Machinery and equipment , petroleum products , steel products , raw materials for clothing and shoe industries electronics , plastics , automobiles
Contact the British Chamber of Vietnam :
British Chamber of Commerce Vietnam Tel : + 84 ( 28 ) 3829 8430 Web : britchamvn . com
Vietnam offers many exciting opportunities for businesses . There is a large , young population and an expanding middle class . The economy is growing quickly . Vietnam achieved 2.8 % growth in 2020 , following 7 % in 2019 ( World Bank , 2021 ) and is on track to bounce back strongly in 2021 . Proactive government reform is helping to open the market to international business .
Growing demand for UK goods and services
There is growing appetite for UK goods and services . Total trade between the UK and Vietnam tripled in value from 2010 to 2019 , standing at £ 4.8 billion for 2020 ( ONS , 2021 ). Major UK exports to Vietnam include pharmaceuticals , machinery and equipment . Emerging sectors , including renewable energy and technology , present opportunities to UK businesses .
Increasing openness to trade
Vietnam ’ s trade has almost quadrupled over the last decade . The country has an extensive network of trade agreements with 15 signed Free Trade Agreements ( FTAs ), including the UK-Vietnam FTA which came into effect in January 2021 .
It ’ s important to develop personal relationships to do business in Vietnam . You should have a local representative for direct exports . There are also some cultural differences to be aware of . For example , smiles and nods do not mean ‘ yes ’ to your proposal .
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