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January 02 2018


Business and Market Review on Vietnam

A lot of the Vietnamese population live in the rural areas nevertheless the proportion with the urban human population is gradually increasing from 19.7% in 1990 to 26.0% in 2004. Vietnam's largest city is Ho Chi Minh City (population 5.0 million) and Hanoi (population of 3.5 million) then Nai, Haiphong and Dac Lac.
Household income in Ho Chi Minh City is practically 3 x the nation's average - the location is the reason nearly half of all motorbikes in Vietnam. An estimated 20% of people live beneath the poverty level and mainly from rural households. 10%-15% from the households are middle to high-income households while 65%-70% are lower-income households.
INFRASTRUCTURE. Vietnam's telecommunication systems lag behind many neighbouring countries in the region and therefore government puts great concentrate on its modernisation. Digital exchanges now connected to Hanoi, Da Nang, and Ho Chi Minh City and main lines have increased whilst the utilization of mobile telephones continues to grow. The country's road system stretches in the northern to southern tip of Vietnam. Northern and southern Vietnam are using two air-ports and two main sea ports serving international shipping.

INTERNATIONAL TRADE. Vietnam's major trading partners will be the US, Japan, China, Australia, Germany, Singapore, Taiwan, Thailand and South Korea. Major exports include oil, seafood, rice, coffee, cashew nuts, rubber, tea, garments and shoes. Major imports include machineries and equipments, petroleum products, fertilisers, steel products, cotton, grains, cement and motorcycles.
CONSUMER Use of TECHNOLOGY. There have been nearly 10.2million telephones placed in Vietnam and nearly 5.0 million cellphone subscribers in 2004. The federal government is putting considerable efforts to modernise and enhance the country's telecommunication system however lags when compared with Singapore, Thailand and Malaysia. Computer penetration is low; estimates consist of 2% to 4% of the population in 2004 with an estimated 5.8 million internet users. The penetration of television is simply 20% and concentrated to homes inside the towns and cities. Similarly, installation of refrigerators is concentrated in the cities where 60% with the homes have refrigerators.
RETAIL MARKET. Retail sales in Vietnam grew by 8%-12% annually from 2000 to 2004 caused by increasing disposable income due to the country's strong economic growth. Vietnamese consumers spend two-thirds of these income on retail purchases amounting to US$16.3 billion in 2004. Traditional wet markets and also the "mom and pop" shops dominate the retail industry comprising 95% with the total retail trade. A number of these retail shops measure only five square metres (54 feet square). Modern stores are restricted but gradually emerging in the nation and customarily locally owned businesses concentrated in Ho Chi Minh City and Hanoi.
FOOD CULTURE. Rice and noodles include the staple food from the Vietnamese but taste preference differs by region. Foods in central Vietnam are spicier while foods in southern and northern Vietnam are less spicy as they are saltier. The Vietnamese often dip their foods with chilli, garlic or fish sauce to add flavour. French colonialists introduced European style bread and bakeries to the Vietnamese food culture. Western style fast food service establishments start to emerge alongside the traditional snack bars, cake shops and mobile food carts.
To learn more about vietnamese data resource: learn here.

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