Vietnam is growing rapidly with an estimated population of about 90 million. The majority of them are under 30 years old. The country has a promising growing economy with ongoing reforms in technology, manufacturing, exporting, and the creation of major infrastructure. The governments is making it a favorable place for investors to do business in the country.
Another reason to invest in Vietnam is the country has rich untapped natural resources, a big market for their goods, strategic geo-location, political and economic stability, and open to trade, peace, and reliable labor force.
- Invest in Vietnamese currency
The Vietnamese dong is among the best long-term investment currency to invest in. The country’s economy is expected to grow rapidly making the currency stronger than before. It’s still relatively cheap to buy the dong with United State dollars.
Investors are encouraged to buy large amount of Vietnam dong with the US dollar now they are relatively cheap and sell them tomorrow once the currency has increased. Many Vietnam economists expect the economy to experience an “economic miracle.”
Before buying the dong, investors are encouraged to use the Vietnam currency app converter to get the correct currency rate. Both the dollar and the dong keep on changing constantly due to economic and political changes. It’s advisable to be up to date with the current news about currency in cash blogs, podcast, financial journals, and forum. It’s good to be on the lookout to know when it’s expected to be raised.
- Renewable energy source
The majority of Vietnam’s current electricity sources are hydro-power, gas turbines, and coal. As the population continues to grow, there is an issue to meet all of the demands. By 2030, the government of Vietnam is planning to triple the number of renewable energy sources.
Vietnam has among the best geographic and climatic conditions to favor renewable energy source like wind and solar. They have an annual rate of sunshine; 1,800 – 2,400 hours per year. This is among the highest in the world. With an annual wind speed rate ranging between 5.2-7.5 ms, they work very with the modern wind turbine in the market.
Mostly, the coastal region and the mountain areas experience high wind rates making it suitable for setting up the wind turbine projects. The southern region is relatively flat and experiences high sunshine level thus making it suitable to set up solar panels.
The government is encouraging foreign investment in the country. Due to the diverse change in the energy sector, one is encouraged to partner with the local people, thus making it easy to rip more from the business venture.
- Luxury hotels
The tourism sector in Vietnam is growing really fast. In 2016, the government collected $9 billion dollars in revenue and it’s expected to double very quickly. The majority of the luxury hotels, especially those rating 4 stars, are a great investment opportunity as it’s mostly untapped.
Foreign investors are encouraging to join with the local people so as to make it easy to tap into the market; the local and the investor in an agreement to add an international operator that manages and control the assets involved.
- Financial service
The majority of the Vietnam banking and financial sector is not well tapped leaving a huge market opportunity. Retail banking, technology payment service and wealth management service are the most recommended.
Banks/financial institutions should invest more in there technology so as to support the growing demand of e- payment platform. Almost half of the population has access to mobile phones thus making a good platform to create a cashless community.
Other favorable businesses include textile production, construction industry, cosmetics, and agricultural productions.
Since Vietnam government has changed and softened some of its laws, it has made it favorable for many investors to enter their market. The open economy has made it appealing for many investors and it has not disappointed with great returns. Most of the companies like Samsung, Shell, and Sony have enjoyed the growing domestic demand, inexpensive labor, low cost of doing business, and promising potential.