Being among the fastest growing Asian economies combined with a population of 97 million – more than half of which are of working age are two key factors that make Vietnam a potential target market by many companies around the world. There are many other reasons why you should not miss this potential market. Find out in today's article.
The population is growing continuously
As of July 7, the population of Vietnam has reached 2019 million people. According to research by the United Nations Population Division, Vietnam's population will continue to grow and peak at 97 million people in 115,69.
In other words, Vietnam's economy has a lot of opportunities for development. This market can generate millions of potential customers, especially in the agribusiness, tourism, energy and e-commerce industries.
A huge human resource
About 70% of Vietnam's population is of working age (from 15 to 64 years old). The numbers speak for themselves, the Vietnamese market can create a huge labor force for the economy. Moreover, with low wages and increasingly skilled human resources, the Vietnamese market has become a potential destination for more and more foreign apparel brands. Samsung, Toyota or Nike to name a few who have taken advantage of the Vietnamese workforce to achieve cost-effective development
Language barrier – English proficiency of Vietnamese people
According to the EF English Proficiency Index (EF EPI), Vietnam ranks 41st out of 88 countries surveyed. With 53,12 points, Vietnam is classified in the group of Moderate English proficiency. So even if your documents are in English - the most common foreign language used in Vietnam, you are still missing out on a large number of potential customers in Vietnam.
Recently, Vietnamese people are paying more attention to learning English as well as other foreign languages. But to make sure your business documents or marketing campaigns perform at their best, translating your business documents into Vietnamese is highly recommended.
Stable politics and favorable legal system
Vietnam is one of the most politically stable countries in Southeast Asia. The country is ruled by the Communist Party of Vietnam, who does not welcome both internal and external dissent. Political stability is a huge advantage of the Vietnamese market, attracting many businesses. foreign industry. Besides, the Vietnamese government encourages foreign investment by imposing taxes and other preferential strategies.
The explosion of the Internet and e-commerce
In 2020, it is predicted that more than 59 million Vietnamese people will access the Internet. This would account for more than 60% of the country's population. The number of Internet users is expected to reach 75,7 million by 2023. This continued upward trend presents great opportunities for foreign brands, especially games, apps and e-commerce. death.
Moreover, according to Google and Temasek, the e-commerce industry in Vietnam is growing at a fast rate, ranking second in Southeast Asia. The industry has 3,2 million annual online shoppers, generating $6,2 billion in 2017. This number is forecast to reach $10 billion by 2021.
In short, the Vietnamese e-commerce industry is an efficient market for any foreign company. But there's a big problem. Vietnamese consumers are likely to purchase products at websites that speak their native language and ignore products in foreign languages. To capture this market, companies have no choice but to translate and localize their online presence into Vietnamese.
Is one translation company and localization based in Vietnam, Idichthuat know where to find the best Vietnamese translators at competitive prices to give you the best Vietnamese translations suitable for Vietnamese readers. Contact us for a free quote now!
Through the article Why You Should Need Professional Vietnamese Content Localization Service So, have you figured out why you need to choose a service to localize content into Vietnamese? Need questions and answers contact Idichthuat for advice and sharing.