越南市场投资指南

Investment Environment - Vietnam implements a negative list system for foreign investment, with 25 prohibited industries and 59 restricted industries, primarily related to national security and services like education and entertainment[3] - Foreign investment methods include direct investment, indirect investment, and mergers & acquisitions, with significant opportunities in sectors like banking, aviation, and telecommunications[3] - Vietnam offers advantages such as political stability, rapid economic growth, tax incentives, and a strategic geographic location with multiple ports[3] - Challenges include macroeconomic instability, low labor quality (only 20% of workers have good education or training), and reliance on imported machinery and raw materials[3] Labor Market - Vietnam's labor costs are among the lowest globally, higher only than Mexico and India, with average salaries for production workers at $5,000 annually[5] - Vietnam's population growth rate is comparable to China's in 2001, but its aging population is similar to China's in 2012, with 65+ age group accounting for 20% of the population[6] - The labor participation rate in Vietnam is declining, currently at 75%, similar to China's level in 2006[9] Export and Industry - Vietnam's export-to-GDP ratio reached 90% in 2022, driven by strong performance in manufacturing and construction sectors[11] - Machinery and equipment exports have grown significantly since 2005, now accounting for 40% of total exports, while textiles and agriculture have declined[13] - The U.S. and China remain Vietnam's largest export markets, with the U.S. accounting for 30% of exports in 2021[14] Stock Market - Vietnam's stock market capitalization has grown rapidly, reaching 120% of GDP in 2020, similar to China's level in 2007[18] - The top 30 companies account for over 60% of the total market capitalization, with financial and real estate sectors dominating[18] - Foreign investors play a significant role, with foreign holdings showing a strong correlation with the Ho Chi Minh Index performance[27] Risks - Global geopolitical changes and U.S. inflation could significantly impact Vietnam's market stability[41] - Domestic economic recovery may be hindered by weak consumer demand and unstable real estate markets[41]