South East Asia is booming. Under the flag ASEAN (Association of Southeast Asian Nations), these promising, emerging markets are celebrating their 50 years of focusing on digital economies. Different language, money and culture, but "One Vision, One Identity, One Community" united for growth. Vietnam is the place to enter this region.
Vietnam is becoming the New China. As wages in China are rising and government policies are bidding on all foreign businesses, the low-cost production has moved to South Asia. Vietnam is one of the most important manufacturing bases and electronics exporters. The middle class is growing, private investors are investing and little by little public services and infrastructure should be evolving positively.
Local market opportunity, highlighted by the stirring Ho Chi Minh city. The young population recognised as qualified in sciences is a huge asset for today’s digitalized global economy. The great quality of life attracts returning expats and foreigners. The digital native base of consumers is growing.
In conclusion, South East Asia is building its own ecosystem with local young and talented resources, and more and more people are reaching the middle class. This area is becoming a well-chosen target for western and eastern companies. With a strategic geographical position and unique asset, Vietnam is a place of choice.
Figure 1 - ASEAN members country (Wikimedia commons)
South East Asia is gathering approximately 700 million of people, and over half of ASEAN population is under 30 years old. Singapore, Malaysia, Thailand and Vietnam are massively investing in digital economy and the first results could be already noticed.
Vietnam has a young and booming middle class part of 93.4 million of people. Economic growth is fast and transformation is astonishing.
Even if the infrastructures are still far away from our western standards, the really strong education in science and hard working population is changing this statement. The increasing number of returning expats (4 to 5 million people are living aboard) and foreign investments are a huge asset for Vietnam.
This country is centrally located in SEA and nurtures strong partnerships with USA, France and Germany.
As we have seen in China, the population is mobile first/only but the smartphone impact is higher.
If Vietnam cracks the code of moving from a manufacturing industry to a service one with professional and qualified resources, it will be a key country to create both value (production centre) and distribute it (consummation base).
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About DRIVE agency
Created in 2017, DRIVE is a digital performance agency providing clients with a data-driven marketing strategy, powered by skilled talents, reliable data and scalable technology system. Certified on major analytics and conversion solutions such as Google Analytics, AT Internet and Adobe Analytics, we combine our expertise to meet your business expectations. With experience in both brand and agency matters and working within international environments for more than ten years, we can accompany you in facing your challenges.