WHY VIETNAM?

The Bilateral Free Trade Agreement (BTA) between the United States and Vietnam provides a new opportunity for US businesses to capitalize on Vietnam’s low cost, high quality goods and its growing consumer markets.  The BTA has been approved by Congress and signed by President Bush.  It took effect on January 1, 2002.  This Agreement provides Most Favored Nation (MFN) status to Vietnam, thus dramatically reducing tariffs on Vietnamese goods.  It also offers incentive to American exporters through reductions in Vietnamese tariffs and gradual privatization of state owned industries. 

Vietnam offers a stable government; religious tolerance; abundant natural resources; a large, highly motivated and skilled workforce; low business start-up costs; and some of the lowest labor and business operating costs in the world.  Vietnam has embarked on an ambitious program of renewal, doi moi, to enable the country to continue aggressive economic growth, improve stability, and attract foreign business.  Vietnam is positioning itself to be the next Asian "Tiger."   

In a recent seminar in Ho Chi Minh City, an Asian Trade Advisory Service reported that Vietnam is playing an increasingly important role among Asian manufacturers and exporters.  Vietnam’s private and state owned manufacturing facilities employ state of the art technology combined with high quality, low cost labor and extremely low start up costs.  Vietnam has become the new target for progressive foreign enterprises looking to reduce manufacturing costs while maintaining quality, and for rapid return on investment. Now is the time to enter this emerging market. Vietnam offers an attractive opportunity for US private and corporate investment, with long-term profit potential as Vietnam fully enters the world market and increases its exports.  

With an economic growth curve that rivals any other Southeast Asian country, Vietnam is an excellent market for the introduction of US goods and services.  The buying power of the people of Vietnam is growing rapidly and US products are increasingly in demand.   

Vietnam is truely an “Emerging Market”, which translates into real and growing opportunities for businesses that are aware and prepared.  Over the past 3 years, GLC and its Associates in Vietnam have analyzed Vietnam’s Suppliers as they apply to the US market.  We can readily apply this knowledge to your sourcing needs.