One of today's hottest markets for companies looking for new business expansion is Vietnam, either for their own direct in-country operations or as a key offshore sourcing center for technical talent and services.
The website, If It Were My Home, provides an interesting perspective comparing basic living standards of a person in Vietnam to a person living in the United States.
From the site:
If Vietnam were your home instead of The United States you would...
Vietnam is close to the geographic size of New Mexico for overall land mass.
There are approximately 95 million people.
Life expectancy for men is 71.3 years, for women it is 80.7 years. That is quite a difference.
45% of the population is 25 to 54 years old.
The median age is 30.1.
The leading ethnic group is Viet: 85.7%
The literacy rate is about 95%.
Languages of Vietnam
Vietnamese is the official language of Vietnam.
English is growing in influence and now serves as a leading second language.
Rice is the leading food staple and eaten by most people in Vietnam three times a day.
Marriage is a cultural norm, which usually takes place in late teens or early 20’s.
It is common for one’s home to have two to three generations of a family living together.
There are six official religions the government recognizes: Buddhism, Catholicism, Protestantism, Islam, Cao Dai and Hoa Hao, the last two are indigenous religions.
High income households have doubled in the last ten years.
Casual fast food is a market segment that has seen impressive acceptance and growth.
Mobile commerce and internet use is widely accepted and outpaces desktop internet usage
Forbes magazine had an article this past Fall calling Vietnam the next economic tiger in Asia. Vietnam has a strong economy, solid foundation for an educated population, appealing country for international staff, and attractive local base of employees to hire with technical ability. Its government, a socialist republic, is quite stable. Given these traits it has become a market that large companies have begun to recognize for their expansion and investment. The future is looking very good for Vietnam to continue as a growth market in the years ahead.
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To learn more, feel free to check out the below blogs:
- News: Spotify Localizes its Content for Asia
- Vietnamese Language and Translation eBook
- eCommerce in India: To Localize or Not
- News: As India Localizes, Number of Online Shoppers Soars
Please feel free to contact GPI at email@example.com with any questions about our language and technology services. Also let us know if you have any interesting blog topics you would like us to cover in our future blogs.
About the Author
Peter has over 18 years experience in business development within the localization industry supporting clients for documentation, software and website globalization services. He started his career in the translation industry in 1995 and over the years has worked for several leading localization service providers. Throughout his career Peter has led by example and always put his clients’ needs first to ensure client expectations are understood and successfully met. Over the years Peter has trained extensively in Solution Selling, Action Selling and Localization Sales, Testing and Project Management. Peter handles many of GPI’s global accounts helping educate clients on GPI’s comprehensive suite of globalization services and industry best practices.More Content by Peter Betts