Irish asked to invest in ‘dynamic Viet Nam'
Irish asked to invest in ‘dynamic Viet Nam'
The recently-published Ireland-Asia Business Yearbook 2014 states that Viet Nam is a dynamic and growing market.
It says that Viet Nam has successfully changed from a centrally-planned economy into a socialist-oriented market economy that has recorded average annual gross domestic product (GDP) growth of 7 per cent in the past two decades, with international trade exceeding 160 per cent of GDP.
The year book said Viet Nam was among the world's top exporter of rice, coffee, and black pepper, and a major exporter of textiles, seafood, electronics, software, crude oil and furniture.
The country is regarded as one of the top investment destinations in the region, attracting an estimated US$6.5 billion in foreign direct investment in each of the past five years.
The book noted that an Ernst&Young report in 2012 on rapid growth markets called Viet Nam a rising star, and expected to see GDP per capita increase six times over the next 25 years and the number of households earning over $30,000 to rise from less than 6,000 in 2011 to more than 60,000 in 10 years' time.
According to the book, infrastructure, agriculture, energy, information technology and human-resource development continue to offer the best opportunities for Irish businesses in the short and long-term.
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