VIBRANT YOUNG WORKFORCE
Wages in Vietnam represent some of the least expensive - albeit low-skilled - labor in all of Asia. With 60% of Vietnam's 82 million population born after 1975, the country has a vibrant young workforce, with an additional 1.5 million workers each year, leading to 20% per annum growth in domestic consumption in recent years.
Vietnam is now calling for $25 billion in foreign direct investment (FDI) to top up the whopping $115 billion the government has provisionally earmarked over the next five years for a wide range of projects, including big capital outlays for infrastructure development. From $ 21.3 billion registered FDI in 2007, $ 8.03 billion have been implemented.
There have already been several noteworthy reforms, many offering foreign investors greater legal protection than ever before. Changes to the legal framework, specifically the Unified Enterprise Law (UEL) and the Common Investment Law (CIL), promise to level the competitive playing field for foreign and domestic businesses.