Strategically located in the heart of East Asia, Vietnam is a dynamic emerging economy with low costs and a large labour pool. With 93 million people, 60% of which are of working age, Vietnam is the world's 14th most populous nation.
Foreign investment is an integral part of Vietnam's economy, which has grown at an average rate of 6.5% a year over the last decade. The country has a market economy, a stable socio-political environment and is a member of the World Trade Organisation and ASEAN Economic Community (AEC) trade. It is also a signatory to the Trans-Pacific Partnership and the EU Vietnam FTA trade initiatives.
Vietnam is shifting its reliance on agriculture and becoming a global manufacturing powerhouse, as rising costs make other locations less competitive. Samsung Electronics – Vietnam's largest foreign investor – shifted investment from China to set up a $2 billion plant in northern Vietnam. When the plant reaches full production, Vietnam will make more than 40% of Samsung's phones. In 2013, the Nissan Motor Company set up a production facility in Danang, central Vietnam, with an initial capacity of 6,336 vehicles a year.
Buying property in Vietnam is now also an option for foreigners who have been allowed to participate directly in the Vietnam real estate market since July 2015.