Insight
Vietnam ‘truly the land of opportunity’
ELIZABETH RUDALL, HEAD OF CORPORATE COMMUNICATIONS, INSTITUTIONAL, ANZ | AUG 2019
Vietnam “truly is the land of opportunity” for international businesses looking to gain a foothold in Asia, according to ANZ country head in Vietnam Jodi West, outweighing any potential challenges from operating in the region.
Speaking to ANZ Institutional on podcast in the wake of a recent visit to Vietnam by ANZ’s executive committee, West admitted it is common for business to come to the nation and encounter barriers but maintains the opportunity makes it all worth it.
“[Vietnam] just doesn't have the maturity of other markets,” she said. “There's a huge amount of reform underway as the regulatory environment… plays catch up to other comparable markets.”
“It can be quite daunting…. and I think for that reason a lot of companies just say ‘it's too hard’.”
West said that attitude neglected a rapidly growing market which adds over a million people to its middle class every year.
“The Vietnam market is appealing now not just because of the manufacturing opportunities that exist here but also that the sheer size,” she said.
You can listen to the full podcast below.
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“The Vietnam market is appealing now not just because of the manufacturing opportunities that exist here but also the sheer size.”
JODI WEST, Country Head Vietnam, ANZ
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West said the developing nature of Vietnam’s economy had added a huge amount of value to supply chains in the nation, particularly in manufacturing.
“Going back 10 years ago a lot of manufacturing [in Vietnam] was very much low-value add,” she said. “In the last 10 years that has significantly shifted.”
“Today, 38 per cent of Vietnam's exports are mobile phones, computers, electronics and machinery - so really high-value add.”
West said the country was “absolutely” heading in the right direction.
“It’s the velocity of change that can be somewhat challenging,” she said. “Particularly in industries like banking, for instance, which are quite regulated.”
West also touched on the history of Vietnam’s economic development. Listen to the podcast above to find out more.
Elizabeth Rudall is Head of Corporate Communications, Institutional at ANZ
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