Is Vietnam a real substitute for importing products from China?

Vietnam is a state that cannot be ignored but importing from Vietnam or exporting to Vietnam requires a genuine understanding of the business world in the country.

Vietnam's impressive growth has only been preceded by China recently, and any corporation seeking outsourcing cannot afford to ignore the country. Vietnam's development is not Western, but it is more open and attentive to Western moods than its neighbors. Vietnam's achievements because of, or despite, the government's hard work, cheap manpower (even in relation to Thailand and China) and the potential investors are seeing now that its growth potential is still high.

  1. Vietnam's Key Benefits - A rapidly evolving economy, taking on social and environmental responsibility, low production costs, plenty of business opportunities, collaboration and moderation (especially with regard to China, Turkey, Russia, and the Philippines) and high openness to Western companies, bouncing to other Eastern markets.
  2. The major drawbacks of the Vietnam economy - inadequate infrastructure, corruption and a unique business environment that is less clear to Western businessmen, insufficient estimates for conduct in government tenders, with no preference for local companies.
  3. What do you import? Mostly textiles, accessories and authentic furniture. The textiles and accessories sector is one of the fastest-growing industries in Vietnam. For example, just in 2015, the volume of textile and accessories production in Vietnam was $ 25 billion, this is also the year when the tariff barriers between Vietnam and its neighbors and China were removed.
  4. Importing from Vietnam requires unique capabilities. One must recognize the salient differences between the characteristics of culture and commerce, Vietnamese suspicion of foreigners (in light of its history), the need sometimes to develop relations with the governing body of trade and more. Vietnam is not yet a substitute for China. Do not enter it without investigating the market in-depth, obtaining information from experienced importers.