Vietnam is now consistently ranking at the top of the Asian market for business expansion, coming in behind Singapore as the 2nd most favorable market to invest in based on economics, regulation, and talent. The country’s young and active workforce only increases the appeal of this emerging market. In conjunction with an energetic workforce, Vietnam also ranked 7th out of 75 global markets for Cost Efficiency in the 2016 Contingent Workforce Index (CWI), released earlier this year by ManpowerGroup Solutions. This emerging market was also ranked 2nd for Cost Efficiency in the same report for the APAC region behind the Philippines.
Vietnam’s 2020 IT Master Plan created several business parks that house the offices and factories of a growing number of international Software companies, IT companies, hardware manufacturers and infrastructure plants powering the central Vietnamese city of Da Nang, at the heart of the tech boom. In the early 2000s there were barely any IT companies in Vietnam, however, in 2015 there were close to 14,000 that included a spread of hardware, software and digital content producing companies. The Vietnamese government has taken notice and recognizes how important the tech sector will be to the country’s economic growth
With an approximate population of 95.3 million in 2016, a median age of 30.1 years old and a relatively low age dependency ratio of 42.5%, present day Vietnam is home to an expanding population of IT programmers, developers, engineers and students who are driving innovation and economic growth through technology. This tech-savvy young generation is set to become the first generation of Vietnam’s middle class.