Published date: 6/12/2021

Setting up a company in another country could be easier if we know the background of the country. If you are planning to start up a company in Vietnam, here is the overview of Vietnam that we would like to share with you.

Location, Population and Climate

Vietnam is one of the countries in South East Asia. It is located at the eastern edge of the Indochinese Peninsula. It is bordered by the land of China (north), Laos, and Cambodia (west) and shares maritime borders with Thailand (Gulf of Thailand) and the Philippines, Indonesia, and Malaysia (South China Sea). Vietnam has 58 provinces and five municipalities

As of May 2021, Vietnam’s total population is approximately more than 98.1 million people which makes Vietnam the world’s fifteenth-most populous country.

Vietnam is located in temperate and tropical zone. Vietnam’s climate has a tendency to differ notably for every region due to its differences in latitude and variety in topographical relief.  Basically, there are four seasons in the northern areas which are winter, spring, summer, and fall (autumn). While there are two seasons in South areas which are dry and wet seasons.

Multicultural Society

As a multi-nationality country, Vietnam’s population is made up of 54 different types of ethnic groups and religions. The Viet (Kinh) people are the major ethnic group that accounts for 87% of the country’s population and mainly inhabits the Red River delta, the central coastal delta, the Mekong delta, and major cities. Most people of Vietnam identify with the three major religions which are Vietnamese folk religion (or no religion), Buddhism, and Catholicism. The main language in Vietnam is Vietnamese (Tiếng Việt). However, English, Mon-Khmer, and French are also commonly used in Vietnam.

Vietnamese Lifestyle

The lifestyle of Vietnamese people in the countryside majorly reflects the traditional life in Vietnam. Being an agricultural nation, Vietnamese villagers survive by farming, raising livestock, and making handicrafts with the habit of working together and being kind to each other.

Vietnamese people are hospitable and friendly. They are also hard-working, family-oriented, and modest but vain. Vietnamese people are also known for their high sense of National pride.

Economy

From 2002 to 2018, poverty rates in Vietnam declined sharply from over 70% to below 6%.

Despite the current economic downturn due to Covid-19, Vietnam’s economy is bouncing back well and showing an optimistic trend. According to data from the Government Statistics Office (GSO), Vietnam recorded GDP growth of 5.64% in the first half of 2021, which is three times higher than the growth rate of 1.82% recorded in the corresponding period in 2020.

In 2020, the economy in Vietnam grew 2.9%, which was one of the highest growth rates in the world. Based on the International Monetary Fund’s (IMF) April World Economic Outlook (WEO), Vietnam’s GDP growth is forecast at 6.5% throughout 2021.

We hope that with the overview we shared, you may have a better view of Vietnam. In OCS, we provide company incorporation, overseas business administration, overseas working visa services and etc. You may visit our website for more info.