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Read Case 21 - Vietnams Market Potential and answer the following questions 1Discuss the market opportunities in Vietnam Vietnam is a centrally planned economy and is not a member of the World Trade Organization Virtually all aspects of doing business in Vietnam involve government approvals dominated by state-owned companies which receive considerable protection in procurement practices as well as through customs policy and administration All product imports must be done through registered import agents Many of these are newly established with uncertain reputations Vietnams human capacity and natural resources are impressive Of its 80 million people more than half are under the age of 25 96 percent are literate and most of these hard working people have an insatiable drive to learn English and Information technology skills For example manufacturers benefit from this low-cost literate workforce by paying total monthly salaries of only 40-50 for unskilled workers with a basic education 200 for an English speaking engineer and 500 for project managers Compared to many places in China thats a bargain As important Vietnam is rated as one of Asias safest places to do business Vietnam is moving from a centrally planned and controlled economy to a market economy The countrys leadership believes that it must ready the country to join the World Trade Organization With this opening of economic opportunity to the people of Vietnam many businesses are looking for new markets Vietnams consumer market is only now on the cusp of full blown market economic growth the final vestiges of the communist state-controlled economic system now being taken down Only in Vietnam do you find a people who prefer Ford over Toyota and RCA over Sony Give an average Vietnamese a choice between a Nike and a European-made show and they will choose Nike Its a paradox but after US withdrawal in 1973 the people love all things American 2Conduct library research to determine which nation currently leads in foreign direct investment
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