A recent report by the US News and World Report ranked Vietnam 8th out of 29 best countries to invest in. This is a remarkable improvement against the 23rd position in 2018, surpassing neighbors like Malaysia, Indonesia, and Singapore.
As a testament to this, since May 2019, the government of Vietnam’s commercial hub Ho Chi Minh City (HCM City), through the HCM City’s Investment and Trade Promotion Centre (ITPC) and British Business Group Vietnam (BBGV) have been in discussion to address various issues such as labor and social insurance laws, real estate and construction, taxes and other concerns, aiming at creating favorable conditions for investors who want to make long-term investments in the city, especially those from the UK.
The UK has always been one of HCM City’s most important partners in many fields such as education, banking and finance, hotels, real estate, and trade and services. Also, the UK business community is growing fast in both scale and quality of projects, showing huge potential for investment cooperation between the UK and the city. The UK is HCM City’s biggest trade partner, with two-way trade reaching USD 761 million in 2018. HCM City and the British Consulate General are also working on a project to develop a smart ticket system for the city’s public transport network.
(Sources: Viet Nam News; Vietnam Investment Review; Vietnam Insider)