Yesterday, part I discussed the Chinese and Hong Kong perspectives on the global financial crisis and its effect on their business. Part II will talk about the Vietnamese perspective and the justice systems in China and Vietnam.
Peter asked Phan Nguyen Toan from LEADCO what he was seeing in Vietnam, saying that a number of US companies are looking to Vietnam as an alternative for production and manufacturing. Phan agreed that Vietnam is similar to China, in that they didn’t suffer much from the economic downturn. He cited their recent entry into the international community as one reason for this. He said they are struggling in some ways, saying that a company recently opened a big factory, where they were planning to recruit 10,000 workers. After two years, they had only been able to hire twenty percent of the qualified workers. He added that they were also facing additional issues of poor infrastructure, particularly the seaport, airport, and transportation systems.
However, Phan noted that they have some distinct advantages in Vietnam as well, such as the lower costs for good resources. Secondly, he said that the Vietnamese people tend to be very hardworking and eager to learn. The country is rich in natural resources. Phan added that the population of Vietnam is very young, with about 50% being under 35.