Rendez-vous right now for Vietnam 2030
Digital economy, a genuine opportunity for Vietnam
With a domestic market of 86 million people, a GDP growth rate (CAGR) at more than 5% during the last 25 years, a GDP per capita less than US$ 1200 (2010) (1) and a 35 year socio-political stability, Vietnam has a strong potential of economic development. While 84% of its GDP (2010) is still equally created in industry & services (2), I believe that the country should anticipate the digital economy in the next 20 years.
A pool of local entrepreneurial talent and multinational corporations
If I have any doubt about its preparation, then Intel, IBM, Nokia, Cap Gemini, Hitachi sweep it away with important investments in Vietnam facilities in recent years. They do bet on this country of which 60% of its population is less than 35 years old (1), born & grow up in the middle of computers, Internet, Google, Facebook. Sometimes, a high level of entrepreneurship creates a bit of staff turn-over in big corporations, but then the relatively optimistic expectation enables “try & fail” thinking, which is good to find the best local models.
I’m not utopian, I don’t believe in perfect situation either. The country still has some tough challenges in labor productivity, infrastructure, financial system, SoE restructuration to achieveits 2020 targets. However, as the Spanish poet Antonio Machado said, “We make the road by walking”.
See you in Vietnam!
You can follow me at @VietnamFocus
- McKinsey & Co. 2012
- Grant Thornton IBR 2010, 2011, 2012