Current State of the Economy and Business Climate in Vietnam - Essay Example

?Table of Contents 5. Recommendation and Conclusion………………………………………………………….15 6. Reference and bibliography ……………………………………………………………….17 Introduction 2 Business opportunities: 6 This section will analyse what kinds of business opportunities or favourable conditions are available in Vietnam. 6 Favourable Economic Environment of Vietnam 6 It has been seen that the foreign investors are actually not interested in seeing the shortage in the number of skilled labours as an obstacle in their activities in Vietnam. It is true that all the Vietnamese workers do learn up things very fast. The cost and a time needed for any institution to train a worker is actually very short. Intel is a company who have invested more than thirty million US dollars in this land if they would have ever got the hint of any shortages of the workforce. (Vietnam Trade Office, 2008) 10 Favourable Socio-Cultural Factors 10 Favourable Political & legal environment 11 Recommendation & Conclusion 15 Reference 16 Bibliography 19 Block, W. , Ahiakpor, J. C. W. (1991). Economic freedom: toward a theory of measurement : proceedings of an international symposium. The Fraser Institute. 21 Ghosh, P. R. (2010). Vietnam: High Potential, High Risks. Available at http://www.ibtimes.com/articles/46475/20100826/vietnam.htm. 21 5. Recommendation and Conclusion………………………………………………………….15 6. Reference and bibliography ……………………………………………………………….17 Introduction Vietnam was considered as one of the most war-prone nation, who had experienced severe financial turmoil. This took place due to inefficacies of a proper planned economy which will be controlled by the centre. It also lacked in trade embargo of United States and the different parts of Europe. The economic reforms which were brought about in 1980s, allowed some kind of substantial growth until Vietnam had to face the adversaries of the financial crisis in 1997. Vietnam is now an eminent member of World Trade Organization, where she has been able to take some progressive steps for the transformation of its present economy into an economy which will be based on the market mechanism and since then it has seen her economy growing and becoming an attractive market for investments in the international sphere. The country has emerged as major developing country in the Asian region though it is yet to match the other stronger Asian economies like China. Nonetheless the country is on the verge of transformation into a potentially successful economy. This report has been prepared for the CEO of the ‘Read the World’, a British origin company, that has appointed the consultancy firm for the purpose of evaluating the market for books in Vietnam if presents the threats and opportunities of operating their business that exist in the country. The report focuses on the social initiative of Read the World that functions with the aim of designing and producing educational books and magazines for the needy people in developing markets. Score of Vietnam on economic freedom index- a comparative analysis: The Economic Freedom index is actually a series where ten economic measurements have been created by The Heritage Foundation and The Wall Street Journal. It is stated as an objective to measure all the degree of the economic freedom in the aspects world's nations. The highest strata of economic freedom is to provide an absoluteness to the right of property in the ownership, this will be fully realised by various freedoms of movement for capital, goods and labour as well as an absence of any coercion or any constraint of pressure in economic liberty to the extent which is necessary for every citizens for the protection as well as maintenance of liberty itself. The index scores of the nations on 10 factors of the economic freedom where using statistics from organisations like the World Bank, the IMF and the Economist Intelligence Unit we have got the result. Freedom of Business – Freedom of business is nothing but a quantitative measurement done for the ability to operate, start as well as close a business which represents the scenario making it a burden full of regulations and efficiency on the part of the government in all the administrative and regulatory processes. Freedom of trade - freedom of trade is another composite measurement done on the absence of different tariffs as well non tariffs obstacles which might affect the business in a single term. Monetary Freedom – freedom in monetary sector is a factor which combines a measurement of the stability of the price with some assessments on the control of prices. Both the inflation and the price controls are actually distorted in the market activity. The stability of price without any microeconomic intervention figures the ideal state. Size or spending of Government - This component actually considers all the levels of various government expenditures which is calculated on the percentage of GDP. Government expenditures, which includes transfers and consumptions and the account on the total score. Fiscal Freedom - Fiscal freedom, a measurement of the different taxes as a burden which is imposed by all the government institutions. Property Rights – The right for the property is indeed a component in an assessment on the ability of every individual for the accumulation of the private property which is indeed secured by the clear laws and those are indeed fully enforced with the help of the state. Freedom of investment - In a country which is economically free, there should not be any constraints on the very flow of the investment of capital. Individuals as well as firms which would be significantly allowed to show movement in their resources for any specific activities that is both internally as well as across the whole country’s borders even without restriction. Financial Freedom – It is a measurement for efficiency in the banking sector as a measurement in the independence from any government interference and controlled in the crucial sector of finance. Freedom from Corruption - Corruption deteriorate the economic freedom just by introducing any insecurity as well as uncertainty in the economical relationships. The higher is the level in any corruption; it is the lower in level of the overall economic freedom, which gives a low score. Labour Freedom - The freedom of labour is another component which is actually another quantitative measure to look into the several aspects of legal and regulatory boundary of the market of labour of the country. (Block and Ahiakpor, 1991) The ten factors are arranged equally in a score sheet. Each of these ten freedoms is graded using the scale which is from 0 to 100, where 100 actually represent the highest form of freedom. A score which is 100 signify an economic environment which is stable. The methodology has been shifted as well as changed to new data form. The measurements are now available in those areas which are of actually Labour freedom, which had given its indicator in 2007 (The Heritage Foundation, 2011). For each of the country this index is calculated. This index is very crucial to judge the business environment in a country. In this age of globalisation, international firms will come to invest in a particular country if it expects to enjoy freedom in the fields of business, trade, monetary, financial issues, fiscal issues, etc. They also want less corruption, and a free labour market. All these are captured through economic freedom index. Hence the higher the value of this index of a country, the better would be the business prospect in that country. In terms of economic freedom measured by the method mentioned above, Vietnam scores is 51.6 that implies that the economy of the country is moderately stable and hence its not too bad for investors (The Heritage Foundation, 2011). This has led to make the economy as 137th in 2011 index. Compared to the last year, the score was about 1.8 points more than the last year which reflects the increased scores in both business and monetary freedom (The Heritage Foundation, 2011). The country has been ranked as 30th out of some 41 countries across Asia Pacific region (The Heritage Foundation, 2011). The overall score of the country has been lower than the regional and world averages. Compared to many emerging and less developed economy, the country stands at a worse position. For example, Peru has a score of 68.6, Kenya has a score of 57.4, India has a score of 53.8, and Morocco has a score of 59.6(The Heritage Foundation, 2011). This reflects that compared to all these emerging nations, Vietnam does not stand on a better position in terms of economic freedom and hence business environment is less favorable in Vietnam compared to these emerging economies. The indicator of economic freedom of Vietnam also reflects that it is only a moderately stable country, and hence in some respects the business environment is risky and unfavourable in Vietnam. The later section of this report will present the opportunities and risks of business environment in Vietnam. Business opportunities: This section will analyse what kinds of business opportunities or favourable conditions are available in Vietnam. Favourable Economic Environment of Vietnam The GDP growth for Vietnam was 8.4 percent in the year 2005 and subsequently it targeted growth of 8 percent for the year 2006. Since 2000 the exports have substantially grown at a rate of 17.5% compounded annually. The target of the government is to get 12 billion US dollars of customs and foreign reform. They also target on creating a social awareness and on the same hand maintain regulatory and legal transparency (Masina, 2006; The Asia Foundation. n.d.). Le Thi Bang is the financial Vice-Minister who made a roadmap for the liberalisation of the total Vietnamese economy with the help of privatisation of the various companies owned by the state and seeking towards adoption of investment policies which are friendly in nature. New dimension for the fund of million US dollars which were released in the Asian Investment Conference held in Hong Kong was offered by Vietcom Bank (USAID, 2005; The Asia Foundation. n.d.). It was said that the particular fund shall be open for both the international and the local investors. This will again be focused on the later stage of the pre-IPO companies there. The Deputy General Director of the Vietcombank, Nguyen Thu Ha described in full length the details of the bank. Vietcombank is one such bank which is owned by the state which has also received the approval for privatisation and attraction of huge capital from the masses (The Economist Intelligence Unit Limited, 2005). According to her, this particular bank is the leader amongst the corporate banking sector because it has earned the highest value in net income amongst its peers and thus has helped in generating returns which are based on equity for more than 10% (The Economist Intelligence Unit Limited, 2005). The bank has helped in gaining around eighteen percent of Vietnam’s total banking profit. Le Thi Bang Tam is considered as the leading delegation for some of the biggest Vietnamese companies in a conference said that the direct investment goals for Vietnam in the year 2001-2005 have been achieved. Moreover the country has been successful enough in implementing the incentives for attracting more Foreign Direct Investment (FDI), which also included the breaks in the tax, reduced charges on land, and it also helped in the elimination of dual pricing for the foreign and the domestic enterprises (Central Institute for Economic Management, n.d.; U.S. State Department, 2010). A drag was created on the economy of Vietnam by the various state-owned enterprises (SOE’s) who were potential enough in the area of non-performing loans. Since then these SOE’s were reduced in 1990 from 12,300 to 2,800 by 2005 (The Economist Intelligence Unit Limited, 2005). In the response, with the country’s continual decentralisation process, the economic programs of the Asia Foundation have focused on the improvement of the business environment to enhance the private sector competitiveness as well as economic growth (The Asia Foundation, n.d.). During the recent recession, the economy has shown enough resilience to the adverse effects of the economic downturn. Despite of the challenges in the global economic environment, over last five years, the economy of Vietnam has experienced an average annual growth rate of around 7 percent. (The Economist Intelligence Unit Limited, 2005). Favourable infrastructure development: In these recent years progress in the infrastructure development been achieved in Vietnam in an enormous way. This country is now been able to invest around one-third of the total GDP where nine percent of it goes to the infrastructure sector. (Vietnam Trade Office, 2008). Owing to such great result, Vietnam has been able to catch up with her neighbours. The bond is basically going with the service and the availability Vietnam provides. Telephone and electrification have got the best result as the networks have improved a lot. We still get to hear that there are many such enterprises, which are complaining about the poor transport facility as well as excessive telephone and electricity services. (Vietnam Trade Office, 2008) Since the beginning of the 1990s, Vietnam has shown sustainable growth in terms of infrastructure services. The urban areas of Vietnam have got electricity. In the various rural areas, the number of electrification has increased from 51 percent in 1996 to around eight percent in the year 2004 (Vietnam Trade Office, 2008). The length for each road network has increased since 1990 which is 96,100km to 224,500km in the present era. If the case is of national-level roads, the increase has been 17,300km from 15,100km. By the end of 2002, around 45% shall be deemed in good condition which was compared to the improvement of 37 percent in the year 1997(Vietnam Trade Office, 2008). Accession to the improved water grew 80 percent in the year 2004 from 35 percent in the year 1993(Vietnam Trade Office, 2008) Even accession to proper hygienic latrines increased to 32 percent from ten percent(Vietnam Trade Office, 2008). There was a dramatic increase in the mobile and the fixed lines have shown a huge increase from 1.1 in the year 1995 per 100 people to 9.2 percent in the year 2002(Vietnam Trade Office, 2008). The target which they have kept is to reach a number of ten million in the year of 2006 to 2007; they want the particular tag line behind them as the fastest growth rates for the tele-density industry (Vietnam Trade Office, 2008) All these figures imply that the environment for establishing a industrial unit in Vietnam has become more favourable. Without adequate infrastructure, it becomes very difficult to conduct day-today business. Improvement in these areas simply means that entrepreneurs will become more enthusiastic in investing their funds in Vietnam. Favourable Labour market: Vietnam is known to the world as the fastest learning, hard working and well discipline people. The traditions speak about the people keen for receiving knowledge as well as respect for getting authority in low wages. The high literacy rates amongst the adult are taken as an example by most of the investors as an attractive aspect for the investment environment the country has. The workforce of Vietnam has been estimated at forty two million out of which forty five percent of them are younger than the 35 years (Vietnam Trade Office, 2008). The basic labour force has been growing in a fast pace of 3.5-4 % a year which is also faster than the actual average growth of around 1.4 percent (Vietnam Trade Office, 2008). On every year basis almost 1.5 million workers do enter the market. There is a juxtaposition of the labours changing their field of occupation from agriculture to the industrial belt. The service is a continued process in which the actual pace is slow. (Vietnam Trade Office, 2008) It is true that rate of literacy is actually very high but professional workers who are trained are very small in number. In the year 2001, the workforce which was being trained was only twenty percent of the total population who are working (Vietnam Trade Office, 2008). A severe imbalance was also found between the number graduates from junior college to that of the university students and with that of the trainees of the vocational courses. (Vietnam Trade Office, 2008) It has been seen that the foreign investors are actually not interested in seeing the shortage in the number of skilled labours as an obstacle in their activities in Vietnam. It is true that all the Vietnamese workers do learn up things very fast. The cost and a time needed for any institution to train a worker is actually very short. Intel is a company who have invested more than thirty million US dollars in this land if they would have ever got the hint of any shortages of the workforce. (Vietnam Trade Office, 2008) Favourable Socio-Cultural Factors The macro-economic performance in the last decade has ensured a considerable improvement in the living standard of the average citizen of Vietnam. There has been a sharp reduction in the poverty level with a sustained improvement in the standard of living of the individuals in the nation. The firms of the developed countries having operational facilities in Vietnam are under national pressure to improvise on their overseas labour standards. The people in the country do prefer to work in factories as some of the domestic factories have independent audit of labour standards and maintain a desirable salary yet there are other factories stick to the Western type of “South East Asian sweatshop”. The average citizen of Vietnam would prefer to be employed as a doctor or teacher or some other public service as compared to working in a factory (Mennen, 2010; The Berkeley Electronic Press, 1994). A Vietnamese child has to face high pressure as the way they are raised is dramatically different from the other American children, the decisions of the children are taken by the parents. The Vietnamese parents have high levels of expectation from their children. This means that the parents have an increased focus on the education of their children. Considering the authoritative attitude of the parents the children from the very begging are exposed to habits of learning. If from an early age the children are taught the benefits of reading educational and other such related books then this will not just ensure the academic enlightenment of the children and would also mean a brisk business for the book publishing enterprises. (Long, 2011; Dinh Te, n.d.; Hiep, n.d.) Favourable Political & legal environment The political culture in Vietnam is based on a series of factors. One such factor is communism. The political culture in the country is majorly influenced by the Chinese lineage. The political institutions in the country were under the rule of Chinese for almost 1000 years. (AusAid, 2000). The VCP has successfully identified communism with the domestic nationalism and acquired the position of leadership of the Vietnamese struggle for independence by taking into account a number of religious, ethnic and political groups (Government of Vietnam, n.d.). The State of Vietnam exerts tremendous pressure to improve the living conditions of the people (Embassy of Vietnam. n.d). This implies that the government is supportive of providing quality education for the domestic people (Eng, 2005). The country is also trying hard to catch up with the development attained by other major Asian economies. This attitude has helped in the growth of English as a foreign language (Hiep, n.d.). The legal framework in the country consists of codes, laws, decrees, constitution, ordinances, circulars, official letters and directives. The legal situation prevailing in the country is a bit complicated for the foreign companies (Luu, 2010).. It is only recently that the investment and trade in the country are a very recent phenomenon. The country is awaiting a most-preferred status from US which will surely boost the country’s exports (Taylor, 1994; Baker, et al. 1996). Business Risks in Vietnam The overall economic freedom of the country is pretty much limited by some significant institutional factors. Despite of continual effort towards continual reforms, the regulatory economic environment has not been specifically transparent or efficient. However, the main issue has been that the investment is sometimes hindered by difficult system of bureaucracy as well as erratic legal system (Massmann, n.d.).. The enterprises which are owned by the state government will account for around 40 percent of the total GDP. This has also hampered the materialization of the private sector with more dynamism (The Economist Intelligence Unit Limited, 2005; Heymer, 2008). The foreign investment in several sectors of the economy of Vietnam has been either prohibited or else would require government approval to be carried out, which is surely not a favorable situation for ‘Read the World’. Few factors are identified as the barriers to the investment and these include non-transparent regulations, unwieldy bureaucracy, cumbersome and unreliable legal systems and corruption within the country. Both the residents as well as non-residents can get hold of the foreign exchange accounts which have been subject to the both the government approvals and several restrictions. Both the transfers and payments are subject to several restrictions. Majority of the transactions in capital instruments and money market, the commercial credits, direct investments and derivatives would require the approval from the government. (Faure & Schwab, 2008; China.org.cn.2006; Coss, 2005). The growth of the credit annually has been thirty percent since a decade hence it is not amazing that the rate of inflation is high and the deficiency in trade is large, this was explained by Dapice. The fiscal deficit which is running presently is 8-10 percent of the total GDP for years. (Ghosh, 2010) The consumer price in Vietnam has risen from 8.18 percent in the month of August of the year earlier to 8.19 in the month of July of the preceding year. (Ghosh, 2010) Fitch Ratings downgraded the debt of foreign currency to B+ form that of BB-, during the end of July, stating the country’s weak scenario in the position of payment. He also rated it as “inconsistent” policies and has shown concern in the field of asset quality in the other banking sector. (Ghosh, 2010) The industries of Vietnam has remained low tech and under-developed. However, Sidel believes that the country in the near future may play an important role in the years to come. Though it will take some fruitful time to build upon the industrial complex which will show high defined technology but it has all the elements to become one. The Vietnamese took the pleasure to realize the relevance of making a sound economy. (Ghosh, 2010) The labour market in Vietnam would remain moderately rigid. Apart from the salary, other cost for employing an employee is pretty moderate; however, releasing an employee can emerge as difficult activity for the company. During the recent years, Vietnam government has raised the lowest wage in both the domestic as well as enterprises invested by the foreigners. This was done to ease out the labour unrest. Starting in the year 2010, a minimum wage would be applied across all the businesses within the country (The Heritage Foundation, 2011). A broad of factors has led towards the ecological effects to the extensive soil, forest areas with subsequent adverse impact on the river and dam systems. Furthermore, there have been related issues in the fishing and agricultural industries. These issues are now coupled with the economic development. With the enhanced technology, improved in the manufacturing sector, the environmental damages are continuing (The Berkeley Electronic Press, 1994). However, in the wake of recent environmental awareness the government has become increasingly concerned about the environmental issues (Thomas, 2002). Hence, the issue can emerge as a significant influential factor for the ‘Read the World’. The company is required to align its operation in accordance to the environment rules and regulations. Recommendation & Conclusion Thus it can be said that there are tremendous opportunities for Read the World in Vietnam. The enterprise will publish the educational books in both the English and local language which seems to be a very positive point and is likely to exert a positive influence on the market for books in the region. Besides, the local people show an increased interest in reading educational books in the local language. Moreover, the government and other institutions are aiding the development of the locals by promoting the use of English as a language. A major risk for the company is its reluctance to adopt the route of direct distribution. A reliance on the local chain of distributors can expose the company to serious risks. On the whole it can be inferred that the company can go ahead with its social endeavour of providing quality educational materials such as books and magazines. Analyses of the economic and socio-political conditions in the country as well as the existing legal framework are all indicative that the company is not likely to face any major barriers in its social initiative. Reference China.org.cn. (2006). Bilateral trade relations. [Online]. Available at: http://www.china.org.cn/english/features/fmar/168169.htm [Accessed on May 09, 2011]. Dinh Te, H. (No date). 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Available at http://www.vietnam-ustrade.org/index.php?f=news&do=detail&id=35&lang=english Vietnam Trade Office. (2008). Vietnam's infrastructure development. Available at http://www.vietnam-ustrade.org/index.php?f=news&do=detail&id=36&lang=english. Block, W. , Ahiakpor, J. C. W. (1991). Economic freedom: toward a theory of measurement : proceedings of an international symposium. The Fraser Institute. Ghosh, P. R. (2010). Vietnam: High Potential, High Risks. Available at http://www.ibtimes.com/articles/46475/20100826/vietnam.htm. Read More