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Export Import Business in Vietnam

Vietnam has been a country plagued by war, corruption and consequent economic downturn. Suffering from a trade embargo from the US and most of Europe, the country was set in to a unified economic progress route by the post-war government. This did not work at all and the economy suffered considerably from this system. Corruption was deep rooted and there was widespread poverty.

Things began to change for the better from the year 1986 when a more market-based economic approach was adopted. Since then the Vietnamese economy has seen steady growth and has been growing at a tremendous pace. It maintained a 7% year-on-year growth through 200-2005, which made it the second-fastest growing economy. Its two-way trade is 160% of GDP, which is twice that of China and four times that of India.

These facts show how much the Vietnamese economy has progressed. It is currently one of the largest oil producers of Asia at 400,000 barrels a day. It also has a large hi-tech and information technology sector that is a major contributor to the economy.

These factors make Vietnam one of the most lucrative countries for setting up an export import business in. With this much growth per year, you can rest assured that your business will benefit immensely if it is set up in or expanded to Vietnam. This growth potential is already attracting a lot of investors and businessmen to the country. Hence you have to be fast in order to get your foot in the door before the others get in.

Importing items in to Vietnam is currently a profitable business. Since the country does not have a very high GDP, it translates in to a poor per capita income in comparison to other Asian countries. However, the demand for cheap imported goods is still there for you to profit from. You cannot keep a very high profit margin in this market so you must make it up in sales volume.

Since the information technology industry is a thriving one in the country, you can import cheap items that the industry needs. Computer related imports are in great demand in the country. Vietnam is a very open market and hence setting up an import business there is not at all hard for veteran or beginner businessmen. The main challenge lies in finding a profitable niche within the market where you can easily beat out the competition.

Exporting from Vietnam is already an established trade and a lot of people are already engaged in it. However, that does not mean that you cannot start a profitable export business in Vietnam. It is a great country for exporters, given the high amounts of export that the country is already involved in.

Exporting goods from Vietnam will give you the benefit of cheap price coupled with good quality. You can easily sell the items at a good margin and still undercut your competition if you make all the right moves. The key here as usual is to find your niche.

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