As a nation embracing new age progress, Vietnam is growing rapidly as it transitions from a state-planned economy to a hybrid economy with an expanded private sector.
Besides increasing its international trade relationships, in recent years Vietnam has substantially committed itself to liberalizing its industries and strengthening its intellectual property laws through bilateral treaties, regional associations, and accession to the World Trade Organization.
Growing Services
Service industries account for a growing share of Vietnam’s economy, as new businesses seek services like banking and logistics while consumers with rising income demand education, retail, and telecommunication services.
Liberalization and foreign investment have increased the supply of services in Vietnam, and moving forward the business outlook seems to be moving in the positive direction.
Services are a vital part of Vietnam’s plan to become a modern economy by 2020. According to US International Trade Commission – the service sector is forecast to grow by 8–8.5 percent per year and to account for 42–43 percent of Vietnam’s GDP during 2016–20, and the Vietnamese government is implementing aggressive policies intended to accelerate the development of high-value-added services.
Vietnam is increasing its presence in the global services market through its membership in the Association of Southeast Asian Nations (ASEAN) and through the commitments it made upon acceding to the World Trade Organization (WTO) in 2007.
Vietnam also has a significant services trade relationship with the United States and is the recipient of increasing U.S. foreign direct investment (FDI), in part because the large Vietnamese American population in the United States provides economic and cultural ties.
Industry reforms and international integration are happening in the context of rapid growth after decades of war and political isolation, as the country is transitioning from a planned centralized economy to a hybrid economy (mixing private ownership and state influence) while maintaining one-party socialist governance.
ICT Comm Vietnam 2016 – Positive Vibes in ICT
In order to enable a platform for the ICT community of the region, this summit aims to provide a unique annual gathering for the ICT suppliers to share the latest market trend and state-of-the-art technologies and services.
ICT COMM will be held the first time in Vietnam. The event will have showcase of next generation-ready products and technologies of ICT, Mobile and Electronic industry.
