Business and Market Review on Vietnam
The majority of the Vietnamese population are in the rural areas however the proportion in the urban inhabitants are gradually increasing from 19.7% in 1990 to 26.0% in 2004. Vietnam's largest city is Ho Chi Minh City (population 5.0 million) and Hanoi (population of three.5 million) then Nai, Haiphong and Dac Lac.
Household income in Ho Chi Minh City is practically thrice the national average - town accounts for up to 50 % of all of the motorbikes in Vietnam. Nearly 20% of people live under the poverty level and mainly from rural households. 10%-15% with the households are middle to high-income households while 65%-70% are lower-income households.
INFRASTRUCTURE. Vietnam's telecommunication systems lag behind many neighbouring countries in your community and so government puts great focus on its modernisation. Digital exchanges now associated with Hanoi, Da Nang, and Ho Chi Minh City and main lines have raised while the using mobile telephones keeps growing. The country's road system stretches from your northern to southern tip of Vietnam. Southern and northern Vietnam are using two air-ports as well as main sea ports serving international shipping.
INTERNATIONAL TRADE. Vietnam's major trading partners are the US, Japan, China, Australia, Germany, Singapore, Taiwan, Thailand and Columbia. Major exports include oil, seafood, rice, coffee, cashew nuts, rubber, tea, garments and shoes. Major imports include machineries and equipments, petroleum products, fertilisers, steel products, cotton, grains, cement and motorcycles.
CONSUMER Using TECHNOLOGY. There are nearly 10.2million telephones set up in Vietnam and nearly 5.0 million mobile phone subscribers in 2004. Government entities is putting considerable efforts to modernise and increase the country's telecommunication system but still lags in comparison with Singapore, Thailand and Malaysia. Computer penetration is low; estimates vary from 2% to 4% of people in 2004 plus an estimated 5.8 million internet users. The penetration of television is just 20% and concentrated to homes inside the cities. Similarly, installing of refrigerators concentrates in the cities where 60% of the homes have refrigerators.
RETAIL MARKET. Retail sales in Vietnam grew by 8%-12% annually from 2000 to 2004 brought about by increasing disposable income because of the country's strong economic growth. Vietnamese consumers spend two-thirds of their income on retail purchases amounting to US$16.3 billion in 2004. Traditional wet markets along with the "mom and pop" shops dominate the retail industry comprising 95% of the total retail trade. Many of these stores measure at most five square metres (54 feet square). Modern stores are limited but gradually emerging in the nation and often locally owned businesses concentrated in Ho Chi Minh City and Hanoi.
FOOD CULTURE. Rice and noodles are the staple food in the Vietnamese but taste preference differs by region. Foods in central Vietnam are spicier while foods in northern and southern Vietnam are less spicy and they are saltier. The Vietnamese often dip their foods with chilli, garlic or fish sauce to incorporate flavour. The French colonialists introduced European style bread and bakeries to the Vietnamese food culture. Western style take out service establishments are starting to emerge alongside the traditional snack bars, cake shops and mobile food carts.
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