Ho Chi Minh City (Saigon) is the financial capital of the country and the most attractive location for starting a new business in Vietnam. The city is located in the heart of Southeast Asia, the fastest-growing region in the world with a population of more than 600 million people.
The current population of Ho Chi Minh City is around 9 million, 83% of which live in urban areas. The majority of the population is young – under 35 years old, with an average income of $ 4,300 /year (double than the country’s average). Many international brands settled in Ho Chi Minh City in order to penetrate the Vietnamese market.
Ho Chi Minh City has more than one million young people entering the labor market every year. This young & dynamic generation plays an important role in the startup culture and the entrepreneur community of the country.
The city has the best infrastructure in both transport & telecommunications and it offers a rapid transit systems. The infrastructure includes:
- A road system with more than 4,000 km
- Tan Son Nhat International Airport – receiving more than 20 million people with 50 domestic and international routes
- The Saigon Port – transporting about 8.3 million tons of goods each year is the foundation for businesses to easily reach out to the world
The telecommunication infrastructure is also well developed and data is transmitted quickly. Ho Chi Minh City offers world class and inexpensive 4G mobile broadband internet services to travellers and entrepreneurs.
Business development opportunities in Ho Chi Minh City
Every year, the number of workspaces in the city increases by 38% (2018 figures from JLL), providing offices for more than 48,000 new Businesses. The quality of workspaces is also increasingly standardized in the direction of modernity, elegance, simplicity, and efficiency. Many office buildings in Ho Chi Minh City offer excellent facilities and provide good working conditions for traditional and flexible office spaces.
The demand for coworking spaces in the city is also in high-demand. Small and medium enterprises can share their office space with other entrepreneurs and they are able to exchange information and cooperate together in a friendly working environment.
In addition, the city is also a venue for most of the country’s international events and exhibitions on Science, Technology and Business and they attract a large number of investors and visitors from all over the world.
In the past 10 years, Vietnam’s GDP has achieved a stable growth of (6%/year) despite the world economic and political instability. Ho Chi Minh City has become a very dynamic place and a top destination for international companies willing to do business in Vietnam and in Southeast Asia.