Vietnam is the poorest country in the Asia Pacific region and with the lowest GDP. However, the country has recorded a huge leap in its economic performance, which is attracting foreign investors and business people to invest in the industrial sector. The country is struggling with a high inflation rate and increasing food prices. Though not very accessible to the foreign investor, the fishery, forestry, and agriculture sectors are still contributing towards the improvement of the Vietnam economy and creating new jobs in the labor market. The government changed to the Doi Moi policy, which moving from a centrally planned economy to a market-oriented one.
A lot of Chinese and western companies are shifting their operation to Vietnam to get cheaper labor and lower production costs. These companies require experienced workers from western nations to train the local workforce. Tourism, construction, and Information technology are growth sectors where expats will find jobs more easily, mainly due to the reason that these areas have less local skilled workers.
Popular Areas in Vietnam
Weather and Climate in Vietnam
The weather of Vietnam is very different per region, the northern region usually experiences a hot climate between May and October and humid with high rainfall and from November to April the weather is cooler and drier. The typical weather in Vietnam is warm and humid around the year and the weather can vary from one region to another because of the country’s length. In the mountain region, snowfall is common in winters and the northern part of the country enjoys a high temperature of 32 degree Celsius along with sunshine.
Central Vietnam has weather that is hot and dry between January and August and the temperature usually hit the mid to 30 degree Celsius, but this region also experiences high rainfall between September, October, and November. The southern part of Vietnam is usually dry and extremely hot during the months of November to April and warm and wet between May and October and also experiences high rainfall in June, July, and August.
Getting Around in Vietnam
Vietnam has a good transportation system for both foreigners and locals. Cyclo is basically a bicycle rickshaw and considered to be the cheapest means of transportation within the city. You will find cyclo drivers near restaurants, major hotels, and markets.
The fares for a motorbike taxi range from 15000d for short hop to 20000d in most cities. There is also room to negotiate the fare before you board. There are also bus services and private taxi services which can be used for local transportation. Trains are also available for traveling to one district to the other comfortably.
Work Visas in Vietnam
There are a variety of sectors where a foreigner can apply for work. However, before applying and entering Vietnam to work you are required to opt for the Vietnam work permit or work visa. The Department of Labor, Invalids, and Society is the only organization in Vietnam that will issue a work permit to foreigners who are intending to work in Vietnam. The work permit is issued for an initial 36 months thereafter you are required to reapply or renew the work permit to continue working in Vietnam. Below are the requirements which you will need to satisfy in order to apply and secure the work permit.
At the beginning of the 21st century, Vietnam has recorded huge growth in the economy which has made the country an interesting option for global expats and investors. After the Doi Moi reform, Vietnam has shifted from a highly centralized command economy market to a market-oriented one. From a poor country with capita per income below US$100, it is now a low middle-income country with capita per income of US$1910.
The official currency in Vietnam is Vietnamese Dong and itis tied to the US Dollar so that it can be used by most tourists in big shops and hotels. For convenience, all shops within tourist areas quote the price in dollars. One dong is equal to 0.00004 USD and it is performing poorly at the moment.
The official language is Vietnamese and English is increasingly preferred as the second language. Khmer, Chinese and French are the other languages that are spoken. About 90% of people in Vietnam speak local languages.
According to law, a person needs to work for around 48 hours in five and a half day. Workers are allowed to work extra hours for which they get incentives. Working late night has extra remuneration which is 30% extra from their regular payout. Workers are allowed to have around 200 hours of overtime per year and can take 12 paid holiday days per year and the country also has 9 public holidays.