Beyond Europe: Global Opportunities for the Mid-Market
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While the UK and Europe have a long history of bilateral trade, British mid-market firms may be missing out by overlooking growth opportunities in the emerging markets of ASEAN, Mexico and beyond.
International expansion is an attractive prospect for companies on the hunt for their next big growth opportunity. For mid-market firms treading the line between financial stability and the continuous pressure from stakeholders to grow, globalisation strategies cannot exist as half-measures. While Europe will remain a key fixture of globalisation strategies across the world, UK-based firms are now looking to the emerging markets of Latin America, Asia and beyond to capture significant growth.
Vietnam is one of the four priority markets highlighted by HSBC.
Home to around 90 million consumers, the Vietnamese market is undergoing a period of accelerated liberalisation, with free trade agreements and treaties in negotiation with EU and Pacific Rim economies.
Underlining this increasing presence within the global market, the Department for International Trade (DIT) expects Vietnam’s import demand to rise by about 250% for the decade up to 2020.
Information and communications technology (ICT) is a trade highlight; the sector has enjoyed average growth of 20-25% in recent years, contributing around 7% to the national GDP, Vietnam also boasts one of the world’s fastest growing retail sectors, bolstered by a young consumer population with increasing disposable income. National retail sales are expected to grow by 6.5% per year by 2018, worth an estimated US $122 billion.
The nation’s hosting of the 2019 Asian Games, together with mass transit developments in Hanoi and Ho Chi Minh City may present British companies with further inroads to Vietnam.
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