Exploring new GEO with Leadgid: Vietnam

Hello everyone! Today we'll continue talking about our GEOs, and now we’ll look at Vietnam. Here, you’ll read about its economy, people’s salaries, and what Vietnamese spend their money on and take out loans for. Let’s start!

Economy

This county’s economy is considered to be developing. Like many other countries, Vietnam has well-developed agriculture and mineral industry.

Both of these sectors’ produce gets exported and is successfully sold across the world. Unfortunately, infrastructure is not really advanced in the country. There are some noticeable weaknesses regarding the ground transport, housing, and utility sector. Although there are positive sides there too, for instance, the county’s cellular connection is nice, as well as aviation.

(returns on exporting products in billions)

Though there is a strange division between Vietnamese economies, there are basically two of them:

1. State economy

2. Foreign business economy

Foreign enterprises exist on their own and do not integrate with the common economy. Moreover, the country’s national debt continues to grow. In the ’90s and early 2000s, the country started growing, but mainly because of foreign investments. Investments were made into the service sector, trades, and factories. This is why it is believed that there are a couple of economies in Vietnam.

Vietnam has good commercial relations with the USA and is one of its biggest exporters. They sell anything they can to the US: furniture, electronics, sea produce, shoes, clothes, textile, and many more.

If we’re talking about the year 2020, then we can say that Vietnam suffered from the pandemic just like any other country did. The economic growth in 2020 was no less than 5.3%. however, as stated by commissioned people, the country was able to recover a sufficient number of industrial sectors and almost eliminated social distancing. The economic growth also happened due to the EU-Vietnam Investment Protection Agreement.

Jobs and salaries

As for 2020, average salaries in Vietnam fluctuate between $500-1000 and heavily depend on foreign trade, industry, and agriculture. Even though there’s not much in salaries, at least the unemployment rate in Vietnam is only 2%. Anyone can find a job there, even a migrant, which is not the case for any other country in the world. These jobs don’t pay much, but everyone is kept busy.

The state tries to actively monitor the labor market. Slight growth in salaries is present and it positively influences the citizens, as well as their attitude toward events in the country. 

Vietnamese value higher education. If a person wants to receive an above-average salary then they have to have a university degree, knowledge of foreign languages, and high professional qualification. Salaries increase every year. A university degree employee can count on a 7-8% increase in salary.

On the scale, from bottom to top, salaries look like this:

1. Minimum salary – $189-500;

2. Average salary – $500-1000;

3. Maximum salary - $1000 and more.

A foreign company, linguistic and analytical centers workers get the highest incomes. Private housekeepers get around $500-600. Tour guides earn $450-3000 (depends on the season). Highly skilled workers (i.e. mechanists, electricians) get up to $1000. The metal industry and other factory workers get about $550-650. Healthcare system workers earn $350 and more. 

Just like in many other countries, private agencies pay their employees more money than state institutions. Consequently, people try to get hired by private companies. 

For a family of two adults and two children to live on average, they will need around $900 without taxes and utilities. Also, it’s normal for a Vietnamese family to have more than two kids, like 4 and 5.

Here you can see average prices for goods and services in Vietnam:

Loans

Lately, the finance sector in Vietnam has been substantially growing. Prices have increased, while the citizen’s incomes have decreased. The consumer loan market is estimated at $44 billion. People usually take out loans for housing, house equipment and different gadgets, maintenance and house repair, and for purchasing motorcycles. Urban sector loans have recently been amplifying, as banks and the state all support it since it helps the economy grow. 

Microfinance organizations, on the other hand, aim for people in rural areas. The fact is, Vietnam is not Europe and so the people’s financial literacy levels are very low here which is really noticeable outside of the bigger cities. A person may easily take out a $500 loan and repay it in a couple of months as $2500 and it’ll just be OK.

All in all, the loan situation is pretty nice out there, and this sector is only evolving and will be evolving for the next couple of years.

Conclusion

Vietnam is a nice GEO to generate traffic in. You don’t need to come up with sophisticated approaches or some sort of mind games. Form a nice offer, figure out what needs Vietnamese residents have, and you’ll get your profit.

Best wishes, LeadGid