Country Report Essay Example | Topics and Well Written Essays - 3000 words

Country Report - Essay Example Nonetheless the country is on the verge of transformation into a potentially successful economy. This report has been prepared for the CEO of the ‘Read the World’, a British origin company, that has appointed the consultancy firm for the purpose of evaluating the market for books in Vietnam and present the threats and opportunities that exist in the country. The report focuses on the social initiative of Read the World that functions with the aim of designing and producing educational books and magazines for the needy people in developing markets. Economic Environment of Vietnam Back in the year 1986, Vietnam started off liberalizing its economy. Once it opened its doors to encourage foreign direct investment in various sectors, a considerable jump has been noticed in the number of foreign organizations and western companies entering into the country. In the South East Asian region, Vietnam has emerged as a significant economic power. With the initiation of the renovatio n policy in the year 1986, the country has been able to fetch a sustainable high GDP growth rate during the past decade. With the GDP growth rate of 8.4 percent in the year 2005, the country has been able to the address the issue of poverty. ... Still, there are more possibilities to spread the advantages of the rapid growth in Vietnam’s economy across the globe. The activities in the private sector concentrated across 64 provinces of the nation. The leaders of these provinces have established a regulatory framework which would encourage calculated risk taking by the private entrepreneurs. In the response, with the country’s continual decentralization process, the economic programs of the Asia Foundation have focused on the improvement of the business environment to enhance the private sector competitiveness as well as economic growth (The Asia Foundation, n.d., p. 1-2). Since early 1990s, the Vietnam Chamber of Commerce and Industry (VCCI) and the Asia Foundation together are responsible to promote global business development and economic integration across Vietnam, more specifically the growth among the small and medium enterprises (SMEs). In the year 2002, the Vietnam Chamber of Commerce and Industry (VCCI) and the Asia Foundation shifted their focal point to enhance the provincial governance, further encouraging the sector growth in the private sector. Started off in the year 2002, they initiated a program to find out the reason why some handful provinces have the ability to attract the private sector investment and to address the issue f economic success. This also reflects the eagerness of the respective authorities to make all the provinces equally attractive for the foreign investors. The economic outlook of Vietnam remains greatly positive supported by the government’s determination to comply with WTO. The country has experienced great progress with trade as well as investment reforms. Furthermore, its negotiation over the WTO entry has