It's no secret that I've been bullish on Vietnam from the day I first landed there in 2011. The dynamic entrepreneurship and booming economy I found in this Communist nation bore zero resemblence to the dismal failure of the "Communist" economy of Cuba, where I was born. While Cuba remains locked in poverty and a failed econonic state, Vietnam's economy - impressive as it was when I first saw it first hand 8 years ago - continues to blossom impressively. Here's why:
- Vietnamese are passionate entrepreneurs and innovation is inherent in the country's business culture.
- Top Vietnam business leaders and goverment have a pragmatic and healthy world-view; for a long time, Vietnam has gradually drawn U.S. manufacturing demand away from China.
- They are in it for the long game; when Trump trashed the TPP, leading Vietnam companies and its government pressed forward with direct outreach to U.S. enterprise, not wanting to lose momentum.
- Today, as China's economy slows dramatically and U.S. trade threats hammer at its manufacturing base, Vietnam is proactively - and permanently - repositioning itself as U.S. industries' preferred "Go To" manufacturing.
- To keep up with the demand, Vietnam is closely working with forward-looking Chinese companies reading the market signs and transferring production hubs to areas in North Vietnam near China.
Since last spring, LatourLaw's teams in Saigon, Miami, and Washington, D.C. have been proactively working with both Vietnam commercial and trade offices as well as U.S. businesses looking to redirect current Chinese business toward Vietnam. Later in 2019, LatourLaw will be looking forward to taking a Miami-based trade delegation to Ho Chi Minh for a Joint Venture "Meet and Greet". Our objective is to forge a Florida business presence in Vietnam while inviting more Vietnamese entrepreneurs into South Florida; working with partners, we will be leading events and meetings in Washington and other places to educated U.S. businesses on why making the move to Vietnam is in their interest.
This is exciting stuff and I have a lot more to tell you moving forward, but check out this great feature piece on National Public Radio explaining why Vietnam is the SMART new manufacturing choice for U.S. enterprise:
U.S.-China Trade War Boosts Vietnamese City's Economy
Jose Latour
