22 Nov Why should you localize content into Vietnamese?
Being among the fastest Asian economic growth countries combined with a large population of 97 million people – over half of which are on working-age are two main factors that make Vietnam a potential target market for many companies going global. There are many other reasons why you shouldn’t miss this potential market. Let’s find out in today’s post.
Table of Contents
1. Constantly increasing population
As of July 2019, the population of Vietnam has reached 97 million people. According to the research of the UN Population Division, the Vietnamese population will constantly increase and peak at 115.69 million people in 2061. In other words, Vietnam’s economy has huge room to grow. This market can generate millions of potential customers, especially in agribusiness, tourism, energy, and e-commerce industries.
2. A huge pool of manpower
About 70% of the Vietnam population is in working-age (from 15 to 64 years old). The figure speaks for itself, the Vietnamese market can create a huge workforce for the economy. What’s more, with cheap salaries and increasingly high-skilled human resources, the Vietnamese market has become a potential stop for more and more foreign garment brands. Samsung, Toyota, or Nike to name a few have taken the advantages of Vietnam’s manpower to achieve cost-effective developments.
3. Language barrier
According to the EF English Proficiency Index (EF EPI), Vietnam ranked at number 41 out of 88 countries taking part in the survey. With 53.12 scores, Vietnam is classified into the Moderate English Proficiency group. So even if your documents are in English – the most common foreign language used in Vietnam, you are still missing out on a great number of potential customers in Vietnam. Recently, Vietnamese people are paying more attention to learning English as well as other foreign languages. But to make sure your business documents or marketing campaigns work best, translating your business documents into Vietnamese is highly recommended.
4. Stable politics and favourable law systems
Vietnam is one of the most politically stable countries in Southeast Asia. The country is ruled by the Communist Party of Vietnam who does not welcome both internal and external dissent The stability of politics is a huge advantage of the Vietnam market, attracting many foreign businesses. Besides, the Vietnam government encourages foreign investments by imposing tax and other incentives strategies.
5. The boom of the Internet and e-Commerce
In 2019, it is predicted that over 59 million Vietnamese people will get access to the Internet. This will be accounted for slightly over 60% of the country’s population. The number of Internet users is expected to reach 75.7 million in 2023. This constantly upwards trend brings about a huge opportunity for foreign brands, especially games, apps, and e-commerce ones.
What’s more, according to Google and Temasek, the e-commerce industry in Vietnam is growing at a fast pace, ranked second in Southeast Asia. This industry has 3.2 million annual online shoppers, generating 6.2 billion dollars in 2017. This figure is forecast to reach 10 billion dollars in 2020. In short, the Vietnamese e-commerce industry is a fruitful market for any foreign company. But there’s one big problem. Vietnamese consumers are likely to purchase products at Websites that speak their native language and ignore those in foreign languages. To grasp this market, companies have no choice but to translate and localize their online presence to Vietnamese.
As a translation and localization agency based in Vietnam, GTE Localize knows where to find the best Vietnamese translators with competitive price to give you the best-in-class Vietnamese translations. Contact us for a free quote now!