As a multi-industry business enterprise with a long history in Vietnam, we are consistently harnessing our professional expertise and extensive market knowledge to deliver high quality projects and diligently serving the essential needs of the people throughout the country’s economic development journey. We have overcome numerous challenges and conquered new heights in our history of more than 45 years of development, all while contributing to enriching the lives of nearly 2,000 employees and their families.
In recent years, Vietnam has gradually strengthened its position as an important production hub for many multinational enterprises and a promising investment hotspot on the global stage.
Vietnam’s economic growth has been underpinned by many favorable factors, including a young workforce, a strong increase in highly skilled and affordable labor, increased disposable income amongst the population, and grassroots development policies. The country has placed significant emphasis on infrastructure development, backed by responsive socio-economic policies from the Government. The business environment is stable, bolstered by substantial foreign exchange reserves and a well-maintained foreign debt balance.
In the first nine months of 2022, the market has seen FDI disbursement increase sharply to 15.4 billion USD (up 16.2% over the same period last year). This positions Vietnam to seize and capitalize on business opportunities offered by its burgeoning workforce of over 50 million young participants.
Even in the context of increased economic openness, Vietnam is poised for sustained growth, thanks to domestic consumption and the promising development of the digital economy.
Two-thirds of the country’s GDP today still comes from domestic consumption, and average GDP per capita growth of 5% annually over the past two decades has contributed to the formation and expansion of a middle class with a willingness to spend. In the first eight months of 2022, total retail sales of consumer goods and services amounted to 158.5 billion USD, corresponding with an increase of 19.3% over the same period last year.
The digital economy is on the rise and is fueled by the proportion of internet users, online shopping and online payments making up 70%, 50% and 53% respectively of the total national population. This allows Vietnam to access more diverse methods to build on past achievements, current projects and future milestones.
Within this framework, REE Corporation constantly aims to establish solid business foundations, fulfilling the essential needs of the people while focusing on investing in areas that generate cash flow. These efforts towards long-term and sustainable growth have helped us create unique business advantages, allowing the Group to overcome all challenges, even in the most testing circumstances.
We are committed to implementing business activities that put environment, society and governance (ESG) at the heart and steadfast in our response to the global call to address greenhouse gas emissions and sustainable development. Our portfolio of renewable energy and clean water projects has reached 2,845 MW and 1.2 million m3 of water production per day – and these numbers will continue to grow.
