In recent years, Vietnam has seen a dramatic increase in foreign investment, especially following the country's admittance to the World Trade Organisation in 2007. From a strong agricultural base, Vietnam has now successfully developed its Consumer Goods, Banking & Financial Services and of course Industrial & Manufacturing sectors. The country is also developing technology industrial parks and is seeking out foreign investments in the high-tech industry.
Multinational companies entering Vietnam have usually started by transferring an international HR leader. However there now exists a good local talent pool of HR professionals in the key cities. The more established multinational players are beginning to gradually entrust strategic decision-making to their more senior Vietnamese HR practitioners. HR practices in Vietnam by and large remain operational; however, the high literacy level of the country means that the HR talent base should develop quickly.