Continued strong economic growth, ongoing reform and a large population of 92.5 million - half of which are under the age of thirty - have combined to create a dynamic and quickly evolving commercial environment in Vietnam.
Sales of equipment, technologies, consulting and management service associated with growth in Vietnam’s industrial and export sectors and implementation of major infrastructure projects continue to be a major source of commercial activity for U.S. firms.
Per capita GDP surpassed $1,000 in 2009 and was estimated to be $1,960 at the end of 2013. With disposable income levels in major urban areas four to five times this level, significant opportunities in the consumer and services sectors are fast emerging.
Telecommunications, information technology, oil and gas exploration, power generation, transportation, infrastructure, construction, environmental projects, management, technology, aviation and education will continue to offer the most promising opportunities for U.S. companies over the next few years as infrastructure needs continue to expand with Vietnam’s pursuit of rapid economic development.
The GVN plays a significant role in the economy, with state-owned enterprises (SOEs) making up 35 percent of GDP. The GVN strategy to “equitize” (partially privatize) SOEs in all sectors of the economy is slowly moving forward. While the GVN will maintain majority ownership in the largest and most sensitive sectors of the economy, which includes energy, telecommunications, aviation and banking, the equitization process will nevertheless create opportunities for many U.S. companies.Key U.S. agricultural inputs to production such as hardwood lumber, cotton, hides ,skins and feed ingredients will also continue to play a key role in helping fuel Vietnam’s export led manufacturing strategy. Demand continues to also grow for consumption oriented products such as meat, dairy and fresh and dried fruits.
Source: U.S. & Foreign Commercial Service And U.S. Department Of State, 2014.