Vietnam Market Overview: Future Trends and Projections

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Vietnam market overview

Observing the Vietnam market overview can help you understand what is happening in this country and various prospects or projections for the future. Therefore, in this article, we will discuss several trends related to the Vietnam market and future economic forecast.

Current Growth Trends – Vietnam Market Overview

Vietnam market overview

In 2023, Vietnam received a fairly high Global Innovation Index ranking, 46th out of 132 countries. Even though it is not in the top five or ten, this position is still impressive especially when compared with some countries considered middle class. [1] 

Several factors that make the economic growth trend in Vietnam quite good are:

1. Technology and Innovation

Several world manufacturing companies entrust Vietnam as their business venture. Some of these companies are LG, Samsung, and Foxconn. Several other companies, such as Tamahan, Panasonic, GE, Piaggio, Bosch, and others, have also built local research and development operations.

This shows that this country has sufficient capabilities as a center for technological manufacturing and innovation.

2. Large Inflow of Foreign Investment

Industry trends also influence this because there is quite a lot of Direct Investment (FDI) in Vietnam.

From year to year, FDI continues to increase. In 2023, Vietnam was able to attract foreign direct investment of up to USD 36.6 billion. This increase was 32% greater than the previous year. Therefore, this country’s GDP automatically also increases. [2] 

3. Infrastructure Improvement

The increasing expansion of the country’s economy is also influenced by the availability of fairly large-scale infrastructure development. To improve connectivity, the government has committed to completing 2,000 km of toll roads by 2025.

Other infrastructure improvements are also visible with other important projects, such as the My Thuan-Can Tho toll road, Long Thanh International Airport, and others. With this approach, the potential for improving the country’s economy is increasingly wide open.

Future Projections

Vietnam market overview

With the above trend, many people have speculated that the market in Vietnam will improve in 2024. This optimism is aimed at several important sectors in Vietnam, such as industry, offices, retail, and housing.

The potential for improvement in these sectors depends on a thorough analysis of past achievements and future prospects. Despite economic challenges in 2023, they are expected to see high demand in 2024 and should be prepared for accordingly.

By grasping the Vietnam market overview, businesses aiming to enter the country will gain a clear understanding of its market dynamics. So no wonder it will lead your business to the maximum potential. For more information, visit us here.

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