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In Vietnam, over the past decade, information technology industry has grown strongly, however, the level of development of this profession is still limited. According to the statistics of the Institute of Information and Communication Strategy, only about 15% of graduate students can meet the needs of businesses.
It is estimated that in the next few years, Vietnam will lack 300,000 IT workers, while only 32,000 students graduate each year.
Manufacturing and service industries such as consumer goods, retail, entertainment, and education are aimed at serving the masses.
Vietnam is the 15th most populated country in the world, and its average economic growth is higher than that of other developing countries. Despite the impact of the Covid-19 pandemic, Vietnam still experienced a positive economic growth in 2020. In addition, the retail sales index is often higher than GDP growth. The purchasing power of the Vietnamese market is therefore extremely potential for mass-oriented products.
The rapid development of a number of Vietnamese enterprises in the fields of food processing, beverage, retail, education .... as well as the fierce M&A wave from foreign investors in the retail and consumer goods sectors is a testament to this.
Although the market and business opportunities are huge, it is necessary for foreign investors to thoroughly study the market demand to have the right business model because the barriers to entry in this market are very low, leading to high fierce competition and elimination.
Tourism and related industries are associated with the domestic and global consumer market. Although the growth of international tourist to Vietnam in 2022 is slower than before Covid-19 pandemic, but since reopening its borders and lifting most Covid restrictions, Vietnam earned more than 16 billion USD from tourism in the first nine months of this year, equivalent to 78% of the figure recorded in 2019 when the COVID-19 pandemic broke out.
Vietnam is located in the heart of East Asia, and can be reached by more than half of the world's population in just 5 hours flying. This is a great advantage for developing new routes, thereby attracting international visitors to key tourist centers.
Considered as a key economic sector, tourism industry in Vietnam is believed to grow even more in the future, thereby opening up opportunities for not only accommodation, food and entertainment industries but also many others such as transportation, handicrafts and retail.
Although world trade is declining due to economic downturn, Vietnam's logistics industry has continuously grown over the years. From just over 5% growth in 2015, the transportation and warehousing industry grew by nearly 8% in 2019.
The country’s freight and logistics market is expected to grow at a compounded annual growth rate of 5.5% in 2022-2027. Its economy has posted a strong recovery in 2022, growing at 8.93% in the first nine months.
The main driving force for the logistics industry lies in the commodity production expansion of two important economic sectors - FDI and private. The total investment capital of these economic sectors has continuously increased over the years. On top of that, the boom of e-commerce has brought business opportunities for not only the transport and logistics industries, but also the related technology industries.
As a developing country, Vietnam’s demand for construction investment is huge, so the growth of construction industry is often higher than economic growth. In 2021, Vietnam construction industry registered a marginal growth of 0.6% in real terms, following an annual growth of 6.8% in 2020, supported by the relaxation of lockdown restrictions. Vietnam’s construction industry is expected to expand by 10.4% in real terms in 2022, before registering an annual average growth of 8% from 2023 to 2026.
Public investment disbursement is expected to accelerate thanks to the determination to remove obstacles in investment procedures for projects using budget capital and government bonds. The large amount of state budget that is accumulating in the banking system will be pumped quickly into infrastructure projects, resulting in demand for a series of basic construction materials such as sand, stone, gravel to industrial products such as steel and cement.
Agriculture is inherently the slowest growing industry of all economic sectors. However, the main cause of slow growth is that the proportion of rice in agricultural production value is too large while it is not easy to increase yield and price of paddy. In 2019, the agricultural sector encountered difficulties due to Elnino causing dry weather.
In the long term, there is still a lot of room for the agricultural sector to develop large-scale commodity production, apply high technology, take advantage of natural advantages and enter international markets.
Despite numerous difficulties coming from the domestic and international situation, the agricultural sector has managed to achieve important targets, recording over 36 billion USD in first 8 months of 2022, and targeting of 50 billion USD of agro-forestry-fishery export in 2022 as assigned by the Prime Minister.
There are several drawbacks of modern life in Vietnam, one of which is the food of unknown origin and toxic food. In addition, busy life also makes many people have less time to cook or enjoy a whole food meal. Therefore, the business of clean food such as vegetables, meat, fresh fish, organic food has become a trend that has exploded for years and is predicted to boom in the future.
According to e-wallet player Payoo, sales in Vietnam’s F&B industry were up 50 percent year-on-year in the first quarter of 2022. The group suggested that the F&B industry could grow between 10-12 percent in 2022. The resumption of dine-in services and the recovery of domestic demand were cited as key drivers. F&B spending is also likely to increase as tourists return to Vietnam.