Vietnam’s economy has emerged as one of Southeast Asia’s fastest-growing and most dynamic markets, attracting significant global attention.

With a population of over 100 million, a strategic location in the Asia-Pacific region, and a rapidly industrialising economy, Vietnam has become a manufacturing and export powerhouse. 

Notably, the country has leveraged its integration into global trade networks, particularly through free trade agreements like the Comprehensive and Progressive Agreement for Trans-Pacific Partnership and the Regional Comprehensive Economic Partnership, to boost its export-driven economy.

Key sectors such as textiles, electronics, and machinery play a central role in Vietnam’s growth story.

Beyond manufacturing, Vietnam’s economy is also supported by increasing domestic consumption, foreign direct investment, and a burgeoning services sector.

A commitment to economic reforms, improving the business environment, and investing in infrastructure has created a favourable climate for investors. 

Section 1: Key Vietnam economic data

Latest Vietnam GDP growth forecasts

September 2025: The World Bank projected Vietnam’s GDP growth to reach 6.6 percent in 2025, warning that short-term gains from export frontloading mask structural weaknesses in consumption, finance, fiscal reliance, and tech talent, according to its September 2025 Taking Stock Report.

July 2025: The National Statistics Office, in its quarterly socio-economic report has said that Vietnam’s gross domestic product (GDP) grew by an estimated 7.96 percent year-on-year in the second quarter of 2025, marking the second-highest Q2 growth since 2020. Growth was driven by robust performance across all major sectors.

June 2025: In its Economic Outlook, Volume 2025 Issue 1 the OECD expects Vietnam’s GDP growth to slow to 6.2 percent in 2025 and 6.0 percent in 2026, following a post-pandemic rebound. It notes export performance remains vulnerable to external demand and trade tensions, particularly with the US — its largest export market.

Vietnam GDP (nominal) break down 2024, by % of total

Source: Vietnam General Office of Statistics

Foreign Direct Investment

In 2024, Vietnam attracted a substantial amount of foreign direct investment (FDI), with a total realised capital of US$25.35 billion, according to the Ministry of Planning and Investment.

This figure underscores the country’s strong appeal to international investors, particularly in key sectors such as manufacturing, real estate, and high-tech industries.

The realised capital represents the funds that have been fully invested and implemented in various projects nationwide, showcasing Vietnam’s growing importance in global supply chains and as a manufacturing hub.

Additionally, the total registered capital amounted to US$38.2 billion, indicating a strong pipeline of future investments.

Registered capital includes newly pledged investments, additional capital for ongoing projects, and capital contributions from foreign investors, which reflect their long-term confidence in Vietnam’s economic prospects.

These figures highlight Vietnam’s strategic positioning as a top FDI destination, supported by its robust trade agreements, competitive labour market, and continued government reforms aimed at improving the business environment and infrastructure development.

Vietnam’s key industries

Vietnam’s economy is in large part concentrated in a few key areas.

This is, however, slowly changing as the economy expands and diversifies. Key industries in Vietnam as of 2024 include:

Vietnam’s retail industry

Vietnam’s retail industry is much bigger now than it was just a few years ago.

From supermarkets to corner stores and everything in between shopping in Vietnam has never before come with so many options.

Furthermore, foreign retailers are opening new retail outlets in Vietnam almost every other day.

As of 2024, Vietnam’s retail industry continues to show promise, driven by a rising middle class, increased consumer spending, and a young population.

The sector has increasingly embraced digital transformation, with e-commerce rapidly expanding alongside traditional retail channels.

Online shopping is gaining popularity, particularly among younger consumers, spurred by mobile technology and changing shopping behaviours.

See: Vietnam Retail Sales Tracker 

Manufacturing industry in Vietnam

Vietnam’s manufacturing sector is in the middle of a boom period.

In just over two decades the country has gone from relatively underdeveloped to a thriving hub of activity on the back of a manufacturing sector that has brought millions of jobs to the country.

In fact, 86 percent of Vietnam’s export merchandise came from the manufacturing sector in 2022, compared to just 49 percent in 2002.

These exports have increased in value too. In 2002, Vietnam exports of goods and services to the tune of US$19.19 billion.

In 2022, that number had climbed to US$384.22 billion.

Indeed, the country and the sector have come a long way, but there is much more room to expand. 

Food and beverage industry in Vietnam

Vietnam’s food and beverage–or F&B–industry has experienced remarkable growth in recent years, driven by a combination of factors including rapid urbanisation, rising disposable incomes, and a burgeoning middle class.

The country’s rich culinary heritage, coupled with increasing consumer demand for diverse and convenient food options, has created a dynamic and promising market.

Finance industry in Vietnam

Vietnam’s financial sector has become a dynamic part of the nation’s economy, but despite its rapid development, it remains relatively small.

In 2023, the sector accounted for just 4.9 percent of Vietnam’s total GDP.

That said, over the last decade, various segments, including banking, insurance, bonds, and stocks, have seen significant growth.

The expansion has been driven by increased demand for financial services among a growing middle class, enhanced regulatory frameworks, and greater access to technology such as mobile banking and online investment platforms.

The Vietnam Stock Exchange

The Vietnam Stock Exchange oversees the Ho Chi Minh City Stock Exchange and the Hanoi Stock Exchange.

HOSE lists the country’s largest companies and main indices, while HNX handles smaller firms, bonds, and the unlisted UPCoM market.

The market is growing quickly, supported by a rising domestic investor base and gradual reforms aimed at attracting more foreign capital.

Trading is subject to limits on daily price movements and foreign ownership caps in certain sectors.

Vietnam is working to upgrade its status in global equity indices by improving transparency, settlement systems, and governance.

Despite structural challenges, it remains one of Southeast Asia’s most dynamic emerging markets.

Primary Industries

Vietnam’s agriculture sector plays a crucial role in the country’s economy, contributing significantly to GDP and employing a large portion of the workforce.

It is a diverse sector, encompassing crops, livestock, forestry, and fisheries.

The country is a leading global exporter of products such as rice, coffee, and seafood.

In recent years, the sector has seen a shift towards higher-value crops and more sustainable farming practices, as the government aims to enhance both productivity and environmental sustainability.

Trade

In 2024, Vietnam’s total export value reached US$405.53 billion, reflecting the ongoing significance of exports in the country’s economy.

Key sectors, including electronics, textiles, and machinery, played a substantial role in contributing to this figure.

However, the export performance, though notable in scale, did not meet expectations in light of global economic conditions, highlighting some of the challenges the country faced in maintaining its competitiveness in international markets.

On the import side, Vietnam’s total imports amounted to US$380.76 billion in 2024.

The import volume, driven largely by the need for foreign raw materials and components, reflects the dependence of Vietnam’s manufacturing sector on global supply chains.

However, despite a trade surplus between exports and imports, the overall trade performance fell short of anticipated targets, pointing to underlying pressures within the economy.

Labour in Vietnam

Vietnam’s workforce is young compared to developed economies but is ageing.

Agriculture still accounts for about a quarter of employment but its share is declining as industry, construction, and services expand.

Manufacturing and export-oriented industries absorb large numbers of workers, though many are in low to medium skill positions.

Wages are rising steadily, with Vietnam’s average wage about VND 8.3 million or US$321 per month in early 2025, with services and industry paying roughly double agriculture.

Vietnam’s minimum wages are set by region, ranging from VND 3.45 million to VND 4.96 million.

Informal employment remains a structural issue, with well over half of workers lacking formal contracts or social insurance.

Skills mismatches are another challenge, as vocational training lags behind the needs of high-tech and service sectors.

Regional disparities persist, with the southeast industrial hub paying far more than the northern or central provinces.

Overall, Vietnam’s labour market is flexible and relatively low-cost, which underpins its attractiveness for foreign investors, but pressures are growing from rising wages, skills shortages, and demographic shifts.

Tracking Vietnam’s economy

Vietnam’s economy can be tracked through a combination of official sources, international institutions, and reliable media.

The National Statistics Office, State Bank of Vietnam, and Ministry of Planning and Investment provide core data on growth, trade, credit, and FDI.

International bodies like the IMF, World Bank, and ADB release forecasts and structural analysis.

Local outlets such as Vietnam Investment Review, VnExpress, and The Investor cover daily developments and business trends, while global media including Reuters, Bloomberg, and Nikkei Asia place Vietnam in a broader regional and global context.

Regional comparison

Vietnam’s economy is driven by export-oriented manufacturing and supported by a large, cost-competitive workforce.

Here’s how it compares to its regional neighbours.

Thailand

Compared to Vietnam, Thailand has a more diversified economy with strong tourism and agriculture, while Vietnam relies more on manufacturing exports.

Thailand’s political uncertainty contrasts with Vietnam’s relative stability, though Vietnam still faces reform challenges.

Malaysia

Malaysia’s economy is balanced across services, manufacturing, and commodities, while Vietnam is more narrowly focused on industrial exports.

Malaysia has stronger infrastructure, but Vietnam benefits from faster growth momentum and a younger workforce.

Indonesia

Indonesia’s growth relies on its large domestic market and natural resources, whereas Vietnam’s is export-led and manufacturing-driven.

Vietnam is more integrated into global supply chains, but Indonesia has a broader internal consumption base.

Philippines

The Philippines depends on services and remittances, while Vietnam has built a strong manufacturing and export platform.

Vietnam has greater industrial depth, whereas the Philippines retains an advantage in English-speaking service sectors.

FAQ: The economy of Vietnam

These are some of the most common questions about the economy of Vietnam.

What was Vietnam’s GDP growth in 2024?

Vietnam’s GDP grew by 7.09 percent in 2024. This showcases a strong economic rebound.

Which sectors primarily contributed to Vietnam’s GDP in 2024?

The services sector was the primary driver, contributing 49.46 percent. The industrial and construction sector also significantly contributed.

How much foreign direct investment did Vietnam attract in 2024?

Vietnam attracted a total realised FDI capital of US$25.35 billion in 2024. The total registered capital reached US$38.2 billion.

What are some of Vietnam’s key industries as of 2024?

Key industries include manufacturing, retail, food and beverage, finance, and agriculture. Manufacturing is a major export contributor.

What was the value of Vietnam’s exports and imports in 2024?

Vietnam’s total export value reached US$405.53 billion in 2024. Its total imports amounted to US$380.76 billion.

What’s next?

The future of Vietnam’s economy is shaped by both opportunities and challenges as the country continues to integrate into the global market.

Vietnam’s strong export-oriented manufacturing base, particularly in electronics, textiles, and agriculture, is expected to remain a key driver of growth.

Additionally, ongoing infrastructure improvements and investments in digital transformation are likely to enhance productivity and efficiency.

However, Vietnam faces challenges such as global supply chain disruptions, environmental sustainability, and the need for continued regulatory improvements.

Managing inflation, increasing domestic value-added production, and reducing dependence on external markets will also be critical.

Overall, Vietnam’s economic future appears promising, but careful policy implementation and strategic investments will be essential to maintaining sustainable and balanced growth.

That said, Vietnam’s economy is dynamic and prone to change quickly. With this in mind, foreign firms doing business in Vietnam should make sure to keep up with the latest economic developments by subscribing to Vieter.

First published October 2, 2024. Last updated September 23, 2025.