9. Vietnam
CPA Australia members: 1,315
Overview
An impressive economic expansion of over 7 per cent GDP growth in 2024, driven by powerful performances in manufacturing trade, agriculture and services, demonstrates the optimism around the Vietnamese economy.
The same year, imports increased 16.7 per cent to US$380.7 billion (A$592.5 billion) and exports by 14.3 per cent to US$405.5 billion (A$631 billion).
FDI was up 3.35 per cent YOY in 2023, to US$18.5 billion (A$28.7 billion). Vietnam’s digital economy accounted for 12 per cent of GDP.
Major sectors
- Services
- Industrial and construction
- Agriculture, forestry and fishery
Key business attractions
With robust economic growth; shared borders with China, Laos and Cambodia; plus favourable demographics including a population of 96 million, an expanding middle class, a median age of 30 and plentiful low-cost labour; Vietnam has much to offer.
Skills in demand
- Data analysis
- Cloud computing skills
- Logistics management
Local insight
Kelly Wong FCPA, CEO of the VNG Corporation, says the strongest business sectors right now are in technology.
“I may be a little biased,” he says, “but I see a lot of opportunity in this sector given the government initiatives to digitise the economy.
“We also have a fundamentally strong tech culture driven by a young and eager population that is tech-savvy and literate. We have a strong education base creating a growing workforce in the tech industry that is now able to serve companies beyond Vietnam.”
In terms of the cultural side of doing business in Vietnam, Wong says there are not many issues to look out for as the Vietnamese people are “generally very open and understanding”.
Business visitors are more likely to find a challenge while crossing a street, as opposed to in a business meeting.
“At first sight, the traffic seems chaotic with the mix of cars and motorbikes,” he says. “But I liken them to a school of fish. If you move steadily and slowly, you’ll manage to make it across the street safely.
It’s like how a large school of fish moves fluidly and steadily navigates obstacles and swims around them. So, be steady in pace, and commit!”
