Vietnam has rapidly emerged as a top destination for foreign investors, thanks to its stable political environment, strong economic growth, strategic trade agreements, and competitive workforce. Major cities like Ho Chi Minh City and Hanoi are transforming into thriving economic hubs, offering distinct advantages for businesses expanding their operations across Southeast Asia.

Vietnam economic situation in recent years

In 2024, Vietnam’s GDP is estimated to grow by approximately 7% compared to 2023, reaching 476 billion USD. Over a decade from 2014 to 2024, Vietnam’s economy has experienced substantial economic expansion, achieving a CAGR of 9%. The services sector continues to dominate, accounting for 42% of the GDP, followed by the industrial and agricultural sectors at around 38% and 12%, respectively. The economic structure is gradually shifting, with the country increasingly investing in the growth of the services and industrial sectors, while the share of agriculture has significantly declined.

Vietnam GDP from 2014 to 2024 by sector

출처: 베트남 통계청

In addition, Vietnam is gradually shifting its focus toward investing in and expanding several key industries, such as semiconductors, energy, and construction. These sectors are being supported by large-scale projects, with investments reaching into the billions of dollars:

– North–South High-Speed Railway: Connect Hanoi and Ho Chi Minh City with a high-speed rail line designed for speeds up to 350 km/h. The estimated cost is approximately 67 billion USD, with construction expected to commence by 2030 and completion targeted for 2035[1].

– Nuclear Power Plants: Vietnam plans to construct its first nuclear power plants by 2031 to meet growing energy demands and reduce greenhouse gas emissions. The government has signed agreements with Russia’s state-owned nuclear energy company, Rosatom, to enhance cooperation in nuclear energy[2].

– Semiconductor Manufacturing: Vietnam is investing in its semiconductor industry, with projects like Viettel’s 100 million USD chip factory set to launch in 2025[3]. The government has introduced policies to support this sector, including a funding package of up to 400 million USD, covering 30% of total project investment costs for semiconductor manufacturing plants operational by December 31, 2030[4].

Labor force market in Vietnam

베트남은 여전히 '황금 인구 구조' 단계에 머물러 있다[5], with the labor force aged 15 and older reaching 53 million in 2024, maintaining a stable level of 67% of the total population over the past five years since 2019. The unemployment rate remained low at approximately 2% throughout the year, with workforce allocation is mainly from rural and suburban areas, accounting for 61%, while urban workers comprise the remaining 39%[6].

2023년 말까지 농업, 임업, 어업 부문은 베트남의 고용 구조를 계속 지배하여 총 일자리의 27%를 차지했습니다. 그 뒤를 이어 가공 및 제조 산업이 23%, 소매 및 자동차 수리가 15%, 건설이 9%였습니다.[7].

Vietnam’s number of employed people by economic activity from 2019 to 2023

출처: 베트남 통계청

Additionally, in 2024 the proportion of highly skilled workers in Vietnam remains relatively low, with only 28% of the workforce holding formal training or certification[8]. Conversely 62% of the workforce have not undergone any formal training or obtained recognized credentials. This reflects a modest improvement – a subtle 1% increase compared to 2023 and a 5% growth since 2019[9]. Notably, the workforce saw a significant improvement in sectors like semiconductors and technology, where the supply of qualified professionals is expanding[10]. The increase in skilled workers has contributed to the average monthly wage in Vietnam rising to nearly 315 USD—an 8% increase from 2023[11]이는 임금이 경쟁력이 있으면서도 비용 효율적인 노동 솔루션을 찾는 기업을 계속 끌어들이고 있음을 보여줍니다.

Situation of FDI investment in Vietnam

Over the past decade, from 2014 to 2024, Vietnam’s FDI has experienced notable expansion in both newly registered investment and project numbers, with a CAGR of approximately 6%. By the end of 2024, the total accumulated registered FDI is projected to reach nearly 503 billion USD, encompassing over 42,000 active projects. Newly registered FDI for 2024 is estimated at around 38 billion USD, representing a 4% decrease compared to 2023. However, this figure indicates a gradual recovery following the economic downturn in 2020[12].

In terms of capital allocation by sector, the manufacturing and processing industry remains the leader, with the total investing amount reaching nearly 26 billion USD, accounting for 67% of the total registered investment. The real estate sector follows with 6 billion USD, accounting for 17%. Next are sectors such as energy, wholesale & retail, each accounting for 4%[13].

Vietnam newly registered FDI in 2024 by investment countries, provinces and sectors

Unit: 100% = 38.2 billion USD

출처: 기획투자부

Singapore remains the leading country in terms of investment value in Vietnam, with newly registered FDI reaching 10 billion USD, accounting for 27%. Korea and China follow in second and third place, with investment values of approximately 7 and 5 billion USD, respectively. Japan ranks fifth among the countries investing in Vietnam, with an investment value of around 4 billion USD. Bac Ninh, Hai Phong, and Ho Chi Minh City are the top three cities and provinces that receive the most investment, while the remaining provinces and cities also see an evenly distributed investment value.

Several notable FDI projects in Vietnam in recent years

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In addition, the Vietnamese government also offers various investment incentives, especially in sectors that have gained recent attention, such as semiconductors and energy.

Investment support policies in some sectors in Vietnam

출처: 베트남 정부 포털

Practical Advice for Foreign Investors

Despite its advantages for expansion and investing in emerging markets like Vietnam, investors should be aware of certain challenges. Vietnam is undergoing significant bureaucratic reforms to streamline its administrative processes, including reducing the number of ministries and agencies. While these changes aim to enhance efficiency, they may temporarily affect the pace of project approvals[15]. Additionally, while the government is transitioning to online platforms for business-related administrative procedures by the end of 2025, regional disparities in implementation may still pose challenges[16]\. Cultural nuances and language barriers remain pertinent; effective communication often requires understanding indirect expressions and non-verbal cues, which can vary across regions. Being attuned to these cultural dynamics and administrative transitions will be crucial for navigating the Vietnamese business environment effectively.

결론

Vietnam is a favorable destination for many investors expanding their businesses and investing in the region’s long-term growth. While the country’s economy is gradually growing, global trade tensions have somewhat impacted both the economy and the Vietnamese market. In addition to the investment advantages, there are still several challenges that investors need to be aware of. However, if these challenges can be navigated, Vietnam remains an ideal investment location for those seeking to expand their market in the Southeast Asian region.

[1] VietnamPlus (2024). North – South High-speed Rail Price Tag Estimated at 67.34 billion USD <입장>

[2] Lao Dong News (2025). Russia Continue to Support Vietnam in Develop Nuclear Power <입장>

[3] Nguoiquansat (2024). Vietnam Planning to Construct a Domestic Semiconductor Manufacturing Factory <입장>

[4] Linkedin (2025). Vietnam’s Semiconductor Policy: Opportunities & Strategic Challenges <입장>

[5] 황금 인구구조는 부양인구(15세 미만, 64세 이상)에 비해 생산가능인구(15~64세)의 비중이 가장 높은 특징을 보인다.

[6] 기획투자부 포털(2025). 2024년 베트남의 노동 및 고용 상황입장>

[7] 베트남 통계청(2024). 2023년 경제 활동 종류별 취업자 수입장>

[8] A person aged 15 or older who is employed or unemployed, who has studied and graduated from a vocational or technical training program within the national education system and has been awarded one of the following degrees or certificates: elementary (vocational), intermediate, college, university (bachelor’s), master’s, doctoral, or doctor of science.

[9] General Statistics Office of Vietnam (2025). Vietnam’s Employment Report <입장>

[10] Vietnam Briefing (2024). Vietnam Labor Market Report for H1 2024 <입장>

[11] 아시아 소스(2024). 베트남 노동 시장 2024년 이후입장>

[12] General Statistics Office of Vietnam (2024). Foreign Direct Investment Projects Licensed in Vietnam <입장>

[13] Ministry of Planning and Investment (2025). Situation of Foreign Direct Investment in Vietnam in 2024 <입장>

[14] 지원 자금의 수준은 각 회사의 지출에 따라 다르며, 더 높은 수준의 자금을 받으려면 더 엄격한 조건이 필요합니다.

[15] VnExpress (2025). Vietnam to Merge 63 Localities into 6 Cities and 28 Provinces Under Major Restructuring Plan <입장>

[16] Vietnam Law & Legal Forum (2025). All Business-related Administrative Procedures to be Done Online by the end of 2025 <입장>