Viet Nam in the new rising era
Welcome to the 13th edition of the Doing Business in Viet Nam guide, your annual guide through the nation’s economic landscape, co-authored by PwC Vietnam and Vietnam Chamber of Commerce and Industry (VCCI). As we step into 2025, Viet Nam is on the cusp of new era in its development journey and its commitment to strong sustainable development is stronger than ever.
In this new era, Viet Nam seeks to achieve the journey towards becoming a high-income economy by 2045 and become Net-Zero by 2050 and become a key global hub for finance, technology and sustainable development.
With no time to lose, 2025 will be a year of urgency and preparation to lay the foundations that will allow Viet Nam to attain these goals. This will involve greater investments in multiple strategic initiatives that will boost Viet Nam’s productive potential.
Why invest in Viet Nam?
2024-2025 Economic growth & outlook
In 2024, Viet Nam’s economy demonstrated remarkable resilience, surpassing government targets with a GDP growth rate of 7.09% despite facing challenges such as Typhoon Yagi. The services sector was at the forefront of this growth, increasing by 7.38%, followed by industrial and construction with an 8.24% rise, and agro-forestry-fishery seeing a 3.27% uplift. Trade played a pivotal role in driving economic performance, with total trade exceeding 786.29 billion USD - a 15.4% year-on-year increase - resulting in a trade surplus of 24.77 billion USD. Exports reached 405.53 billion USD, bolstered significantly by agriculture, including coffee, rice, and fruits and vegetables.
Viet Nam’s economic outlook for 2025 is brimming with promise, backed by GDP growth projections of 6.1% from the International Monetary Fund (IMF) and ambitious government targets reaching up to 8%. The nation is resolute in its ambition to become a leader in the semiconductor and electronics industries and to establish itself as a global financial hub, with significant contributions anticipated from a rapidly expanding digital economy and advancements in technologies like artificial intelligence (AI).
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Strategic partnerships and Trade agreements
Viet Nam’s bilateral relations extend beyond Free Trade Agreements (FTAs), embracing partnerships that nurture deeper trade and economic cooperation. This strategy positions Viet Nam as a vital player in the global supply chain, broadening investment prospects and forging strategic ties with global economies.
In 2024 and early 2025, Viet Nam expanded its international ties by establishing Comprehensive Strategic Partnerships with Australia, France, Malaysia, New Zealand, and Indonesia. In total, Viet Nam now holds 21 Strategic Partnerships globally, 13 of which are Comprehensive Strategic Partnerships.
Moreover, Viet Nam has 14 Comprehensive Partnerships aimed at building trust and strengthening future cooperation. Notably, Mongolia and the UAE were added to this list in 2024, with Switzerland joining in early 2025.
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Reforms to support business environment
Viet Nam is undergoing a substantial government restructuring to boost efficiency by reducing the number of ministries and agencies, addressing overlapping responsibilities in public administration. While some ministries will remain as they are, significant changes include the merger of the Ministry of Finance (“MoF”) with the Ministry of Planning and Investment, alongside the formation of a new Ministry of Agriculture and Environment.
The restructuring further highlights Viet Nam’s dedication to modernising governance while prioritising high-quality service delivery for both citizens and businesses.
In addition, Viet Nam has passed a series of laws/amended laws that will improve and clarify market conditions for investors and businesses as well as help in pursuing the development of new and greener economy.
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Strategic sectors for Viet Nam’s economic growth
- Digital Transformation: The government has approved a digital infrastructure strategy through 2025, focusing on expanding fibre optic and 5G coverage, establishing AI data centres, and developing green data centres. By 2030, Viet Nam aims to be among the top 50 countries globally in digital infrastructure, digital economy, and E-Government, with the digital economy projected to contribute 30-35% of GDP.
- Infrastructure Development: The government has increased the public investment budget from 27 billion to 33 billion USD for 2025, opening substantial opportunities for investment. Key projects such as the North-South high-speed railway, expressways, and Long Thanh International Airport are central to sustainable development.
- Financial Hub Ambitions: Viet Nam aims to become a financial hub with reforms to develop finance sector, including the creation of International Finance Centre (IFC) in Ho Chi Minh City and Regional Finance Centre in Da Nang city by 2045.
- Energy Sector: Under the PDP VIII, Viet Nam’s energy sector is progressing towards sustainable growth and innovation. This comprehensive roadmap prioritises renewable energy, including wind, solar, and waste-to-energy projects, with the aim of achieving Net Zero emissions by 2050. The plan seeks to double installed capacity to 150 GW by 2030 and achieve 500 GW by 2050, requiring an investment of approximately 700 billion USD.
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Get in touch
Johnathan Ooi Siew Loke
Partner, Deals and Consulting Services Leader, PwC Vietnam
Tel: +84 28 3823 0796