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 growth in international tourists to Vietnam in 2019 slowed compared to 2018, it still stands at over 15% and is forecasted to grow higher in the future when the Covid-19 pandemic is under good control.
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.
With the forecast that world trade will improve in 2021 thanks to the fact that vaccination has been implemented in many countries, the transportation and warehousing industry will continue to maintain high growth momentum. 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 2019, the growth of the construction industry was estimated at 8.3%. Although the real estate market was quieter in 2020 because of the Covid-19 pandemic, the construction and construction materials industries will continue to be positive in both the short and long term.
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.
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.