Vietnam’s per capita GDP in 2024 was $4,717, according to the World Bank. By 2035, the Government of Vietnam aims to achieve upper-middle-income status. With disposable income levels in major urban areas four to five times the national average, significant opportunities in the consumer goods and services sectors are fast emerging. This is evidenced by strong growth in the number of Vietnamese students attending university in the United States, and the growing number of middle-class Vietnamese who are choosing the United States as a vacation destination. 

Telecommunications, information technology, power generation, transportation infrastructure construction, environmental project management and technology, aviation, defense, and education, specifically English language training and education technology, will continue to offer the most promising opportunities for U.S. companies over the short term as infrastructure needs continue to expand with Vietnam’s pursuit of rapid economic development. Healthcare will also be a growing sector as the government expands programs, and an increasingly wealthy population spends more on medical treatment.

The Government of Vietnam (GOVN) plays a significant role in the economy, with state-owned enterprises (SOEs) making up 29% of GDP. The GOVN strategy to “equitize” (partially privatize) SOEs in all sectors of the economy is slowly moving forward. While the GOVN will maintain majority ownership in the largest and most sensitive sectors of the economy – including energy, telecommunications, aviation, and banking – the equitization process could present opportunities for U.S. companies. 
Key U.S. agricultural inputs to production, such as hardwood lumber, cotton, hides, skins, and feed ingredients, will also continue to play a key role in Vietnam’s manufacturing strategy and, as noted earlier, are responsible for U.S. agricultural products accounting for nearly half of total exports to Vietnam. Demand also continues to grow for the consumption of products such as meat, dairy, and fresh and dried fruits.

Lastly, Vietnam plays a critical role in strengthening diverse and secure U.S. supply chains. With its strategic location, competitive labor costs, welcome approach to foreign investment, and a broad network of free trade agreements, the country has become a top destination for global manufacturing, as firms seek to increase supply chain resilience and decrease reliance on China.