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Mr. Cong-Thang HUYNH from InnoLab Asia along with other experts said that Vietnam is on pace to become an attractive investment destination in Southeast Asia. Its central location in Southeast Asia, rising industrialization and urbanization, stable growth rate, ongoing innovation, socioeconomic goals, and increased economic connectivity are all key catalysts.

In 2022, investing in Vietnam has attracted more than 27 billion USD in investments across all economic sectors.  The manufacturing sector accounted for 61 percent of the total registered foreign direct investment (FDI) in Vietnam. Other main sectors are Real estate activities (16%), electricity, gas, air conditioner supply (8%), wholesale, retail trade, motor vehicle repair (4%), transportation (1%), and construction (1%). 

According to The Business Times, Ho Chi Minh City come in the third place preferred city for cross-border investment in 2023, from ninth place in 2022, as its investors adopted an opportunistic strategy. Following Harvard Growth Lab, Vietnamese GDP will rank sixth in ASEAN this year, fifth in 2023-24, and third in 2025-27.

In addition, due to the expanding e-commerce industry, Vietnam is expected to have the fastest-growing digital economy in Southeast Asia in 2022, with predicted gross merchandise value growth of 28% to US$23 billion. With ambitious goals to attract half of the Fortune 500 by 2030, Vietnam might become one of the most lucrative markets in Asia-Pacific for international investors.

This year is predicted to be tough due to factors such as inflation, high-interest rates, and the Ukraine-Russia conflict. However, we also have opportunities and positive signals for 2023.  According to Harvard’s Growth Lab, the next decade will see Vietnam become one of the world’s five fastest-growing countries, alongside China and India.

Let us take a look at some of the best sectors for investment in Vietnam in 2023.


Vietnam is emerging as a hub for technology startups, with a growing number of tech companies setting up operations in the country. This sector is expected to continue to grow in 2023, offering opportunities for investment in areas such as software development, mobile applications, e-commerce, and more.

Speaking at a conference, Minister of Information and Communications Nguyen Manh Hung affirmed that 2023 would be the year the telecommunications industry will focus on commercializing 5G and fighting spam calls.

Stock companies said that IT firms will continue double-digit growth, and major groups like the military-run Industry and Telecommunication Group (Viettel), the Vietnam Posts and Telecommunications Group (VNPT), FPT, and CMC still have ample room to grow. 

According to HSBC, 51% of programmers in Vietnam are between the ages of 29 and 30. The hourly wage for IT outsourcing software development in Vietnam is around 18 USD, which is comparable to 64% in other Asian countries and 10% in the United States. As a result, clients from major markets such as the United States, Japan, the European Union, and Asia-Pacific have chosen Vietnam as a suitable location for IT development collaboration.

According to HSBC, 51 percent of programmers in Vietnam are 29-30 years old. The hourly wage for IT outsourcing software development in Vietnam is about 18 USD, equivalent to 64% in other Asian nations and 10% in the US. Therefore, customers from big markets like the US, Japan, the EU, and Asia-Pacific have selected Vietnam as an ideal destination for cooperation in IT development.

Moreover, Vietnam aims to have 80,000 digital technology enterprises by 2025 and 100,000 by 2030. The tech industry is expected to contribute between 6% and 6.5% to the country’s gross domestic product (GDP) by 2025.


The power plan for 2023, approved by the Ministry of Industry and Trade, puts the country’s electricity production and imports in the dry season at 137.1 billion kWh and in the rainy season at 147.4 billion kWh. Energy is set to produce and import a total 284.5 billion kilowatt hours (kWh) of electricity this year, 16 billion kWh higher than 2022’s tally and 29 billion kWh more than 2021.

In December 2022, Vietnam agreed to join the Just Energy Transition Partnership (JETP). The agreement’s implementation process and the accompanying policy adjustment should become more obvious by the end of 2023. This clarity will affect a lot of industries as well as the expansion of Vietnam’s energy market in general.

With a high average annual total radiation, Vietnam is considered a place with special potential for developing solar power. In the world trend of restructuring the energy industry towards a clean and sustainable direction, the solar industry is expected to be a major contributor to the country’s renewable energy capacity in the near future.


Vietnam is well-positioned to take advantage of the global shift towards outsourcing, with its low labor costs, favorable trade agreements, and growing pool of skilled workers. These intrinsic factors are further enhanced by the country’s many free trade agreements (FTAs) and rapidly changing e-commerce landscape.  Manufacturing is a key sector for investment in Vietnam, with a focus on industries such as electronics, textiles, and machinery. 

Vietnam is predicted to record a rise of 6.6% in industrial production in 2023, according to S&P Global Market Intelligence.  Andrew Harker, Economics Director at S&P Global Market Intelligence, said: “Although demand conditions for Vietnamese manufacturing firms remained challenging at the start of 2023, leading to further declines in output, new orders and employment, there were some more positive signs from the latest PMI survey. One of the main positives in January was a renewed expansion in new export orders, with the decline in total new business softening as a result. “

Besides, Global tech giants have continued to expand operations in Vietnam as the country becomes an increasingly trusted advanced technology manufacturing hub. Vietnam is aggressively pushing to expand its chipmaking industry, courting foreign companies in the three segments of assembling, testing, and packaging; manufacturing with labs, and designing,  officials said. 

Furthermore, as more advanced technology (like robotics, IoT, and cloud-based software) becomes accessible, manufacturers will likely fully immerse themselves in the fourth industrial revolution. It can dramatically improve traditional production lines with waste reduction and automation, creating a much more robust supply chain.


Last year continued to be a time of many challenges for the healthcare sector. Globally, the pandemic remained unpredictable. In Vietnam, the country faced a rise in dengue fever and the risk of dangerous emerging diseases. After three years of fighting the pandemic, more difficulties have arisen.

Healthcare spending in Vietnam rose from $16.1 billion in 2017 to $20 billion in 2021 and could rise to $23.3 billion in 2025 and $33.8 billion in 2030. The estimates are based on a compound annual growth rate (CAGR) of 7.6%, says a November report prepared by Vietnam Report, a Vietnamese business ranking company.

However, the key issues facing the healthcare industry include supply chain risks, greater logistical costs, rising raw material prices, pressure from exchange rates, and fiercer competition. As the middle class expands and demands higher quality healthcare services, the government is investing in new hospitals and clinics, and the healthcare sector in Vietnam is growing quickly. This industry provides prospects for investment in industries including pharmaceuticals, health insurance, and medical equipment and supplies.

According to KPMG, Vietnam is laying the foundation for a smart healthcare industry that includes disease prevention, medical examination, and treatment, as well as health management. Advancements in these areas will create opportunities for international investors to participate in Vietnam’s digital health transformation.


Vietnam is one of the fastest-growing tourist destinations in Southeast Asia, with a rich cultural heritage, stunning natural beauty, and a rapidly growing middle class. This sector offers opportunities for investment in areas such as hotels, resorts, restaurants, and tourist attractions. 

Vietnam’s tourism gradually recovered in 2022, especially domestic tourism. The number of domestic tourists was estimated at over 101 million, exceeding the figure of 85 million in 2019, when the pandemic was something in the future. Total revenue from tourism reached about 495 trillion VND (21.01 million USD), 23% higher than planned and 66% higher than that of 2019. The recovery of the tourism industry during the 2023 New Year holiday can be considered positive, particularly in the context of the international tourism market rallying and airlines gradually resuming normal operations. This can be viewed as a positive signal that the tourism industry is continuing to maintain its recovery momentum and has completely overcome difficulties after enduring two years of the pandemic, said Nguyen Trung Khanh, director general of the VNAT. 

With these digital platforms, attractive destinations, quality tourism products and services have been promoted and introduced to domestic and foreign tourists through video clips, articles, and beautiful images.  Vietnam’s tourism sector targets to serve about 8 million foreign visitors from a total of 110 million this year, and earn some 27.5 billion USD from the non-smoke industry, according to the General Administration of Vietnam Tourism.

Moving forward, the tourism industry plans to receive eight million foreign arrivals in 2023 when the international tourism market is completely restored. Despite near-term trade headwinds, tourism has emerged as a source of growth for Vietnam to mitigate the challenges ahead in 2023, according to the “Vietnam at a glance” report released by HSBC on February 6, 2023.

According to the official, the tourism industry will continue to improve its international competitiveness in an effort to attract international visitors. 


In conclusion, these are the top sectors for investment in Vietnam in 2023, offering a range of opportunities for both local and foreign investors. It will most certainly alter in more ways than those detailed here as it moves through 2023. These, however, are the industries that will most likely be significant to Vietnam’s economic success in 2023, and how they develop will be highly relevant to Vietnam’s future economic growth.

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