Market Profile

Vietnam, with an increasingly deregulated business environment and ambitious reform, has experienced robust growth with an average GDP growth of 6 per cent in the last 20 years (World Bank, GDP growth, 2016). GDP grew by 6.8 per cent in 2017 (fastest in the last 10 years) and is projected to grow by 7.1 per cent in 2018 and 6.8 per cent in 2019 according to the Asian Development Bank.

Foreign Direct Investment (FDI) to Vietnam hit a record high of US$35.88 billion in 2017, up 44.4 per cent. “Vietnam continued to surprise the region and the world by the depth and pace of economic integration and regulatory reforms, which led to a significant improvement in the investment environment.” (Doing business in Vietnam, PwC, 2017).

Vietnam’s fundamental growth drivers include domestic demand, a result of a fast growing middle class, the golden population structure with a median age of 30, a highly educated and digitally-savvy generation, as well as export-oriented manufacturing.

“Vietnam’s dynamic environment, reflected in a young population, growing wealth, changing consumer attitudes, greater mobility and urbanization – are pushing the country through a period of great change.”

More information on doing business in Vietnam

ASEAN NOW – Insights for Australian Business

A digital report on Australia’s trade and investment relationship with ASEAN.

Key sections:

  • Why ASEAN matters to Australia
  • What’s driving growth
  • Opportunities by ASEAN market
  • Practical tips and assistance
  • Case studies.

Vietnam's market insights and opportunities

Facts

  • Imports from Vietnam A$5,427 million
  • Exports to Vietnam A$5,037 million
  • Capital Hanoi
  • Official Language Vietnamese
  • Area 310,070 sq km
  • Population 92.6 million

Video

ASEAN NOW - Icon Global

ASEAN NOW - Icon Global

ASEAN NOW - Australian Honey Products

ASEAN NOW - Australian Honey Products

ASEAN NOW - Consolidated Pastoral Company CPC

ASEAN NOW - Consolidated Pastoral Company CPC

ASEAN NOW - IE Asia Pacific

ASEAN NOW - IE Asia Pacific

Events

Information provided by DFAT

Country brief

A comprehensive overview of political, economic and bilateral and regional trade agreements.

» read more at DFAT

Trade and economic fact sheet

Containing general information, recent economic indicators, Australia’s trade and investment relationship with Vietnam and their global merchandise trade relationship that is updated twice a year.

» read more at DFAT

 

Australia's trade at a glanceAustralia's top ten trading partners

Free Trade Agreements

Information on Trade Agreements in force and in negotiation, plus market videos detailing insights and opportunities.

» read more at DFAT

Business risks

Bribery of Foreign Officials

Extractive Industries Transparency Initiative

The Extractive Industries Transparency Initiative (EITI) is a voluntary mechanism which promotes and supports improved governance in resource-rich countries through the full publication and verification of company payments and government revenues from oil, gas, and mining.

The EITI is supported by governments, industry, and non-government organisations around the world. The Australian Government supports the EITI and encourages Australian companies operating internationally to comply with its recommendations.

OECD Guidelines for Multinational Enterprises

Multinational Enterprises should be aware of the OECD Guidelines for Multinational Enterprises that provide voluntary principles and standards for responsible business behaviour in a variety of areas, consistent with applicable domestic laws. These Guidelines are endorsed and promoted by the Australian Government.

APEC Business Travel Card Scheme

Managed by the Department of Home Affairs, the APEC Business Travel Card Scheme was developed to make travelling within the 21 APEC member countries much simpler and more efficient.

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