Vietnam market profile

Vietnam is increasingly an important alternative Asian hub for manufacturing, investment, and trade.

According to the World Bank, Vietnam’s GDP expanded by 5% in 2023, with the country described as one of the most dynamic emerging countries in the Asia region.  Vietnam has a very stable socio-political environment with an increasingly deregulated business environment.  Vietnam was ranked 70th in the World Bank’s Doing Business Report 2020.

Energy security remains the key economic priority of the Vietnamese Government with close to $200 billion in energy infrastructure investment over the coming decade to meet its growing power needs.

In 2022 Vietnam launched the National Climate Change Strategy to 2050, to facilitate transition to a green and carbon neutral economy. The government aims to reduce greenhouse gas emissions by 43.5% by 2030, and achieve net zero emissions by 2050.

Key Vietnamese market priorities include energy security, green economy, manufacturing base and innovation engagement.

The bilateral relationship between Vietnam and Australia will strengthen through new bilateral commitments across economic, security and innovation engagement.

Vietnam proactively participates in various Free Trade Agreements (FTAs), showing its rapid integration in the global economy. The FTAs have further boosted international trade and foreign investment into Vietnam. Although Australia and Vietnam do not have a bilateral FTA, there are several regional agreements that both countries are participants in such as the Regional Comprehensive Economic Partnership, Comprehensive Progressive Trans-Pacific Partnership, and the ASEAN Australia–New Zealand FTA.

Vietnam was Queensland’s fifth largest merchandise export market in 2023-24 by value ($4.5 billion).  

Vietnam offers opportunities for Queensland companies, particularly in food and beverage, technology, energy, and education, to meet a growing consumer demand for quality products, that will allow Vietnam to leapfrog current socio-economic issues. Vietnam is one of the countries that are active in embracing Industry 4.0 across all sectors.