It’s great news that Vietnam is ready for a full reopening. For today’s discussion, we will put all the pressure aside. It is time to discover new business opportunities in this beautiful country.
In today’s topic, we will talk about the 5 business opportunities in Vietnam that have shown spectacular potential before and after the pandemic. We will mention the performance of each of them and especially the related business sectors in recent years, how resilient each of them has been, and how potential they are for the upcoming years.
F&B industry : open a restaurant or a coffee shop
This industry seems to be getting hotter than ever. Vietnam is a country that is in favor of all types of food. The number of modest to middle-class restaurants keeps rising every day. When I go outside, I always see many people come in and out of coffee shops and restaurants. In fact, since the number of middle-class people in Vietnam is increasing, people are getting busier. It means that they have no time for home-cooked food. They always have to eat out for breakfast, lunch, and even dinner.
We have some big names in the F&B industry: Katinat, KFC, Starbucks, and Phuc Long, … are all over the country. They are 24/7 filled with customers in and out of the shop.
Packaged food was recently introduced to the mass. The demand increased because of Covid. It is easier to keep inside your fridge without taking up too much space. Also, packaged food is healthy for all ages. It is becoming a popular choice among the middle class and foreigners living in Vietnam.
F&B plays such a crucial role in society that even Covid cannot stop it from developing.
>> Related article : Set up a company in Vietnam : the ultimate guide
(Before continuing, if you are interested in learning more about this topic, make sure to check out the video below)
Garment and textile
The garment and textile industry is considered one of the most resilient industries in Vietnam. The total export value of this industry was 39 billion dollars in 2021, 0.3% higher than in 2020.
Vietnam also creates a huge impact globally. Countries like Bangladesh and Myanmar which were once rivals of Vietnam began to purchase Vietnam’s fabrics.
Big companies like Viet Thang or Garment 10 continue to receive orders from overseas. They already have the shipment ready by the end of June 2022. Orders to the EU, Japan, and the US remain as part of the partnership between them and Vietnam.
Export : source and manufacture products in Vietnam
Export is the biggest strength of Vietnam. Just in 2021, this industry received a total return of 670 billion USD, which is considered a spectacular breakthrough despite the intensity caused by Covid-19.
Shipments of fruits, textile products, and seafood played a crucial role. More importantly, it was a miracle for seafood to receive a 9 billion USD in return.
>> Related article : How do I find the best sourcing agents in Vietnam?
Also, the support of new-generation agreements such as CPTPP, EVFTA, and UKVFTA helped ease the situation significantly.
Digital agency or IT outsourcing company
The 21st century is indeed a century for digital solutions. During the first 10 years, Vietnam slowly approached the internet to catch up with the advancement of the globe. In 2022, there are now two tech unicorns worth over a billion dollars: VNG and Momo. This is one hot sector that many young foreign entrepreneurs are jumping into.
Payment method is one noticeable strength of the country. It’s like Vietnam is getting closer to a paperless economy than ever. Many places accept digital payment through applications like ZaloPay, Momo, Bank transfer, ATM/Visa card, …
Fintech, Martech, and Crypto began to take over the country. Everything functions through computerized applications for better safety and privacy. Every business has a website, a mobile app, a Facebook fan page, and even a YouTube channel. Everything functions online instead of the original marketing strategy back in the day. Instead of real-time events and physical campaigns, Facebook or Google ads take over.
Vietnam is also a promising outsourcing spot in Southeast Asia. The country has a great talent pool with reasonable labor prices and decent technical skills. Countries in the EU and Asia began to hire remote mobile/web app developers in Vietnam to optimize their budgets.
Tourism : to surf the recovery of the industry in Vietnam
The tourism industry might be a funny idea to put here during this awful period. But I’m not joking by saying that: “it’s a potential industry for profits.”
Vietnam was very unclear in its visa policy in 2021. What Vietnam had in mind was to keep the country safe. The government tried its best to retain the F0 cases as low as possible. However, the government recognized that it wasn’t for them to decide the impact of Covid-19. During that time, everything was out of hand. Despite one strict lockdown since May 2021 and plenty of restrictions in certain areas, cases doubled.
From that moment on, the mindset of the authorities changed from “zero cases” to “live with the virus”. They slowly implemented small experiments to find the most suitable way to reopen the country. We all thought this industry had zero chance to stand back up. But now, it’s the opposite.
Vietnam is now open to all kinds of visitors. Plus, Vietnam has been known for a long time as one of the most exciting destinations in Asia. Therefore, I strongly believe that the tourism industry is about to go crazy again.