After two years of total lockdown due to the pandemic where it was nearly impossible to travel to Vietnam. The country remarkably bounced back! And Vietnam is ready more than ever to open its economy to foreign investments and take on new global market shares! If you want to invest in Vietnam in 2023, this is article for you!
VIETNAM’S ECONOMY
In 2022, Vietnam’s Economy grew by 8% at $440.60 billion and making it one of the fastest-growing economies in the world. The country’s GDP purchasing power parity (PPP) also increased, reaching $1.560 trillion in 2022. When it comes to GDP per capita, Vietnam’s figure stood at $4,110 in 2022, reflecting a steady increase in the standard of living for Vietnam’s middle class. The country’s robust economic growth can be attributed to its favorable business environment, low labor costs, and rising consumer spending. Vietnam’s inflation rate stood at 3.5%, which is within the government’s target range. These numbers are good markers of Vietnam’s Economy.
Our Prediction in 2023
Based on current trends and analysis from the World Bank and other economists, we predict that the country’s GDP growth will continue to be robust. With a projected growth rate of around 7.2%, its GDP per capita is expected to reach $4,400, further improving the standard of living of the population. Inflation is anticipated to rise throughout 2023, potentially reaching 6% in the final months of the year and averaging 5.5% in both 2023 and 2024. As for foreign investments, Vietnam is likely to attract 36-38 billion USD in foreign direct investment (FDI) in 2023. The figure was nearly 22.4 billion USD in 2022.
Want to know more about Vietnam’s Trending Industries and how you should invest in Vietnam? Check out the latest video that we made about Vietnam’s economy in 2023.
Travel to Vietnam before doing business in Vietnam!
Vietnam in 2023 is a rising star in South East Asia. And with a strong Economy and Foreign Direct Investment (FDI), we believe Vietnam can be a potential investment for many entrepreneurs! We suggest to go ahead and travel to Vietnam to learn about the country, meet other investors, and understand the culture before starting to make investment plans. As many large corporations such as Apple, Samsung, LG started to move their manufactures from China to Vietnam, there are more business opportunities to invest in Vietnam.
Don’t know how are where to start your next venture?
If you don’t know to how to invest in Vietnam, make sure you contact our legal expert. We have more than 14 years of experience helping investors from around the world invest in Vietnam. To learn more about Vietnam as well as other information about Vietnam’s Economy and Life in Vietnam, it is easy! Watch and subscribe to our Youtube Channel, as we publish entertaining and educational content every week.
