GDP contribution of services sector Vietnam 2011-2023

In 2023, the service sector in Vietnam was estimated to account for 42.54 percent of the country's gross domestic product (GDP), reflecting a gradual increase compared to the year prior. This sector has consistently remained the largest contributor to Vietnam’s economy in recent years.

 A blooming retail market 

The service sector consists of a wide range of economic activities, with some of the most important sub-sectors being wholesale and retail, finance, banking and insurance, transportation, and accommodation and catering services. Wholesale and retail accounts for the largest proportion of the service sector, partially due to the growing retail sales value of goods and services in Vietnam. With a young population and an expanding middle class, e-commerce is increasingly relevant within the retail sector. Vietnam’s e-commerce share of total retail sales has been growing consistently in recent years.

Vietnam’s optimistic economic development 

Vietnam is among the countries with the highest GDP growth in the world. Next to the increasing export of goods from Vietnam, the country was also among the countries with the highest average salary growth in the Asia Pacific region in 2023. This indicates that Vietnam is an emerging market with healthy domestic demand, alongside its emergence as a manufacturing hub.