Market Expansion into Vietnam

Vietnam has solidified its position as one of the world’s fastest-growing markets, achieving a robust 7% GDP growth in 2024. Vietnam’s GDP reached USD 476.3 billion in 2024, highlighting its resilience amid global challenges and its appeal as a prime destination for foreign investors. In 2024, the country attracted USD 38.2 billion in registered foreign direct investment (FDI) commitments, further cementing its status as a Southeast Asian manufacturing hub.

Vietnam’s population now exceeds 100 million, with a median age of 32, providing a youthful, dynamic consumer base and a vast labor pool. This demographic strength fuels demand for goods and services while providing a strong labor force for industrial growth.

The government continues to promote trade and investment liberalization, leveraging Vietnam’s strategic position in global supply chains. Key sectors powering the economy include manufacturing, real estate, agriculture, and services.

Vietnam remains a global leader in electronics exports, with shipments of smartphones, computers, and components reaching USD 125.8 billion in 2024, a 15.2% increase from the previous year. The country ranks as the world’s second-largest mobile phone exporter, trailing only China. Other major exports include textiles, footwear, coffee, and rice.

Free trade agreements (FTAs) such as the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the European Union-Vietnam Free Trade Agreement (EVFTA) continue to reshape Vietnam’s economic landscape. In 2024, Vietnam’s exports to CPTPP nations increased by 18%, while trade with the EU grew by 22%, reflecting the country’s deeper integration into global markets.

Orissa International set up business meetings in Vietnam for two companies from the US that provide grain storage equipment. One of the companies was a manufacturer of grain bins and grain dryers, while the second company was one of the largest suppliers of grain temperature monitoring equipment in the world. After a consultation with the two companies to better understand their business goals, our local team in Vietnam identified suitable business partners that matched their requirements, as well as verified their interest in representing our clients in the market. We set up 10 meetings for our clients in  Ho Chi Minh City with local businesses involved in the design, manufacturing, supply, installation and maintenance of farming equipment and agro-industrial machinery.

Orissa International assisted a Singapore-based environmental engineering firm providing treatment solutions for industrial solid, liquid and gaseous waste streams, which was interested in exploring opportunities in Vietnam. We undertook a market study covering current waste generation and treatment practices, government initiatives, recent projects and key opportunities in the target market. The research was followed up by business matching project, during which we arranged six meetings for the client in Hanoi and Ho Chi Minh City, with a variety of potential partners, ranging from large general contractors to mid-sized companies working as sub-contractors specialized in implementing environmental technology projects.

Orissa International assisted a leading manufacturer of fruit juice concentrates and cordials, which operates in the B2B market, supplying its products in bulk to food stalls, restaurants, hotels and event venues. We undertook a market research project for the client in Vietnam. The study covered the beverage retail sector, focusing on market trends and the prevalence of house brands manufacturers in Vietnam. Detailed information was provided on product registration, labeling requirements and import tariffs. The market research was followed up with the arrangement of business meetings for the client with distributors of food products and ingredients to the food service and beverage manufacturing sectors in Vietnam.