Vietnam is considered to be one of the ASEAN's most attractive markets for foreign investors with a steadily increasing GDP and booming foreign direct investment, a pattern which is forecasted to remain stable in the upcoming years.
The Vietnam economy with 5.05% growth in 2023, is one of the top-performing economies in Asia. In 2023, Vietnam's GDP reached approximately 430 billion US dollars, which has maintained strong growth rate. The population of Vietnam exceeded 100 million in 2023, and Vietnam's GDP per capita rose to 4,284 US dollars. Vietnam has signed 15 free trade agreements, including EVFTA, CPTPP, UKVFTA, RCEP, and VJEPA. Some of these agreements will achieve the advantage of zero tariffs by 2023.
The Vietnamese hardware industry is experiencing steady growth, driven by several factors:
1. Infrastructure development
2. Urbanization
3. Rising disposable income.
The market size is estimated to be around $13.19 billion in 2024, with a projected annual growth rate of 2.57% by 2028.
The Vietnamese hardware industry presents exciting opportunities for domestic and foreign companies looking to tap into a growing market.