Anticipating Business Trends of the Next 5 Years in Vietnam

Overview of Vietnam’s business market situation

To understand the business trends of the next 5 years, you need to understand the current situation of the market. In the early months of 2022, the economy and society of Vietnam are still in recovery following the Covid-19 pandemic. Manufacturing and trading activities are being stimulated, and the global supply chain is also showing signs of vitality.

However, the conflict between Russia and Ukraine has caused disruptions to the global economy. Vietnam, in particular, has also felt the negative impacts. The cost of goods has risen, especially crude oil, natural gas, and liquified natural gas, putting pressure on many businesses.

Vietnam business market overview

However, the Vietnamese business market has generally been experiencing positive growth momentum in recent years. Particularly, online business and e-commerce sectors are undergoing strong development, and many other industries also have potential for growth.

Vietnam is also one of the countries that attracts significant investment worldwide, creating numerous development opportunities for the future. As the economy is achieving stability, this is a golden opportunity to make groundbreaking strides, with the emergence of new trends and startup companies.

Opportunities and Challenges of Doing Business in Vietnam

Despite not being a large market just yet, Vietnam is still regarded by many foreign investors as a potential destination. Meanwhile, domestic enterprises are also demonstrating maturity in their operations and management, capitalizing on the opportunity for growth.

However, business is a vast arena with numerous challenges. Therefore, careful evaluation is necessary when investing in a market to understand the possible opportunities and challenges to chart an appropriate path forward.

Opportunities and challenges for of Vietnam business

Business opportunities in Vietnam

Every market poses unique opportunities and challenges, and Vietnam is no exception. Some business opportunities include:

• Advantageous geographical location: Situated in the heart of Southeast Asia, Vietnam is an appealing destination for international investors. This also enables businesses to access various markets within the region.
• Business environment: Vietnam maintains a stable economy with strict political governance, achieving a balance between state-owned and private enterprises. The dynamic business market with diverse models supports manufacturing growth and optimization.
• Young labor force: Vietnam’s youthful labor market is highly regarded for its innovation, dynamism, and adaptability to new work environments. This factor attracts multinational corporations and large enterprises worldwide to invest and expand business operations in Vietnam.
• Transparent policies: Legal procedure concerns are always a top priority, and Vietnam is consistently regarded highly in this aspect. This foundation contributes to creating a stable and consistently developing economy.

Challenges in Vietnam business

In addition to the growing opportunities, conducting business also entails facing several challenges, some of which may include:

• Intense competition: In a dynamic market, competition is inevitable, demanding swift adaptation and adjustments to trends to avoid being eliminated from the market.
• Inflation: This is something that cannot be overlooked as almost all countries encounter this issue. Since Vietnam is a developing country, inflation rates are relatively high.

The vast arena of business involves many challenges

15 Potential Ideas to Anticipate Business Trends of the Next 5 Years

If you are wondering what the future market demands and which trends will arise, don’t fret. Below are 15 business trend ideas of the next 5 years with high potential for your reference:

Online business

After the Covid-19 pandemic, you can observe a noticeable change in consumer behavior. It is the shift from traditional to online shopping, a habit that is still going strong after the pandemic.

Post-pandemic, the demand for online shopping has significantly increased. In turn, E-commerce platforms like Shopee, Lazada, and Tiki, have become integral parts of people’s daily lives. However, what truly retains online shoppers are the attractive benefits such as discount vouchers and free shipping.

Based on these observations, it is evident that online business will remain a growing trend in the next 5 years. Promotional programs and incentives will be crucial for businesses to retain customers and boost sales figures.

Online shopping becomes more common after the Covid-19 pandemic

Online furniture business

Online interior design business is a rapidly growing sector in recent times. With the advancement of technology and the internet, online shopping has become more popular and convenient than ever before.

Currently, many interior designers have launched online design and consulting services, allowing customers to search for samples based on preferences. With that, architects can still earn a monthly income.

This shows that the online interior design business is becoming a future trend. It caters to a high demand of customers, creating beautiful and perfect living spaces.

Architects can earn more income through online interior design business

Healthcare business

Healthcare is projected to be a continuously developing trend in the coming years, especially post-pandemic. Since people are more aware of the importance of health, they are willing to spend money on taking care of their own and their family’s well-being, leading to the growth of this sector.

One of the potential directions of development is home healthcare services for the elderly. Consequently, this also presents an effective business opportunity for enterprises providing these services.

Additionally, health-related products and services like supplements, vitamins, and medical or fitness equipment will also continue to develop later on.

Home healthcare services for elders

Clean organic food business

Due to the contaminated and harmful food products currently in the market, consumers need clean and organic products more than ever. This presents a prime business opportunity for individuals who are in possession of land in rural or suburban areas. Cultivating and selling clean products such as vegetables and organic food could be a promising option.

To meet this demand, buyers often prioritize organic vegetable products that are free from pesticides, insecticides, or growth stimulants. However, establishing a clean cultivation and production system requires a considerable investment. Therefore, if you can build a stable and reputable brand, the initial investment will certainly be worthwhile.

Clean organic food business

Applications and software business

With the rise of the 4.0 era, the information technology field has become one of the most sought-after areas by businesses and young people. Among them, software development is one of the potential opportunities that you should not overlook. This particular field is also an essential requirement to help Vietnam integrate and compete with other countries around the world.

It has been proven that IT companies coming into stable operations can make incredible breakthroughs with apps and websites for users. Therefore, if you are passionate about programming, software development is a promising field for your entrepreneurial aspirations.

Applications and software are one of the business trends of the next 5 years

Supplements business

Supplements have become a common necessity, not just for the elderly or those with health problems. Moreover, these products not only supplement nutrition, but may also provide energy and help prevent certain diseases. That is why venturing into the supplements business could be an appealing trend for you to explore.

Supplement business

Online snack business

Thanks to the rise of e-commerce platforms like Shopee Food, Grab Food, and Gojek, online snack business has become a trend. The appeal of this trend comes from the large customer demographic like students and office workers.

Capitalize on your family recipes and excellent cooking skills to earn extra income through online snack business. Here are several favored snack items among the younger generation that you can take inspiration from: egg cream tea, chicken feet with Thai sauce, salted cream coffee, etc.

Earn income from online snack business

Goods transportation services business

As another result of the astronomical rise of e-commerce, consumers have a growing demand for fast and reliable goods transportation. In response, goods transportation services help meet this demand while generating a significant potential customer base from online shopping websites.

You should note that operating a goods transportation service requires significant costs for operational activities and equipment acquisition. Your finance management will dictate whether your business operations are sustainable.

Take advantage of the large customer base of goods transportation services

Psychological counseling services business

In the past, psychological consultation was generally frowned upon. However, in the present era, it has become a popular service in many developed countries. Since modern society is more aware of mental health issues, the demand for this service in Vietnam is also increasing rapidly.

Not only young people but also long-time workers have taken notice of these services. Therefore, if you have expertise in this field, now is the time to take action.

Psychological counseling services business

Pet care services business

Nowadays, pets have become an essential part of many people’s lives. Many individuals not only consider their pets as companions but also as family members. Therefore, they are willing to spend a significant amount of money for their pets’ beauty and healthcare.

The majority of the revenue comes from essential needs services such as vaccinations, grooming, bathing, and hygiene. As a result, pet care services will be a business trend of the next 5 years or even longer.

Pet care services business

Market research services business

The development of a business field cannot be without research and analysis. However, depending on each industry, research work will yield different outcomes. For instance, in the business sector, market research helps companies gain a better understanding of customers, competitors, and new trends.

This assists them in devising effective and market-appropriate business strategies. So, if you possess expertise in a particular field, don’t miss the opportunity to start a business of market research services.

Market research services business

Beauty salon business

Operating beauty salons is one of the business trends of the next 5 years thanks to the increasing demand for beauty and health services. However, running a beauty salon requires you to have all the necessary licenses and equip yourself with the vital expertise to ensure safety for customers.

Only when you adhere to regulations and prepare the necessary skills and equipment, can you earn the trust of customers and build a successful beauty salon brand.

Beauty salons operation

Medical equipment business

This field is full of potential, but it also requires capital investment and specialized knowledge. Before venturing into this industry, businesses should consider important factors such as market demand, competition, government support policies, and legal regulations related to the medical field.

It is a different story if you possess sufficient experience and knowledge with the capability to meet market demands. In this case, you are facing a prime opportunity to break into a promising and profitable field.

Distributing medical equipment is a field that draws significant attention

Sports and fitness services business

A fit and healthy body, along with enduring health, are what people focus on. Consequently, sports services has become an indispensable field to meet this demand.

In terms of sports services, you can choose general options like a gym, yoga studio, or aerobics center. Alternatively, tap into niche markets within the sports industry, such as renting workout rooms, soccer fields, sports equipment, accessories for group workouts, competitive events, etc.

Sports services business

Real Estate Investment – Business Trends of the Next 5 Years

Last but not least, one of the business trends of the next 5 years is real estate investment. In the current situation, as inflation rises and the population increases significantly, investing in real estate becomes a promising and sought-after investment avenue.

The more advantageous the real estate location is, the higher your profits can be. While it requires a considerable amount of money upfront, the revenue can be double or triple the initial investment.

Real estate investment

What to note and prepare before doing business?

To implement the best business model, it is not simply about future trends and forging a path for yourself, but many other factors also come into play. Here are some things to keep in mind:

• Capital, knowledge, and human resources: These are fundamental elements that require thorough preparation before starting a business. A lack of either factor can make business activities difficult or even unfeasible.
• Customers and market research: Researching the market and customers is crucial to accurately identify the target of the business. Aiming for unsuitable targets or goals can render all business efforts meaningless.
• Planning: A comprehensive and detailed business strategy and plan will help you confidently navigate the long road ahead. Similarly, a well-crafted and detailed business plan allows effective execution of marketing and advertising strategies for the best results.

Find out more: What are the most appealing business opportunities in Vietnam?

Conclusion

With these helpful insights into the business trends for the next 5 years, we hope that investors and businesses can understand the market and the economic situation to choose a suitable direction for themselves. Visit On Digitals now to stay updated on the latest information about the market in Vietnam and globally.