According to the latest business survey conducted by Vietnam Report, the information technology sector has maintained its position as the top-growing sector for the third consecutive year. The global technology boom has supported optimistic prospects for the industry.
Vietnam is one of the countries with many advantages to attract investors in the semiconductor chip manufacturing field.
According to Gartner, a leading technology research and consulting company, global information technology spending is projected to maintain a high level of growth in 2024, with cloud computing and AI as the main driving forces for growth. This creates positive signals for the potential breakthrough of Vietnamese technology enterprises, aiming at cooperation, collaboration, and technology exports.
In addition, Vietnam is stepping up in the technology value chain as foreign investment projects are encouraged in chip and high technology production, creating a promising development environment for businesses in the industry.
FAST500 business survey (Top 500 fastest-growing businesses in Vietnam in 2024), conducted by Vietnam Report – February 2022-2024
The second position among the Top 4 industries with growth potential in 2024 belongs to the electricity/energy sector, chosen by 50% of businesses. This number has significantly increased compared to the survey results conducted in 2023 (+16.7%) and 2022 (+22.1%).
In 2024, the recovery of manufacturing and construction activities is expected to drive electricity demand growth. The power construction sector is also expected to accelerate with the key project of the 500kV Quang Trach – Pho Noi transmission line, while LNG gas, which plays an important role in Vietnam’s green transition journey, has great potential.
According to the National Power Development Plan for the period of 2021 – 2030, vision to 2050 (Power Development Plan VIII), the proportion of regenerated gas power from LNG (or “LNG gas”) is expected to account for more than 14.9% of the total installed capacity of the national power system by 2030 and is one of the sources to ensure sufficient, stable, and safe supply of the national power system.
In addition, in the oil and gas sector, global crude oil demand is still on the rise amid existing supply constraints due to OPEC+ countries extending their production cut agreement, prolonged Russia-Ukraine conflict, and escalating political tensions in the Middle East.
Data from the US Energy Information Administration (EIA) estimates that from an average of 99.4 million barrels per day in 2022, global consumption has increased by nearly 1.6 million barrels per day in 2023 and is projected to further increase by 1.4 million barrels per day in 2024. Therefore, the outlook for the industry is relatively optimistic, especially for upstream companies due to more vibrant exploration and production activities.
The third and fourth positions are occupied by pharmaceutical/healthcare and finance/banking respectively.
2024 is a year with many significant challenges that need to be addressed, but it cannot deny the new motivations and opportunities leading the recovery efforts of the general economy and businesses. Although not promising a breakthrough growth story, with leverage from the traditional driving forces, along with a solid foundation from an increasingly perfect and synchronized legal environment, businesses have the basis to expect that 2024 will be an important “buffer zone” for transitioning to a period of recovery and growth.
