GDP share of services in Vietnam 2011-2020

In 2020, the service sector accounted for 41.63 percent of the gross domestic product (GDP) of Vietnam. This sector has consistently remained the largest contributor to Vietnam’s economy in recent years. Additionally, the service sector accounted for the largest share of employment by economic sector in Vietnam that year.

 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 significantly 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 also has experienced the highest annual growth rate of the middle-income population in the ASEAN region in recent years. This indicates that Vietnam is an emerging market with healthy domestic demand, alongside its emergence as a manufacturing hub.