Services Sector Contribution to GDP in Vietnam (1990-2022)

Vietnam's services sector has seen gradual growth, reflecting the country’s evolving economic landscape. In 1990, services contributed 38.6% to GDP, increasing to 44.1% by 1995 as market reforms opened the economy to foreign investment, enhancing tourism, finance, and trade sectors. However, the late 1990s and early 2000s showed slight declines, with the sector stabilizing around 38% as Vietnam focused on industrial growth. A resurgence in 2005 brought the contribution to 42.6%, coinciding with Vietnam’s accession to the World Trade Organization, which boosted services like tourism and trade. In recent years, services have maintained a steady share, hovering around 41% to 42%. This consistent contribution illustrates the ongoing balance between industrial expansion and service growth as Vietnam diversifies its economy. The slight decline in 2020 to 41.8% reflects pandemic impacts on tourism and retail sectors, with gradual recovery signs in 2021 and 2022.