Top 10 Richest Provinces in Vietnam in 2022

Ba Ria - Vung Tau is a coastal province located in the southeastern region of Vietnam. It lies within the southern economic hub and serves as the gateway to the East Sea for several provinces in the Southeast. Ba Ria - Vung Tau is easily connected to Ho Chi Minh City and other regions by road, air, sea, and rail. According to the 2004 data from the United Nations Development Program, Ba Ria - Vung Tau ranked first in the country for GDP per capita (10,543 USD in purchasing power parity) and had a Human Development Index (HDI) of 0.828. The province boasts a high urbanization rate of 51.2%.

The province's economy is predominantly driven by its oil and gas resources. In the Southeast continental shelf, the success rate of oil exploration is high, with significant oil fields such as Bach Ho (Vietnam's largest), Rong, Dai Hung, and Rang Dong being discovered. As expected, oil exports make a major contribution to Ba Ria - Vung Tau's GDP. Ba Ria - Vung Tau holds a large portion of Vietnam's resources, with 93% of the country's oil reserves and 16% of its natural gas reserves. It has received substantial investment in modern seaport infrastructure, both national and international, and is a key area for the national tourism program. In addition to its oil and gas sector, Ba Ria - Vung Tau is a major center for energy, heavy industries, tourism, and seaport activities.

Dong Nai is considered the gateway province to the Southeast economic region, the most developed and dynamic area in the country. It is also one of the four corners of the Ho Chi Minh City - Binh Duong - Ba Ria - Vung Tau - Dong Nai development triangle. Most of the population is concentrated in Bien Hoa, with over 1 million people, and in the two districts of Trang Bom and Long Thanh. Dong Nai hosts many traditional industrial clusters and over 32 operational industrial zones.

In 2011, the total GDP of Dong Nai reached 96.82 trillion VND, with a GDP per capita of 36.6 million VND. The province met or exceeded most of its socio-economic, national security, and defense goals. The economic structure of the province shifted positively, with industry and construction accounting for 57.3%, agriculture, forestry, and fishery making up 7.5%, and services contributing 35.2%. The export turnover reached 9.8 billion USD, a 30.3% increase compared to the previous year. The province’s budget revenue amounted to 22,641.2 billion VND, foreign direct investment (FDI) was 900 million USD, and domestic investment reached 15,000 billion VND. In 2011, 5,200 poor households were granted loans totaling 67 billion VND, and 7,800 poor households were lifted out of poverty, reducing the poverty rate to 5%. By 2019, Dong Nai had a trade surplus of approximately 3.2 billion USD. The total investment capital mobilized for development reached 91.335 trillion VND, with 34,000 billion VND invested domestically, surpassing the annual target by 340% and increasing 23.6% compared to the previous year. Dong Nai now has 917 projects with a total capital of about 325,000 billion VND, and the total foreign investment is estimated at 1.45 billion USD, reaching 145% of the plan and 75.7% of the previous year's figure. Currently, there are 1,457 active projects in the province with a registered capital of approximately 30 billion USD.

Hai Phong is a major port city, the largest industrial center, and the northernmost seaport in Vietnam. It is also a hub for the economy, culture, healthcare, education, science, trade, and technology of the Northern Coastal region. As Vietnam's third-largest city and the second-largest in the North after Hanoi, Hai Phong is one of five centrally governed cities and is classified as a Type 1 urban area of national importance, alongside Da Nang and Can Tho.

Beyond being a port city, Hai Phong is also a place with tremendous tourism potential. The city is home to numerous architectural attractions, including traditional structures like temples, pagodas, and old shrines, as well as neoclassical French architecture found in the historic neighborhoods. Hai Phong is also home to the UNESCO Biosphere Reserve located on the Cat Ba Archipelago, as well as beaches and resorts in Do Son. The city is known for its unique cultural features, especially its cuisine and traditional festivals. Since 2005, Hai Phong has consistently ranked among the top 5 cities in Vietnam in terms of budget contribution, always holding the third position behind Ho Chi Minh City and Hanoi. In 2015, the city's total budget revenue reached 56,288 billion VND. In 2016, it rose to 62,640 billion VND, and in 2017, it further increased to 72,100 billion VND. In the 2013 Provincial Competitiveness Index rankings, Hai Phong was placed 15th out of 63 cities and provinces in Vietnam.

Bac Ninh is the smallest province in Vietnam, located within the key economic region of the Northern region. The capital city of Bac Ninh is situated 30 kilometers northeast of Hanoi. In urban planning, this province is considered part of the Hanoi metropolitan area. Bac Ninh also lies along two major economic corridors: the Kunming-Lao Cai-Hanoi-Hai Phong-Quang Ninh corridor and the Nanning-Lang Son-Hanoi-Hai Phong-Quang Ninh corridor. Known for its Quan Ho folk songs, Bac Ninh is the heart of the ancient Kinh Bac region. The province hosts around 41 significant festivals throughout the year, with major events such as the Dau Pagoda Festival, Lim Festival, Do Temple Festival, and Ba Chua Kho Temple Festival.

In 2017, Bac Ninh's economy continued to grow, further elevating its position among the nation's provinces. The Gross Regional Domestic Product (GRDP) in 2017 accounted for 3.11% of Vietnam's total GDP, ranking 4th among the 63 provinces and cities. The GRDP growth rate reached 19.12%, surpassing the planned target of 9.0-9.2%, making Bac Ninh the fastest-growing province in Vietnam that year. The province's economy shifted positively, with industry and construction accounting for 75.2%, services at 21.8%, and agriculture, forestry, and fisheries at 3.0%. Industrial production showed strong growth, with the industrial output value reaching 1,049 trillion VND in 2017, making Bac Ninh the second-largest in industrial production after Ho Chi Minh City. This momentum fueled the province's economic growth. By 2021, Bac Ninh ranked 22nd in Vietnam's population with 1,462,945 people, 8th in GRDP, and 3rd in GRDP per capita. The GRDP reached 227,615 billion VND (around 10 billion USD), and the GRDP per capita was 6,752 USD (equivalent to 155.6 million VND), with a GRDP growth rate of 6.9%.

Quang Ninh is a coastal province often referred to as a miniature Vietnam due to its diverse geography, including seas, islands, plains, midlands, mountains, and borders. It is part of both the key northern economic region and the northeastern coastal area in the country’s economic development plan. The province is known as the main coal mining hub in Vietnam and is home to the UNESCO World Heritage site, Ha Long Bay, a natural wonder.

Quang Ninh plays a pivotal role in the northern economy and serves as one of the country’s four major tourism centers, with Ha Long Bay being recognized twice by UNESCO for its beauty and geological significance. The province is well-positioned to support Vietnam's industrialization and modernization. Quang Ninh hosts numerous economic zones, including the Mong Cai trade center, which facilitates trade between Vietnam and China, as well as other regional countries. In 2017, the province’s growth rate was 10.2%, with an average income of 4,528 USD per person (almost double the national average), ranking among the top five provinces in terms of budget revenue, which exceeded 37,600 billion VND. The province focused on cutting regular spending and investing more in development, with over 56.67% of the budget allocated for investment. Total social investment capital surpassed 60,600 billion VND. The average wage in major sectors such as coal, electricity, seaport, border gate, and tourism remains high.

Da Nang is a centrally governed city located in the South Central Coast region of Vietnam. It serves as the economic, financial, political, cultural, tourism, social, education, training, science, and healthcare hub for the Central Highlands and the entire nation. Da Nang is a multi-sector city, encompassing a wide range of industries, including politics, economy, society, industry, finance, tourism, services, culture, education, and high-quality healthcare. It is also a center for science and technology, entrepreneurship, and innovation in the Central region. With its role as a regional and international event hub, Da Nang's GDP in 2011 showed a service sector contribution of 51%, industrial and construction sector at 46%, and agriculture at 3%. By 2020, services contributed between 62% and 65% of the GDP, while industry and construction made up 35-37%, and agriculture was between 1-3%.

Da Nang has become a bustling commercial center with 30 shopping malls and supermarkets. The retail sales volume has increased by 21.1% annually. The city is home to two of the largest markets in the center, namely Han Market and Con Market, along with several large new supermarkets, including Metro, BigC, Vincom, Parkson, Lotte Mart, Co.opMart, Intimex, Viettronimex, and Nguyen Kim. Da Nang is also a major financial center, hosting 60 branches of credit institutions and 233 transaction points and savings funds, including 55 commercial banks, one social policy bank, one financial company, and one leasing company.

Khanh Hoa is one of Vietnam's fastest-growing and most stable economies. According to statistics from the provincial People's Committee, the province's GDP growth rate is 11.55%, with industrial and construction production increasing by 15.5%, agricultural, forestry, and fishery value rising by 2.81%, and tourism services growing by 14.5%. In 2011, the average GDP per capita reached $1,710, which is higher than the national average. The service and tourism sector accounted for 45% of the economy, industrial and construction sectors made up 42%, and agriculture, forestry, and fisheries comprised 13%. In 2019, the GRDP index grew by 6.8%, industrial production increased by 7%, social investment capital rose by 11.2%, tourism revenue surged by 24.2%, exports increased by 1%, and budget revenue grew by 10%.

Khanh Hoa is one of Vietnam's major tourist destinations. With a coastline stretching over 200 kilometers and nearly 200 islands, alongside beautiful bays such as Van Phong and Nha Trang (one of the 12 most beautiful bays in the world), Khanh Hoa boasts a temperate climate with an average temperature of 26°C, more than 300 sunny days a year, and a wealth of historical and cultural sites. As a result, tourism is the province's fastest-growing sector, attracting more than 1.6 million visitors in 2009. Khanh Hoa offers a diverse range of tourism experiences, including marine eco-tourism, sightseeing, and cultural tourism. Besides its reputation as a key tourist center, Nha Trang has also hosted numerous major events, such as the Miss Vietnam pageant, Miss World Vietnamese in 2007 and 2009, Miss Universe 2008, and Miss Earth 2010. The biennial Nha Trang Sea Festival has also contributed to promoting Khanh Hoa's tourism globally.

The wealthiest city in Vietnam is undoubtedly Ho Chi Minh City, a thriving urban center with one of the most developed economies in the country. It attracts a significant amount of foreign investment and contributes 20.5% of Vietnam's GDP, 27.9% of industrial production, and 37.9% of foreign projects. Although Ho Chi Minh City occupies only 0.6% of the country's land area and is home to 8.34% of its population, it plays a pivotal role in Vietnam's economic landscape. The city’s economy spans various sectors including mining, seafood, agriculture, manufacturing, construction, tourism, and finance. Ho Chi Minh City's consumption levels far exceed those of other provinces in Vietnam and are 1.5 times higher than Hanoi's.

As the economic hub of the nation, the city has consistently experienced impressive growth over the years. Ho Chi Minh City generates 1/5 of the country’s GDP, equivalent to over 1 trillion VND. It contributes 21.3% of the national GDP and 29.38% of total national tax revenue. With favorable natural conditions, Ho Chi Minh City has become a major transportation gateway for both Vietnam and Southeast Asia, with infrastructure for road, rail, water, and air transport. In 2007, the city welcomed approximately 3 million international visitors, representing 70% of Vietnam's total foreign tourist arrivals. The city is also a leader in education, media, sports, and entertainment.

Hanoi, the capital of Vietnam, has long been a center of politics, economics, and culture. In 2014, the city continued to see substantial growth, with a year-on-year increase of 8.8%. Several sectors began to rebound, including industrial and construction, which saw an 8.4% increase, with construction alone rising by 9.9%, the highest growth in the past three years. The real estate market also showed signs of recovery, with reduced inventory. Hanoi’s GDP growth rate ranged from 9.0% to 9.5%, while services grew by 9.8% to 10.5%, industrial and construction activities increased by 8.7% to 9.0%, and agriculture rose by 2.0% to 2.5%. The average GRDP per capita was between 75-77 million VND. Major shopping malls, including Royal City, Time City, and AEON Mall, have become significant retail hubs.

Hanoi is also a promising destination for tourism, boasting a rich collection of architectural landmarks and a diverse range of museums, making it one of Vietnam’s cultural treasures. The city’s potential to introduce Vietnamese culture to foreign visitors is immense, with folk theaters and traditional craft villages. Hanoi's tourism sector has seen increasing interest, attracting 1.1 million international visitors in 2007 and 1.3 million out of a total of 9 million tourists in 2008.

Binh Duong is a province located in the Southeast region of Vietnam, within the country's key southern economic zone. It ranks third in GRDP among the top 10 provinces with the highest GRDP in the first half of the year. Specifically, the province’s GRDP reached approximately 130 trillion VND, marking a 6.42% growth compared to the same period last year, surpassing expectations and pre-pandemic levels.

Binh Duong is a model industrial city, driving economic growth through productivity, quality, and strong governance at all levels, alongside active participation from the local business community. With its potential, Binh Duong is poised to become a unique example of Vietnam’s development and prosperity, serving as a role model for the entire ASEAN economic community. The province hosts around 28 operational industrial zones, including well-known names such as Song Than I & II, Dong An, Nam Tan Uyen, Tan Dong Hiep A, Viet Huong, and VSIP – Vietnam Singapore. These zones attract a total of 938 investment projects, including 613 foreign-funded projects worth 3.48 billion USD and 225 domestic projects with a total investment of 2.656 trillion VND. The province has made significant progress in the first half of the year, with increased industrial production, export turnover, and foreign investment, alongside a rapid recovery in the service sector, which grew by 6.6%, 1.7 times higher than the same period last year.