Vietnam: when sport becomes an economic engine

Vietnamese sport is becoming an industry

For a long time, sport in Vietnam was seen mainly as a matter of public policy, education, or entertainment. Yet a quieter transformation is underway: sport in Vietnam is gradually becoming a standalone economic sector.

Today, Vietnam’s sports economy is worth between $1.5 and $2.5 billion. That size remains modest compared with Asia’s largest markets, but it conceals a particularly dynamic momentum. Manufacturing, media, sponsorship, infrastructure, events, and sports technology — the ecosystem is rapidly taking shape.

And, crucially, it is beginning to attract investor attention.

Sport as a daily habit

The rise of Vietnam’s sports economy is also explained by a cultural reality that is often overlooked: sport is already part of everyday life for millions of Vietnamese. From 5 a.m., parks and public spaces fill with joggers, exercise groups, badminton players, and tai chi practitioners. The same scene repeats in the early evening when people meet to exercise after work.

This regular practice, deeply embedded in daily routines, provides fertile ground for new markets. As living standards improve, more Vietnamese are investing in personal well‑being, creating opportunities for gyms, equipment, sporting events, and premium disciplines such as golf and triathlon. A report cited in 2019 indicated a compound annual growth rate of sector revenues near 19.5% for 2018–2023, illustrating rapid expansion in the fitness-club market.

A young but strategic market

The Vietnamese government no longer views sport solely through the lens of performance or public health. It aims to make sport a genuine economic lever, adopting a development strategy through 2030 with a vision extending to 2045.

Annual investments in sports development are approaching 850 billion đồng for 2024–2026, with further increases already planned for 2027–2030.

The objective is clear: professionalize competitions, strengthen the appeal of national disciplines, and build an environment that attracts greater private‑sector participation.

Vietnam, a global manufacturing hub for major sports brands

One statistic frequently cited is that nearly 40% of Adidas’s global production takes place in Vietnam.

Nike, Adidas, Puma, and Decathlon have heavily incorporated Vietnam into their global supply chains. For Decathlon, this already involves more than 130 partner factories across the country.

Vietnam has become one of the world’s pillars for sporting-goods manufacturing.

That position provides a significant advantage: the country is not starting from scratch. It already has industrial skills, logistics infrastructure, and know‑how to support the growth of a sports economy.

The next step is to capture more local value added, particularly in design, product innovation, sports technologies, and national brands.

An industry under geopolitical pressure

That export dependence also creates vulnerabilities.

In April 2025, Donald Trump announced tariffs of up to 46% on certain Vietnamese imports to the United States — a measure that directly affects major players in the global sports sector.

While production chains cannot be relocated overnight, the episode underscores an important reality: sport is now an integrated part of the globalized economy and exposed to the same geopolitical risks as other strategic sectors.

Vietnam’s challenge will be to diversify markets while strengthening domestic consumption.

The TV rights battle is only beginning

Sport in Vietnam is no longer just something to manufacture; it is content to monetize.

Over the past two years, major media groups have increased acquisitions of international sports rights. Vietcontent secured UEFA European competitions rights through 2027. SCTV holds exclusive Spanish La Liga rights for five seasons. Canal+ has obtained several major AFC competitions in Asia.

At the same time, new platforms are emerging to capture digital sports audiences, such as the app developed jointly by VTVcab and VNPT.

This shift reflects a global trend: sports rights are among the most lucrative content types in an increasingly fragmented media landscape.

In Vietnam, that battle is still in its early stages.

Sponsorship, audiences, and professionalization: the new challenge

The real change may come from professional sport itself.

Vietnam won 337 international medals in the first half of 2025. Performance levels are rising. Audiences are growing. Brand interest is following the same trajectory.

The recent government decree No. 1722, aimed at better regulating conditions for coaches and high‑performance athletes, aligns with this move toward professionalization.

The economic challenge now is to convert sporting success into commercial value.

To do so, federations and event organizers must develop more attractive competitions, improve audiovisual production, structure sponsorship offerings, and build sports brands that retain audiences.

In short, they must apply the same development principles used in other industries.

The next playing field: sports services

While manufacturing remains dominant, the most interesting opportunities may appear elsewhere.

Rising incomes are fostering new markets: premium fitness centers, indoor golf, private sports academies, performance‑analysis technologies, corporate events, sports tourism, and digital platforms dedicated to participation. Current fitness penetration among the middle class is low (~1%), but projections show it could reach ~5% within five years, signaling substantial growth potential for premium clubs, equipment, and services.

These segments remain fragmented, but demand is accelerating in major cities like Ho Chi Minh City and Hanoi. Numerous entrepreneurs, such as Stéphane Pelletier (Infinite Golf), are opening sports clubs in the city.

For entrepreneurs, this is arguably the most accessible part of the market today.

A sports economy entering a new phase

Vietnam will not become a global sporting superpower overnight. However, it is already emerging as a significant economic player in the sector.

Manufacturing, broadcast distribution, infrastructure, sponsorship, and sports services — every indicator points to a gradual strengthening of the ecosystem.

The question is no longer whether sport represents an economic opportunity in Vietnam. The real question is which actors will capture the value generated by this growth.

And on that field, the game is only beginning.