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ASEAN Connected: Vietnam Business Guide

ASEAN Connected: Vietnam Business Guide

Vietnam is the ninth most attractive destination in the world for foreign investment, in accordance with UNCTAD's World Investment Prospects Survey. Consequently, foreign direct investment (FDI) flows continue to grow; FDI inflows into Vietnam jumped 17.4 per cent in 2015 to a record of USD14.5 billion.

Vietnam ranked 90th in the World Bank's 2016 Doing Business rankings, rising from 93rd in the year prior. The rankings recognised a number of reforms enacted to make doing business easier. These include making starting a business easier by reducing the time required to get the company seal engraved and registered. The government also made paying taxes less costly by reducing the corporate income tax rate and reducing the number of procedures and filings for VAT and social security contributions. Further reforms were made across the following topics: Getting Credit, Resolving Insolvency and Getting Electricity.

Key facts about starting a business in Vietnam:

  • Vietnam is one of the fastest growing economies in the world; it recorded a GDP growth rate of 6.68 per cent in 2015
  • Vietnam is strategically located in close proximity to Southeast Asia's other major and developing markets
  • Corporate income tax was reduced to 20 per cent in 2016; this is further detailed in the Tax chapter
  • The government enacted the Public Private Partnerships Regulation in 2015, providing opportunities for private sector investment in infrastructure; further details can be found in the Infrastructure chapter
  • Foreign investors are given incentives to use land in industrial parks, hi-tech parks, and economic zones; discussed further in the Trade chapter
 
The HSBC has been developed to provide businesses with an overview of Vietnam, its legal regime, start-up and market entry considerations, tax and customs requirements and a general summary of the factors that may affect the decision to do business in Vietnam. However, the information contained in this document is generic in nature and you should not act or rely on it without obtaining specific professional advice.
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Dee-Ann Prather, Down Under Enterprises International
NSW Women in Global Business Award winner
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Efic-9-April-2019

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