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www.ceecvn.org
SOCIALIST REPUBLIC OF VIETNAM
Capital Hanoi
Area 331,212 km2
Population 99,497,680
National Flag
National Emblem
National Language: Vietnamese Table of contents

Largest City: Ho Chi Minh City
Currency : đồng (đ) (VND)

Message From Chairman Page 03
GDP - 2023*: 429.72 bil US$
About CEEC Page 04
nomial per capita 4,346.8 US$
Vietnam's Economic Development
PPP per capita 15,194.3 US$ Page 06
Outlook 2024-2025
Legislature: National Assembly
Vietnam at a glance for business Page 08
Time Zone: UTC+07:00
An introduction to Vietnam's trade
Independence Day: 02nd September 1945 and business enviroment Page 13
Measuring Unit: metric system Sustainability of Vietnam Page 15

Driving on the: right
Sector Introduction Page 17
Date format: dd/mm/yyyy
The Transformation of Consumer
Calling code: +84 Finance in Vietnam Page 18
Vietnam Manufacturing 2024 Page 21

* GDP data for 2023 published on World Bank:
https://data.worldbank.org/country/viet-nam? Vietnam Digital Economy 2024 Page 24
name_desc=false&skipRedirection=true
Vietnam Fintech 2024 Page 26
Healthcare Page 29
Education & Innovation Page 31
Agriculture Page 34
Transportation Page 36
Tourism Page 39
Real Estate Page 41
Membership in CEEC Page 43
Corporate Members 2024 Page 44
CEEC - DOING BUSINESS IN VIETNAM PAGE 02

Marko Moric
Chairman of CEEC
Welcome to the 2024 edition of our "Doing Business in The country's economic outlook remains robust, with
Vietnam" guide, crafted specifically to light up the path for numerous opportunities emerging despite global
Central and Eastern European enterprises eager to explore disruptions. Every day, our member countries and
and thrive in this vibrant market. The Central and Eastern businesses uncover new avenues for cooperation and
European Chamber of Commerce in Vietnam (CEEC) growth within Vietnam. We firmly believe that the potential
continues to uphold a unique position among European here is vast, and CEEC is dedicated to equipping you with
Chambers globally. Our countries share a rich history and the insights, advice, and tools necessary to capitalize on
profound friendship with Vietnam, forming a solid foundation these opportunities.
for mutual growth and collaboration. This guide aims to provide you with an essential overview of
Since its inception a decade ago, CEEC has been at the key sectors and practical advice to help you navigate your
forefront of fostering strong connections between Central entry into the Vietnamese market successfully. Consider
and Eastern Europe and Vietnam. Our chamber has not only this guide as the beginning of an ongoing dialogue and
gained significant recognition from Vietnamese authorities partnership.
and the international business community but has also We look forward to welcoming you to Vietnam and to
successfully supported numerous companies in navigating exploring the exciting prospects that lie ahead. Together,
the complexities of the Vietnamese market. We are proud of let us seize the opportunities and foster a prosperous future
our self-sustaining operations, achieved without external for Central and Eastern European businesses in Vietnam.
subsidies, which underscore our commitment and capability.
Vietnam presents a challenging yet immensely rewarding
environment for businesses. It demands not only patience
and perseverance but also innovation, high-quality products,
and services. Despite fierce competition, Vietnam is
increasingly recognized as a prime destination for trade,
investment, and service industries.
MARKO MORIC

ABOUT CEEC
The Central and Eastern European Chamber of Commerce
in Vietnam (CEEC) was formed in March 2015 as an
independent non-profit organization. It aims to enhance the
cooperation, develop the relations in term of economic,
finance, commerce, investment and trade promotion
between Vietnam and businesses from the 15 Central and
Eastern European countries. CEEC is the youngest European
rooted business community in Vietnam and most likely a
global pioneer by representing Central and Eastern European
companies, professionals in one entity. We promote the
cooperation between businesses as well as individuals from
15 Central and Eastern European countries (Austria,
Bulgaria, Croatia, Czech Republic, Estonia, Hungary, Latvia,
Lithuania, Republic of North Macedonia, Montenegro,
Poland, Romania, Serbia, Slovak Republic, Slovenia) and
Vietnam.
CEEC and all other European Business Associations (GBA,

CCIFV, ICham, DBAV, BeLuxCham, NordCham, CCIPV, and
SCCV) delegate their representative to the Executive
Committee of the European Chamber of Commerce in
Vietnam (EuroCham) which is representing over 1,000
European companies. With Dr. Gellert Horvath, Vice and Co- CEEC Services are offered at 3 different levels:
Chairman of EuroCham for the period of 2017-2018 and Mr.
Minh Nguyen, current Co-Chairman of EuroCham, in charge 1. Standard services - basic member services that are
of government relations, CEEC has a strong visibility not related with CEEC-EuroCham dual membership benefits.
only within the European community in Vietnam but also the
Vietnamese business community. CEEC’s founding Vice 2. Advanced services - consulting at the staff level against
Chairman, Mr. Csaba Bundik, was the Executive Director of service fees includes business matchmaking, company
EuroCham (2013-2015). We also have representatives in the contact list, company background check, market study, and
IQM-G&B, Tourism & Hospitality, Transportation & Logistics mission arrangement support.
and Green Growth Sector Committees and representative
bodies. 3. Premium services - Business Development with the price
Our main goals are to provide the best services we can give upon agreement includes consultation on CEEC Board
for our existing members, to support their business activities Members Level.
with consulting, networking, referrals and to build an intense
CEE related business community in Vietnam. We also focus on business networking events and CEEC
Share & (L)Earn events that provides information and actual
experiences on specific issues. With our great devotion,
CEEC promises to bring its most benefit for businesses from
Central and Eastern Europe.

MEET CEEC TEAM
MARKO MORIC VLAD SAVIN FLORIAN BERANEK NGUYEN HAI MINH LUKASZ GABRIEL STANEK
Chairman Vice-Chairman Vice-Chairman Treasurer KOZLOWSKI Board Member
Board Member
MIKLOS PETER NGO TATIANA STEPHEN NGUYEN MONIKA JURZAK HIEN TRINH THU
KRASSOVICS Board Member MASALSKA-LASKA Board Member Executive Director Office Assistant
Board Member Board Member
We can be contacted in Hanoi and Ho Chi Minh City, with the contact information as below:
Hanoi Office
Floor 14, Peakview Tower, No.36 Hoang Cau, O Cho Dua, Dong Da
Hien Trinh Thu (Ms.) - Office Assistant
Email: office@ceecvn.org
Ho Chi Minh City Office

Floor 5, Deutsches Haus, 33 Le Duan, District 1
Monika Jurzak (Ms.) - Executive Director
Email: monika@ceecvn.org
Your contacts for native speakers are:

Croatian: Marko Moric - moric@ceecvn.org
German: Florian Beranek - beranek@ceecvn.org
Czech: Gabriel Stanek -gabriel@ceecvn.org
Hungarian: Miklos Krassovics - miklos.krassovics@gedeonrichter.com
Romanian: Vlad Savin - v.savin@acclime.com
Polish: Lukasz Kozłowski - lukasz@makeyourasia.com, Tatiana Masalska-Laska - tatiana@tgmresearch.com & Monika Jurzak -
monika@ceecvn.org
Vietnamese: Minh Hai Nguyen - minh.nguyen@mazars.vn, Stephen Nguyen - stephen.nguyen@aimsinternational.com,
Peter Ngo - phat.ngo@eurostellar.com & Hien Trinh Thu - office@ceecvn.org
CEEC is regularly publishing an overview of our activities.

Our Quarterly Reports can be easily downloaded for free from our website: https://ceecvn.org/news/ceec-publications/
PAGE 05
CEEC - DOING BUSINESS IN VIETNAM
VIETNAM'S ECONOMIC DEVELOPMENT
OUTLOOK 2024-2025
Recent years have seen major economic changes in Vietnam. Supportive monetary and fiscal policies. Average headline
In 2023, the country slowed after years of rapid growth. inflation fell to 3.25% by 2023 as the economy cooled. The
Early 2024 has seen indications of recovery, bringing State Bank of Vietnam (SBV) slashed discount and
enterprises and investors opportunities and difficulties. This refinancing rates by 150-200 basis points across four policy
article forecasts Vietnam's economic development and its rate decreases in 2023. Despite these cuts, loan growth in
ramifications for investors using the latest World Bank, ADB, 2023 was 13.7%, below the SBV predictions. The government
National Statistical Office, etc. reports. operated a light expansionary fiscal policy in 2023.
Recent years have seen major economic changes in Vietnam. Compared to 2022, government revenue fell 5.4% and tax
In 2023, the country slowed after years of rapid growth. receipts 13.8%. Total spending rose 12.8%, mostly owing to
Early 2024 has seen indications of recovery, bringing governmental investment.
enterprises and investors opportunities and difficulties. This With balanced risks, Vietnam's economic growth prospects
article forecasts Vietnam's economic development and its are good. GDP should grow by 5.5% in 2024. Manufacturing
ramifications for investors using the latest World Bank, ADB, exports will revive due to rising global demand, according to
National Statistical Office, etc. reports. this projection. The real estate market should strengthen in
The first quarter of 2024 showed promising signs. Low late 2024 and early 2025. Investors and consumers will gain
export base impact drove GDP up 5.66% year over year. confidence as exports and the real estate market recover,
Goods exports rose 17.2% year-over-year. With quarterly boosting domestic demand.
growth rates of 4.9% and 4.7%, consumption and investment Total real investment and private consumption are predicted
improved more slowly. In particular, US and Eurozone to increase by 5.5% and 5.0%, respectively. Inflation is
merchandise exports rose 25.5% and 16.3%, respectively. forecast to rise slightly from 3.2% in 2023 to 3.5% in 2024,
The first quarter of 2024 saw domestic consumption rise owing to an increase in government-administered prices
4.9%, up from 3.0% the year before. Real investment such as education and health care. The CPI is predicted to
climbed 4.7% year over year due to substantial FDI, while decline to 3.0% in 2025 and 2026, with commodity and
private investment remained low. energy prices remaining constant.
A cooling economy affected the labor market and income
growth. Employment growth plummeted from 2.2% in Q1
2023 to 0.3% in Q1 2024. From 8.3% in 2017-19 to 1.3% in
2022-23, average monthly real incomes stagnated. The 2023
consumer poll found a drop in expenditures on durable
goods like appliances, gadgets, and cars.
In 2023, Vietnam's external position improved despite global
issues. Current account surplus rose to 6.7% of GDP from
0.3% in 2022. Balance of payments surplus was 1.3% of GDP.
However, that image has risks. Slower-than-expected
The end of 2023 will see $93.3 billion in international
growth in advanced nations and China may diminish
reserves, 3.3 months of imports. This gain was driven by a
Vietnam's export demand. Increased geopolitical conflicts
significant product trade surplus, strong remittance inflows,
and climate disasters pose risks. A delayed real estate
and a narrowing services trade deficit as foreign tourism
market revival may affect investor optimism and private
recovered to over 12.6 million visitors in 2023, up from 3.7
sector investment domestically.
million in 2022. Imports fell 14.1%, outpacing exports (-8.5%),
fueling the merchandise trade imbalance.

Due to the slow real estate market, the financial sector's Refocusing the national flagship program on establishing a
asset quality might see a decline, which may hurt growth, pipeline of investment-ready, innovative entrepreneurs,
especially at larger state-owned commercial banks with tiny enhancing crucial support instruments, and attracting
capital buffers. On the other hand, even slightly stronger- qualified private operators and fund managers are ways to
than-expected global growth may boost Vietnam's export improve entrepreneurial outcomes. Accelerating regulatory
sector faster. reforms to ease investment procedures and increasing
Leveraging policy support is essential for investors. public research sector commitment to creative startups are
Accelerating public investment might raise aggregate important. This includes upgrading the intellectual property
demand and fill infrastructure constraints in the medium run. and technology transfer framework, strengthening
Given the interest rate differentials between local and performance evaluations, and expanding university and
international markets and currency rate pressure, additional public research agency technology transfer capability. In
interest rate cuts are limited. Additionally, monitoring the particular, European businesses have proven in the past their
financial sector remains critical, as investors should willingness to share knowledge and technologies to create
understand bank capital adequacy initiatives and trust sustainable partnerships with domestic enterprises. Hence,
prudential oversight of institutional improvements. a supportive legal framework will create mutual benefits.
Transparent early action, bank resolution, and crisis This summary of areas for improvement is also the primary
management are part of this. focus of our chamber's advocacy and lobbying efforts,
The need for structural and administrative reforms for long- whether bilaterally or collaboratively, such as through
term growth is undisputed. Addressing energy, Eurocham or other European business advocacy platforms.
transportation, and logistics infrastructure deficiencies is In conclusion, Vietnam's economic prospects for 2024 and
linked to improvements in public investment management. 2025 are cautiously hopeful. While the country has various
Strengthening the regulatory framework for backbone obstacles, particularly in the labor market and the banking
services like ICT, power, and transportation is of the same sector, there are considerable prospects for growth,
importance. Very recent developments, like the publication particularly in exports and domestic consumption. Investors
of the legal framework for direct power purchase should stay up-to-date on the changing economic situation,
agreements (DPPA), clearly point in the right direction. take advantage of legislative incentives, and focus on areas
Vietnam's goal of becoming a high-income nation by 2045 that are ready for recovery and growth. With strategic
requires improved creative entrepreneurship conditions to investments and a focus on structural reforms, Vietnam
raise output. To support startups, the upgrade of the remains an appealing business and investment location.
entrepreneurial ecosystem, including skills development
programs, will contribute to the establishment of higher-
Florian J. Beranek
value businesses. In this way, the sectoral shortage of
Vice Chairman of CEEC
qualified personnel on all levels will eventually be overcome.

VIETNAM AT A GLANCE.
MARKET ENTRY FOR FOREIGN INVESTORS
KEY COUNTRY FACTS VIETNAM AT A GLANCE FOR BUSINESS

MARKET ENTRY OF FOREIGN INVESTORS
Location
Southeast Asia
Market entry options
Bordering China, Laos and Cambodia
Foreign investors are allowed to set up and own 100% share
Land area
capital of a company in Vietnam, except for circumstances
331,690 km²
where the foreign investment is restricted and/or foreign
63 Provinces & municipalities
ownership ratio is limited under the bilateral or multilateral
Capital city: Hanoi
agreement(s) to which Vietnam is a signatory (e.g. WTO
Covered city: Ho Chi Minh City
Commitments, EVFTA) or regulations of local laws.
Language
First language: Vietnamese
Alternatively, foreign investors may consider other options
Widely taught: English, French, Chinese
such as Business Co-operation Contract (“BCC”), Merger and
Religion Buddhism, Catholicism, Taoism and
Acquisition, Branch, Foreign Contractor/ Cross-border
Confucianism
supplies and Representative Office in initial stage of their
market entry in Vietnam.
Population
Approximately 98 million Investment procedures and conditions
Major ethnic group: Kinh (Viet), accounted for 85.7% Each investment form is subject to different investment
of the ethnic composition procedures and conditions. Establishment of a FIE normally
Labour force entails the greatest expenditure of time, which involves the
Labor force (aged 15 and above): 52.4 million procedures to obtain an Investment Registration Certificate
Labor participation rate: 68.5% and an Enterprise Registration Certificate. Depending on the
Unemployment rate: 2.28% investment sectors and scale, an “in-principal” approval
Currency from the competent State authority may additionally be
Vietnamese Dong (VND) required.
Income category
Lower middle income
Monthly minimum wage (2023): VND 3.45 million (~
USD 141.58) to VND 4.96 million (~USD 203.87)
Average GDP Growth (2023): 5.05%

GDP per capita (2023):
Estimated at 4,284.5 USD
Up 160 USD compared to 2022, approximately
3.88%
Inflation rate (2023): 3.25%
Foreign Trade Agreements (FTAs):
16 signed and effective FTAs
3 FTAs are under negotiations
As of 2024, Vietnam has signed Double Tax
Avoidance Agreements with approximately 80
countries and territories.
International visitors to Vietnam (2023): 12.6 million Modern Ho Chi Minh City
arrivals Image Source: pixabay
World Bank ease of doing business rank: 70
Source: General Statistics Office of Vietnam 2023, The Global

Economy 2023, The World Bank 2023, Asia Briefing 2023
PAGE 08
INVESTMENT INCENTIVES AND GURANTEES A visa can be replaced by a temporary residence card
(“TRC”) which grants the foreigners the right to temporarily
Investment incentives reside in Vietnam for a certain length of time up to 3 years or
Foreign investors are entitled to investment incentives 10 years (for Investment TRC only) provided some
based on sectors and geographical locations. Highlighted requirements are satisfied.
sectors eligible for investment incentives are high-tech
activities, high-tech ancillary products, waste collection, Work Permit
treatment, recycling or re-use, medical examination and As the case may be, foreigners must obtain a Work Permit
treatment, education. (“WP”) or a Certificate of Work Permit Exemption (“CoWPE”)
to legally work in Vietnam. Term of a WP or a CoWPE shall
Areas eligible for investment incentives are disadvantaged not exceed 2 years. Notably, the WP is only allowed to be
areas and extremely disadvantaged areas; industrial parks, extended once with the validity term of 2 years for the
export-processing zones, hi-tech zones and economic zones; maximum.
or other areas as decided by the Government.
Moreover, special investment incentives are given to certain In some special cases, neither WP nor CoWPE is required
projects exerting significant socio-economic effects. such as when foreigners enter Vietnam to work no more than
3 times per year and working period of each entry is under
Investment guarantees 30 days, or in case of an owner of a limited liability company
The Government also provides some basic investment owning a capital contribution valued of at least VND 3
guarantee commitments towards foreign investors, for billion. However, a report to the competent labor authority in
instance, guarantee for asset ownership, transfer of foreign such cases is still required.
investors’ assets overseas or business investment upon
change of laws. PROFIT REMITTANCE
LAND AND RESIDENTIAL HOUSES Foreign investors are only permitted to transfer after-tax
profits abroad (tax on remittance of profits abroad is not
FIE may lease land from or is allocated land with land use applied) either at the end of the fiscal year or upon
levy by the State, as well sub-lease land from the industrial termination of the direct investment activities in Vietnam.
zone infrastructure developers. Land rent incentives (rent
exemptions and reductions) apply to investment projects TAXATION
satisfying certain conditions.
Value-Added Tax (VAT)
Foreign organizations and individuals are allowed to Generally, goods and services used for production, business
purchase and own residential houses/apartments in Vietnam and consumption in Vietnam are subject to VAT. Different
subjecting to certain conditions. VAT rates (0%, 5% and 10%) or VAT exemption are applied
to different kinds of goods and services. According to the
LABOR AND IMMIGRATION draft VAT law, the application of VAT rates for product
groups may be changed to consistent with the orientation of
Visa & temporary residence card reforming the tax system, moving towards applying a
common tax rate.
Except when being exempted from visa, foreigners are
allowed to enter Vietnam by obtaining a visa with single
entry or multiple entries, which is categorized into different
types subjecting to the entry purpose, or by electronic visa
whose term now is up to 90 days.

(*) For the first 06 months of 2024 (i.e.: January to June An enterprise is allowed to carry forward fully and
2024), the standard VAT rate was adjusted from 10% to 8% continuously the operating loss of a financial year to offset
(with exception of some groups of goods and services) against future taxable income for a period of up to five years
thanks to the incentive program of the Government. This counting from the year after the year of loss.
program is extended until the end of 2024 under the Decree
No.72/2024/ND-CP dated June 30, 2024. Personal Income Tax (PIT)
PIT is applied to taxable income received by individuals.
Corporate Income Tax (CIT) Therefore, as a general rule, PIT is a liability of individuals;
CIT is imposed on the income (Profit) of enterprises, or any however the PIT regulations encompass the concept of tax
kind of organisations established under Vietnamese laws withholding at source, in which the income-payer is required
doing business in Vietnam. The current standard CIT rate is to temporarily withhold tax prior to paying incomes to its
20%. Taxation for oil and gas businesses is applied within employees and remit the withheld tax to the tax authority.
the range from 32% to 50%. The natural resources industry
may have a higher tax rate (i.e. 40% or 50%). CIT incentives Taxable income includes employment income, business
are available, including a preferential tax rate and tax income, income from capital investment, income from
holidays which are granted to investment projects based on capital transfer, income from transfer of immovable
their business activities or their location. properties, and other taxable income. Employment income is
the most common type. In particular, taxable employment
Some additional CIT incentives are also available for income includes income in the form of salaries, wages,
enterprises operating in manufacturing, construction and remuneration, allowances (excluding some non-taxable
transportation with a high ratio of female employees or income and exempt income as stipulated), income from
ethnic-minority employe membership of business associations, boards of
management, boards of control, management councils and
From 2024, Vietnam adopts the Global Minimum Tax in line other organisations, and other benefits in cash or in-kind.
with the Pillar Two of Base Erosion and Profit Shifting For employment income, tax residents are taxed using
(BEPS) 2.0 Actions. A minimum CIT rate of 15% shall be progressive tax rates with a top marginal rate of 35%;
applied for certain qualified large multinational corporates meanwhile non-tax residents are taxed at 20%. In general,
operating in Vietnam which may potentially impact the the PIT tax year is the calendar year. In certain cases, the PIT
advantages of previously granted CIT incentives. In an effort tax year may differ from calendar-year basis.
to maintain the attractiveness of the business environment,
a draft decree is being formulated for the establishment, Particularly, the PIT tax year can be 12 consecutive months
management, and use of an investment support fund. This from the day on which the foreign individual arrives at
fund is intended to support, encourage, and attract strategic Vietnam if he/she stays in Vietnam for less than 183 days in
investments in high-tech sectors and Research & the first calendar year, or from January to the departure date
Development activities. of the year when the foreign individual qualified as
Vietnamese tax resident terminates his/her labor contract in
Taxable income is defined as the difference between total Vietnam.
taxable revenue and total deductible expenses of the
Foreign Contractor Tax (FCT)
enterprise during the tax year. Taxable revenue includes all
FCT, normally referred to as the Withholding Tax, is imposed
income from sales, provision of services and other incidental
on foreign contractors or foreign sub-contractors
income accruing to the enterprise from any business
(hereinafter collectively referred to as foreign contractors),
activities, irrespective of whether the revenue was derived in
which are defined as foreign organizations or individuals
Vietnam or overseas and has been collected or not.
carrying out business in Vietnam under the contract signed
Generally, expenses are tax deductible on the basis that
with a Vietnamese contracting party or signed with a main
they are business related and supported by legitimate
foreign contractor. FCT actually comprises of two kinds of
invoices/documents and are not specifically identified as
taxes, Income Tax and VAT. In cases where the foreign
being non-deductible. For the purchase of goods or services
contractor is an organization, these are CIT and VAT. There
valued at VND 20 million (VAT inclusive) and above, evidence
are three methods for FCT filing, which results in different
of non-cash payment is also required.
positions of taxes payable.
PAGE 10
The fiscal year applicable to FIEs in Vietnam is normally a
calendar year i.e., 1 January – 31 December. FIEs may notify
the local tax authority about their own 12-month fiscal year,
commencing from the first day of a quarter and ending on
the last day of the previous quarter in the following year. For
the first/last fiscal year (i.e. the year of company
establishment and closure), the accounting period can be
more than 12 months but must not be longer than 15 months.
AUDIT AND ACCOUNTING
Every enterprise is required to employ a Chief Accountant
Foreign-invested enterprises (collectively “FIEs”) doing who must satisfy the criteria and conditions stipulated by
business in Vietnam are required to comply with the VAS, the Law on Accounting, except for micro businesses. The
the Vietnamese Enterprise Accounting System (not enterprise can also outsource a chief accountant position
applicable for credit institutions) and interpretive guidance from an authorized accounting service company in Vietnam.
when preparing their financial statements. The annual financial statements of FIEs must be audited in
accordance with the Law on Independent Audit. The audit
The initial VAS were modelled on earlier versions of must be carried out by an independent auditing company
International Accounting Standards (IAS) and International permitted to operate in Vietnam.
Financial Reporting Standards (IFRS). Vietnam’s approach
included modifications and selective adoption of IAS or IFRS, YOUR CONTACTS
influenced by local regulatory interpretations that differed Huyen Nguyen
from global standards. Unlike the dynamic and evolving Managing Partner, Forvis Mazars in Vietnam
nature of IFRS, VAS has remained static since their initial
issuance. This divergence has created disparities in Minh Nguyen
accounting practices between Vietnam and international Partner, Head of Advisory, Forvis Mazars in Vietnam
standards, affecting financial reporting and analysis within
the global context.
On 16 March 2020, the MOF issued Decision 345/QD-BTC

(“Decision 345”) regarding the scheme for application of
financial reporting standards in Vietnam laid the foundation
for the application of IFRS in Vietnam and promulgating and
organising the implementation of the Vietnam Financial
Standards Reporting Standards (VFRS).
Source: pixabay

PAGE 12
AN INTRODUCTION TO VIETNAM’S
TRADE AND BUSINESS ENVIRONMENT
Vietnam's economy is expected to maintain rapid growth As a member of the ASEAN Economic Community (AEC),
through 2024 and beyond, driven by advancements in the Vietnam enjoys tariff-free shipment of nearly all goods to
digital economy, manufacturing, exports, and foreign direct most other Southeast Asian countries. In the last 15 years,
investment. By investing in infrastructure, developing human agreements between ASEAN and various countries have
capital, and continuing economic reforms, Vietnam aims to expanded access to more regional markets. Regional
achieve equitable and sustainable growth in the future. The Comprehensive Partnership (RCEP) has reinforced the
nation is positioned as a key player in the ASEAN region and effectiveness of these deals. Two of the most important are
an attractive destination for foreign investors, thanks to its the Comprehensive and Progressive Agreement for Trans-
favorable demographics, strategic location, and youthful Pacific Partnership (CPTPP) and the EU-Vietnam Free Trade
workforce. Agreement (EUVFTA).
The nation is positioned as a key player in the ASEAN region In the first half of 2024, Vietnam's products export turnover
and an attractive destination for foreign investors, thanks to was assessed at 190.08 billion USD, gaining 14.5% year on
its favorable demographics, strategic location, and youthful year and increasing the country's trade surplus to 11.63
workforce. Over the last few years, Vietnam has significantly billion USD, according to the General Statistics Office.
integrated into the global supply chain, becoming a favored Imports also increased steadily, up 17% year on year to
destination for international companies as manufacturing 178.45 billion USD. The domestic economic sector added
shifts from China to Vietnam. As of 2024, Vietnam's 65.74 billion USD to import turnover, representing a 22.3%
economy has continuously grew at one of the fastest rates increase. Raw materials for production were the largest
among ASEAN countries. Its GDP growth rate has exceeded import category, making up a substantial 94% share, valued
that of some of its ASEAN counterparts, averaging between at 167.73 billion USD. The United States remained Vietnam's
6 and 7% annually. Furthermore, Vietnam's industrial sector, leading export market, with an expected turnover of 54.3
particularly in electronics, textiles, and footwear, has made billion USD.
important contributions to the country's economic progress.
Vietnam has successfully integrated into global supply
chains by leveraging its competitive labor costs and
favorable trade agreements. As a result, the country has
become a major exporter of commodities both within ASEAN
and internationally.
To date, Vietnam is a member of various regional and

international organizations, including the UN, ASEAN, ASEM,
APEC, the WTO, the Francophone, the Non-Aligned
Movement, among others. Vietnam's business environment
benefits greatly from its membership in numerous free trade
agreements, serving as a significant advantage in Vietnam's
trade relations, leading to reduced export costs. As of 2023,
Source: Getty Images
Vietnam has signed 16 FTAs so far and is in the process of
negotiating EFTA, ASEAN – Canada FTA, and Vietnam – UAE
FTA (WTO Center, 2023).

PAGE 13
Source: Suwannar Kawila
Foreign direct investment (FDI) remains crucial for Vietnam In summary, Vietnam's economy showed mixed signs of
to support post-COVID economic recovery and advance the recovery in 2023 and early 2024 according to the World
government's goal to achieve middle-income status by 2045. Bank (2023). On the one hand, given its significant openness
Foreign enterprises invested over 15.19 billion USD in the and deep integration into the global economy, Vietnam was
Vietnamese economy in the first six months of 2024, unable to escape the effects of the ongoing war between
indicating a 13.1% increase over the same period last year. Russia and Ukraine. Additionally, the country is facing
Additionally, in the first 6 months of the year, about 10.84 challenges such as environmental concerns, infrastructure
billion USD worth of FDI capital was disbursed, an increase gaps, and regulatory issues. These factors could affect
of 8.2% over the same period in 2023. Meanwhile, Singapore long-term sustainability and require continued government
emerged as the top investor USD, which represents nearly intervention and active participation from the private sector.
36.7% of total foreign capital into Vietnam and shows an On the other hand, Vietnam's economic forecast remains
86% year-on-year growth. It was followed by Japan, Hong positive, with ongoing growth fueled by manufacturing,
Kong (China), the Republic of Korea, and China. exports, and foreign investment. Aligning strategically with
global trade agreements and growing digital economy
sectors will further bolster its position as a key player in
Southeast Asia's economic landscape. Lastly, embracing the
Green Economy offers a sustainable path forward
sustainable growth and development, enabling responsible
and environmentally conscious business practices.
Huyen Nguyen
Managing Partner, Forvis Mazars in Vietnam
Minh Nguyen
Partner, Head of Advisory, Forvis Mazars in Vietnam

SUSTAINABILITY FOCUS. OVERARCHING
PUBLIC AND PRIVATE AGENDA
Sustainability remains the key growth sector in Vietnam. Economic opportunities: investments in renewable energy
This is driven by several factors - economic growth, climate projects, including wind and solar farms, sustainable
change, and Vietnam's commitment to net-zero carbon agriculture, and eco-tourism, have created economic
emissions by 2050. opportunities and green jobs, driving development and
environmental protection.
International commitment: at the UN Climate Change
Conference in Glasgow (COP26) in 2021, Prime Minister Already now, Vietnam’s share of electricity produced by
Pham Minh Chinh announced the country’s commitment to solar energy has increased from practically zero to nearly
phase out coal power generation by the 2040s and achieve 13%, higher than in other economies such as France or Japan,
net-zero carbon emissions by 2050. On July 26, 2022, in its making it the 10th largest solar power producer in the world.
National Strategy on Climate Change, Vietnam announced a
43.5% emissions-reduction target by 2030, sector-specific However, moving from coal to renewable energy requires a
emissions targets for 2030 and 2050, and qualitative serious shift in planning, production, and distribution. The
suggestions for achieving these goals. At COP28 in country will need to invest in enabling infrastructure—such
December 2023, Vietnam extended its climate commitments as transmission and distribution grids, as well as utility-scale
by joining the Global Cooling Pledge, which aims to reduce storage—to integrate renewables into the grid, bridge
greenhouse emissions from the cooling industry by at least short-term supply shortages, and cover distances between
68% by 2050. power plant sites and demand centers.
Vietnam's 2014 Law on Environmental Protection penalizes This economic shift should go hand-in-hand with the
violators, while the Revised Law on Environmental implementation of Sustainable Development Goals. In May
Protection, effective January 1, 2022, emphasizes community 2017, Vietnam promulgated the National Action Plan for the
involvement and business responsibility. Decision 450/QD- Implementation of the 2030 Agenda for Sustainable
TTg promotes circular economy development and waste Development (NAP 2030). General policies for the
management till 2030 to protect the environment. implementation of the SDGs in Vietnam have been issued in
synergy with the Resolutions and Directives of the
Public support: in March 2024, TGM Research, in Government. The National Socio-Economic Development
collaboration with PRO Vietnam, has conducted the Waste Strategy for the period 2021-2030 has fully integrated 17
Segmentation in Vietnam report, offering invaluable insights SDGs into its directions, tasks, and solutions.
into consumer awareness, attitudes, and actions regarding
reduce, reuse, and recycle practices. Vietnamese individuals Vietnam has made remarkable progress towards some
across various cities exhibit a high level of environmental targets, but more efforts are needed to stay on course for
consciousness: goals related to GreenTech, including goal #6 Clean Water
95% of Vietnamese surveyed show interest in and Sanitation, goal #7 Affordable and Clean Energy, goal
environmental issues, #9 Industry, Innovation, and Infrastructure, goal #11
80% express concern about waste, with dust and air Sustainable Cities and Communities, and goal #12
pollution also being significant concerns, Responsible Consumption and Production.
83% believe the 3Rs (reduce, reuse, recycle) positively
impact the environment, however only 51% personally
sort all their waste.
This provides great foundation for further education

activities driven both by the authorities as well as
businesses.

Source: The United Nations - https://sdgs.un.org
Areas of focus for further development: include This creates big opportunities for CEEC countries to enter
wastewater treatment management, increasing the share the Vietnamese market, bring innovations, and ensure long-
of renewable energy, infrastructure development, urban term assurance from the Government, aligned with the
solid waste collection and treatment, environmental country strategy and international commitments.
pollution reduction, and the execution of sustainable
practices. Here is what General Manager of ALPLA, Marco Fritsche
shared on this topic:
For that, the Vietnamese government sees a big role played As a leading plastic processing company from Austria, with a
by international companies and investors. On March 14th, plant in Dong Nam Industrial Park, we offer our customers in
2024, during the Annual Vietnam Business Forum, Prime Vietnam attractive packaging solutions. Sustainability and
Minister Pham Minh Chinh stressed the importance of FDI green tech are very important aspects of our company
in promoting green growth. He also said that the processes. We see many opportunities in plastic recycling to
Government will focus on three guarantees (political complete the full cradle-to-cradle process. To enable this,
stability, social order and safety, and energy security), further development of waste collection infrastructure and
three breakthroughs (in institutions, laws, mechanisms and feedstock management is required, supported by
policies; in infrastructure development; and in administrative reforms and business incentives. This will
administrative reform and human resource development), provide an additional boost and attract more international
and three enhancements (enhancing the trust of investors.
enterprises, improving transparency and equality, and
strengthening support for enterprises in green and Tatiana Masalska – Laska
sustainable growth) to create favorable conditions for Chief Experience Officer at TGM Research
stable and sustainable enterprise development in Vietnam.

SECTOR
INTRODUCTION
01 02 03
Consumer Manufacturing Digital
Finance economy
04 05 06
Fintech Healthcare Education
07 08 09
Agriculture Transportation Tourism
10
Real Estate

THE TRANSFORMATION OF CONSUMER
FINANCE IN VIETNAM
Economic Growth Drives Spending in 2024
Vietnam's consumer spending is set to grow in 2024, as

strong economic growth translates into increased
disposable income. As the effects of the pandemic gradually
fade, Fitch Solutions - a leading global market research and
analytics firm - says that easing inflation, a strong labour
market, and steady real wage growth is leading to robust
retail sales forecasts in Vietnam.
The importance of consumer finance to the Vietnamese

economy cannot be overlooked. According to the State Bank
of Vietnam's statistics, 70 per cent of adults in Vietnam have
a bank account, but nearly half of them do not have access
to credit. The young, open-minded, and tech-savvy middle Source: Home Credit
class segment is growing rapidly, expected to reach 56
million people by 2030. In January 2020, the Government Since its early days, Home Credit’s mission has been to
approved a comprehensive national financial inclusion empower people to live the life they want now. It has
strategy with the goal that at least 80% of adults would developed a reputation as a disruptor and innovator,
have a transaction account at a bank or other qualified regularly introducing new products to the Vietnamese
institution by the end of 2025. market, centered on customer needs, responsible lending
and technology-driven solutions. It was rated the ‘Most
The Vietnamese government sees consumer finance Desired Brand’ in the industry by Ipsos for five consecutive
companies (CFCs), who are serving those un-banked or years (2018 to 2022).
under-banked customers, as critical to driving the financial
inclusion strategy and to accelerate economic growth. The Home Credit Vietnam's 2023 audited financials show one of
market currently comprises 16 CFCs, all licensed and the lowest Non-Performing Loan (NPL) ratios in Vietnam's
regulated by the State Bank of Vietnam (SBV). The consumer consumer finance industry, demonstrating its responsible
finance market is undergoing increasing fragmentation, with approach to lending. The company prioritizes this along with
four main players emerging as the market leaders. Healthy sustainable growth - focusing on controlling risk, ensuring
competition is driving innovation for those CFCs looking to its customers are financially literate, and driving
actively seize a larger portion of the market accessibility and transparency for its clients.
Home Credit, now the second largest CFC in the country, is

active in all 63 provinces nationwide and serving almost 16
million customers

Source: Home Credit
DIGITAL TRANSFORMATION payments and a 24/7 customer service assisted by

The industry is also accelerating digitalization plans. As “voicebot” and “chatbot” systems. All these products
more local and foreign-owned FinTech businesses begin to leverage the strength of an advanced data analytics and AI
emerge in greater numbers, more innovative and disruptive system.
products and services are being quickly rolled out into the
market. “For nearly 16 years in Vietnam, Home Credit has been more
than just a financial institution; we have become a top
Mobile apps and simple online processes are amongst the trusted companion to over 16 million customers and
key strategic priorities for CFCs. With the boom in e thousands of partners across the country. We take pride not
commerce and digital payments, Buy Now Pay Later (BNPL) only in being the market pioneer but also in leading the way
has also become a popular approach adopted by many with sustainable growth practices. Our innovative and
FinTech and traditional operators, as well as consumers. responsible financial solutions have made financing more
Alongside this, new “mobile money” pilot schemes are being accessible, affordable, and secure for millions of customers,
backed by major telecommunication operators, driving even fostering financial inclusion and contributing to the
greater competition in the market in the future. country's economic growth.”, Jakub Kudrna, Chief Strategy
Officer of Home Credit Vietnam said.
Regulators are watching these developments closely and
working on a special sandbox scheme to trial new business In addition, Environment, Social and Governance (ESG)
models, technologies, and products. principles guide the business direction of Home Credit.
Home Credit Vietnam has not only won the Global Corporate
Driven by the promise of making customers feel good, Home Social Responsibility & ESG Leadership Awards for the past
Credit has quickly accelerated its push for various digitally four years but is also the only consumer finance company to
transformational initiatives. These include one touch BNPL be ranked on Vietnam’s Top 100 Sustainable Companies
solutions, such as Home PayLater, on the go reporting using (CSI100), awarded by the Vietnam Chamber of Commerce
the mobile application Home App, QR code and Industry (VCCI) for two consecutive years in 2022 and
2023.
Home Credit Viet Nam

VIETNAM MANUFACTURING IN 2024
Vietnam has emerged as one of Asia’s great success stories, Vietnam has transformed into an exportoriented
backed by stable political system, commitment to manufacturing country as it embraced globalization and
sustainable growth, relatively low inflation, strong FDI trade liberalization over the past decade. There are many
inflows, youthful and digital population, and strong reasons which make Vietnam be considered the emerging
manufacturing sector. In addition, the country has a large manufacturing powerhouse in the region such as
domestic market and a growing middle class. These dynamic connectivity with supply chains, labor-intensive sectors and
factors have created an extraordinary opportunity for low production costs, trade partnerships with the world’s
international investors to take advantage of the regional largest trade organizations and significant regional and
growth prospective and focus their attention on Vietnam, global free-trade agreements, to name a few.
particularly in the manufacturing sector.
THE VIETNAMESE MANUFACTURING ADVANTAGE.
In 2023, Vietnam's economy continued to flourish with a GDP
growth rate of 5.05%, despite the global uncertainty. This Top position to leverage on regional Manufacturing
rate surpassed the global average of 2.7%. Last year, the Diversification Strategies
country experienced progressively robust economic growth
throughout each quarter, culminating in a remarkable This strategy has enabled Vietnam to capture a substantial
performance in the fourth quarter where it emerged as the amount of the production expansion from China and other
top-performing economy, expanding by 6.7%. This growth regional peers, due to its economic policies focused on
was largely propelled by significant contributions from key foreign investment support, infrastructure development.
service sectors, particularly tourism. The view for 2024 is
cautiously optimistic, the government is forecasting better According to the World Trade Organization, Vietnam ranked
performance with the GDP growth rate of 6%. 23rd among the world’s leading exporters in merchandise
trade in 2023, with a total export value of 354 billion USD.
These economic achievements make the country one of the
few economies globally to grow amidst turbulent times. Oxford Economics experts predict that Vietnam’s share of
global electrical exports will continue to grow, reaching
Vietnam’s manufacturing accounts for more than 20% of the approximately 4% by 2025.
country’s GDP. It means faster manufacturing growth will
boost GDP growth. Progressive taxation and FDI support policies
The Vietnamese authorities have put in place efficient and

robust taxation policies dedicated to the manufacturing
sector, where investors can benefit from massive tax
reductions, breaks and incentives depending on the size of
their project.
In addition, the multitude of trade agreements which

Vietnam adheres to, with the latest signed being EVFTA with
the European Union, and RCEP with the Association of
Kizuna Factory in Long An I Source: Kizuna Southeast Asian Nations (ASEAN), add a significant
VIETNAM AS A GLOBAL MANUFACTURING HUB WILL incentive to producers across the world to expand their
FUEL GROWTH. facilities in Vietnam, so they can take advantage of the
tariffs for import or export with Asia and Europe as well.
In 2023, foreign investments in manufacturing industry in
Vietnam took the lead with a total investment of over 23.5 In 2023, Vietnam achieved impressive results in attracting
billion USD, accounting for 64.2% of the country’s total FDI foreign direct investment, drawing in hundreds of millions of
capital, as stated by the Ministry of Planning and USD and demonstrating
Investment.

strong investor confidence. As of April 2024, the REGULATORY FRAMEWORK
manufacturing and processing sector had received 289.7 The country is prioritizing the development of smart
billion USD in capital from foreign investors. Notably, last manufacturing as a breakthrough industry and promoting
year, Hyosung Group, a South Korean industrial the growth of green industries. The government has
conglomerate announced plans to pour 720 million USD in a implemented policies to attract foreign direct investment in
biotech fiber manufacturing plant in Vietnam which these industries, particularly in processing and
highlight the unique investment synergy between South manufacturing, with a focus on projects that utilize “high,
Korea and Vietnam. new, clean, and economical” technologies.
This commitment is demonstrated through Vietnam’s
Geographical location and infrastructure investments participation in 14 Free Trade Agreements (FTAs) and a
range of investment incentives, including customs, tax, land
lease cost, and factory construction incentives.
These incentives are codified in laws such as the Law on

Investment, the Law on Corporate Income Tax, and the Law
on Customs, as well as other decrees, circulars, local
decisions, and policies designed to attract investment in
each locality.
Market entry and entity structuring for foreign investors in

Škoda Factory in Quang Ninh I Source: VnMedia manufacturing.
Vietnam’s geographical position is a major asset for The licensing process can be a barrier for investors seeking
attracting investments in the manufacturing sector, as the to enter the market. In general, there are several
country has direct access to the most important freight and prerequisite certificates that investors must obtain before
trade routes in Asia, with a multitude of airports, rail links, conducting investment activities in Vietnam. These include:
seaports and direct highway systems connecting Vietnam
with one of their most important trade partners – China. • Investment Registration Certificate (IRC): The IRC is a
Coupled with consistent investment in infrastructure and document issued by the Provincial Department of Planning
industrial parks development, these make Vietnam highly and Investment or the Provincial Management Board of
attractive for the logistics sector as well, as the backbone of Industry/Economic Zones (or equivalent agency) to
a growing supply chain where Vietnam takes a lead position. document the legal status of a project and to provide
evidence of eligibility for investment incentives.
As of 2024, the system of Industrial Parks and Economic • Enterprise Registration Certificate (ERC): The ERC is a
Zones nationwide, includes 418 parks, as stated by the license issued by the Provincial Department of Planning and
Ministry of Planning and Investment of Vietnam. Tax Investment to recognize the legal status of an enterprise.
incentives including Corporate Income Tax reductions and This document is equivalent to a Certificate of Incorporation
exemptions for large projects with total capital of VND 6 in other countries and includes information such as the
trillion or more. company name, address, lines of business, company
structure, and management.
Digitalization in production
The Vietnamese Ministry of Information and Additional sub-licenses or sub-conditions may be required
Communications has emphasized that digital technology, based on assessments of production processes, emissions
focused on design, creation, and manufacturing in Vietnam, levels, and goods. These may include fire safety permits,
is the primary industrial sector driving the country’s environmental permits, food safety permits, and
industrialization and modernization. This contributes to construction licenses. Depending on the specific products
increased digitalization capabilities and the development of involved, licenses associated with the export, import, and
a digital nation. distribution of products may also be required on a case-by-
Vietnam is accelerating its digital transformation across all case basis. These may include trading licenses, regulation
sectors, which is seen as a crucial step in promoting the conformity announcements/registrations, and others.
country’s economic growth in the context of the 4th
industrial revolution. This effort is reflected in Vietnam’s Projects granted an IRC typically have a term of 50 years.
national digital transformation program for 2025, with a However, some projects may be approved for shorter or
vision for 2030, which focuses on three main pillars: longer terms (up to 70 years) depending on factors such as
developing a digital government, a digital economy, and a their operational objectives, scale, location, and degree of
digital society. socio-economic impact.

The project term can be extended at the request of the Financial obligations and investment incentives
investor. However, the relevant authorities may refuse to
extend the term if the project uses outdated technology that Manufacturing companies are required to pay various taxes
poses a potential risk of environmental pollution or resource and fees, including licensing fees, corporate income tax
depletion. (CIT), and value-added tax. Depending on the nature of their
Based on the specific activities and product lines, in the production activities and other conditions, foreign direct
majority of scenarios foreign investors are generally able to investment (FDI) in manufacturing may also be subject to
establish a 100% foreign owned manufacturing entity in additional taxes such as import and export tax, natural
Vietnam, with the exception of the above-mentioned resources tax, special consumption tax, land use fees, and
conditions/prohibitions. others.
Production location Investors may be eligible for various tax, fee, and accounting
incentives depending on the location of their project. These
Manufacturing enterprises are typically permitted to may include:
establish production facilities in areas designated according • CIT incentives, such as the application of a lower corporate
to state and provincial planning. These areas are generally income tax rate than the standard rate for a definite term or
divided into two categories: (i) those located in industrial for the entire duration of the investment project, tax
zones, such as industrial parks, economic zones, export exemptions or reductions, and other incentives in
processing parks, and high-tech parks, and (ii) those located accordance with the law on corporate income. Some specific
outside of industrial zones, such as in industrial clusters, incentives include a 17% tax rate instead of the standard
residential areas, and urban areas. 20% rate, tax exemption for up to 2 years, and a 50%
reduction in tax payable for up to the next 4 years.
However, the general policy of the Vietnamese government • Exemption from import tax on goods imported to create
and local authorities is to require factories to be located fixed assets, raw materials, supplies, and components
within industrial parks. This is because industrial parks have imported for production in accordance with the law on
the necessary infrastructure and facilities for manufacturing import and export tax.
activities, including factories, electricity and water supply, • Exemption or reduction of land use levy, land lease, and
industrial waste treatment, limited environmental impact, land use tax.
and convenient transportation systems (such as proximity to • Accelerated depreciation, increasing the amount of
highways, ports, warehouses, and supply partners). expenses that can be deducted when calculating taxable
income.
As a result, it is currently quite difficult and often not
possible to establish a manufacturing facility outside of an For projects which are not located in investment preferential
industrial zone or a similar structure. areas, the regular CIT rate of 20% will usually be applied,
unless they fall into the fields of investment incentives as
Environmental protection prescribed by prevailing tax and investment laws.
Vietnam places a high priority on environmental protection
by minimizing production activities that have negative “Vietnam offers many advantages that attract foreign direct
impacts on the environment and avoiding the use of outdated investment in manufacturing, including a stable business
technology that depletes resources. The country prioritizes environment, openness to new-generation Free Trade
production activities that use high technology and are Agreements, and an abundant labor force. The country’s
environmentally friendly. preferential policies for foreign investors, which include
reducing some administrative procedures for investment,
Based on factors such as the scale of land, sea, and water further demonstrate its openness to foreign investment.
surface use, the scale of resource exploitation, and
environmental sensitivity, the Law on Environmental However, the procedures for obtaining operational and
Protection divides investment projects into four groups (I, II, manufacturing licenses can still be quite complicated. To
III, IV), each with different requirements. Specifically: enter the market legally and avoid potential problems,
• Group I includes projects with a high risk of adverse investors should carefully consider legal factors and develop
impacts on the environment. of clear understanding of prevailing regulations and the
• Group II includes projects with a risk of adverse impacts on commercial best practices in Vietnam”.
the environment.
• Group III includes projects with a low risk of adverse
impacts on the environment. Vlad Savin
• Group IV includes projects with no risk of adverse impacts Partner at Acclime Vietnam
on the environment.

VIETNAM DIGITAL ECONOMY 2024
THE PREMISE FOR DEVELOPING VIETNAM’S DIGITAL POLICIES SUPPORTING THE DIGITAL ECONOMY IN
ECONOMY. VIETNAM.
The digital economy in Vietnam has exhibited remarkable The Vietnamese Government recognizes digital
growth and vitality, outpaced traditional GDP metrics and transformation as a crucial driver for sustained economic
now presents an enticing window of opportunity for growth and prosperity. Currently, various agencies are
investors seeking dynamic markets with significant charged with supporting and regulating different facets of
potential for returns. This rapid expansion is driven by a Vietnam's digital economy.
convergence of factors including robust technological
infrastructure, increasing internet penetration, and a young, Over the years, the Vietnamese government has enacted
tech-savvy population eager to embrace digital innovations. several laws to oversee the digital economy. The
Sectors such as e-Commerce, fintech, digital media, and implementation of these laws is governed by decrees and
technology-driven services have flourished, fueling job decisions that provide specific guidance. Notably, Decision
creation, entrepreneurship, and economic development. No.411/QD-TTg approving the national strategy for the
digital economy and society development by 2025, and the
Increasing digitalization of the economy and society is Decision No. 749/QD-TTg 2020 national digital
changing the ways people act and interact worldwide. In transformation program through 2025, as well as other
recent years, Vietnam has been also witnessing the rapid Vietnam's Free Trade Agreements such as ASEAN, CPTPP.
growth of digital sectors with double-digit CAGR which has
presented the potential to transform the country into Asia’s VIETNAM DIGITAL GROWTH PROFILE.
next high-income economy, and to bring up the living
standards of all of Vietnam’s citizens over the coming With an average GDP of US$ 4,284 per capita, Vietnam is
decades. the lower middle-income economies. The country has
generally been focused on resilience and sustainability than
DIGITAL GROWTH WAS UPENDED WITH THE ONSET OF richer economies but room to improve on inclusiveness and
COVID-19. innovativeness.
Vietnam’s digital economy experienced significant DIGITAL SECTORS OVERVIEW.

acceleration due to the COVID-19 pandemic, leading to the
emergence of new digital businesses and forcing traditional The cloud market in Vietnam is on the rise with an annual
brick-and-mortar enterprises to pivot online. This period also growth of 17% in 2022. Vietnam enterprises provide 20%
witnessed millions of Vietnamese embracing virtual domestic market share.
platforms for e-Commerce, digital banking, entertainment,
and education purposes.
Source: FPT Digital
The overall digital economy in Vietnam. | Source: The e-

Conomy in SEA 2023 Report

The Internet of Things (IoT) sector is experiencing rapid
growth in Vietnam. According to reports from GSMA
Intelligence, the number of IoT devices in the country is
projected to surge from 21 million in 2018 to an estimated 96
million by 2025.
Source: The e-Conomy in SEA 2023 report
The window of opportunity.
Source: FPT Digital
Vietnam’s e-Commerce sector has demonstrated resilience,

persisting even after experiencing significant growth during
the pandemic and its aftermath. However, buoyed by the
growing digital-savvy population, the market is still
expected to reach US$ 24 billion by 2025.
Digital economy GMV vs GDP growth.

In addition to e-Commerce, Vietnam's fintech sector

continues to flourish, backed by strong support from the
government, incentives, and the widespread popularity of
QR codes.
The digital media and technology services sectors also
Digital travel, transportation, food services, and media present compelling investment prospects. As digital content
sectors in Vietnam are experiencing rapid growth. consumption continues to soar, fueled by increasing
Particularly, online travel has seen exponential growth since smartphone adoption and internet usage, opportunities
2021, achieving a remarkable 280% Compound Annual abound for investors in areas such as digital advertising,
Growth Rate (CAGR). streaming services, online gaming, and software
development. Vietnam's growing pool of tech startups and
innovation hubs further augments the investment
landscape, offering avenues for strategic partnerships and
venture capital funding.
Moreover, the Vietnamese government's proactive stance

towards digital transformation through policy support and
infrastructure development underscores the long-term
Investors keen on tapping into Vietnam's digital economy
sustainability and growth potential of the digital economy.
stand to benefit from a rapidly evolving landscape ripe with
Investors looking to capitalize on Vietnam's digital growth
investment opportunities. The e-Commerce sector with the
story can leverage these supportive policies and favorable
focus on Shoppertainment, for instance, has experienced
market conditions to diversify their portfolios and capture
explosive growth and capturing a growing share of
value in one of Southeast Asia's most dynamic and
consumer spending in Vietnam now. This trend reflects
promising markets.
changing consumer behaviors and preferences, offering
investors avenues for participation in a thriving online
Vlad Savin
marketplace.
Partner at Acclime Vietnam

VIETNAM FINTECH 2024
Unlocking the Fintech Opportunity in Vietnam. alongside US$495 million directed towards financial
services. This influx of capital underscores the growing
Vietnam remains one of the most attractive markets in the dynamism of the sector within the country.
region for investors interested in the fintech sector, and the
potential for value creation is significant. To surf on the Recently, MFast successfully secured US$6 million in
Fintech wave, entrants should be aware of the complex funding to tackle the financial services disparity in
regulatory framework, take advantage of the digital Vietnam's rural regions. With banking services
workforce as well and understand potential challenges predominantly concentrated in urban areas, a significant
ahead to build successful and sustainable products for portion of the rural population remains underserved. MFast's
consumers in Vietnam. initiative aims to bridge this gap, enhancing financial
inclusivity across the nation.
FROM CASH TO DIGITAL PAYMENT: VIETNAM'S FINTECH
TRANSFORMATION. According to Statista, Vietnam is currently home to over 260
fintech startups, offering a diverse array of services such as
“Cashless transactions in 2023 were valued at 23 times the digital payments, alternative finance, wealth management,
GDP, estimated at US$9,890 billion, while Vietnam's GDP and blockchain technology. The market is characterized by
reached approximately US$430 billion (State Bank of intense competition, reflecting its vibrant and rapidly
Vietnam)” evolving landscape.
The FinTech landscape in Vietnam is predominantly driven VIETNAM’S QR CODE REVOLUTION.

by payments and mobile wallets. By the end of 2023,
Vietnam had 32.77 million active e-wallets. Additionally, the Vietnam's digital finance landscape is experiencing a
average number of payment transactions via internet and dynamic shift as QR-enabled payments gain significant
mobile channels grew annually by 52% and 103.3%, traction. In a country where mobile-first solutions are at the
respectively, between 2021 and 2023. The number and value forefront, tap-to-pay QR codes have swiftly become a
of payments via QR codes surged by over 170%. popular alternative to cash transactions.
In the first four months of 2024, non-cash payments This transition is evidenced by the impressive growth rates
continued to show solid year-on-year growth. Cashless in non-cash payment and digital banking activities during
transactions increased by 57.11% in number and 39.49% in the first two months of 2024, with QR code payment
value, with internet transactions rising by 47.48% in number transactions skyrocketing by 846.41% and 1,146.14%
and 30.20% in value, and mobile transactions growing by compared to the same period in 2023.
59.26% in number and 35.91% in value.
The year 2023 marked a pivotal moment with the official
FUNDING AND THE NUMBER OF FINTECH FIRMS. launch of a bilateral cross-border QR payment link between
Vietnam and Cambodia. This initiative enables citizens to
The Vietnam Innovation & Tech Investment Report 2024 conveniently scan QR codes for payments in either country
reveals that from 2013 to 2023, a substantial US$1.04 billion using their local currencies, enhancing financial
has been invested in payment FinTech startups in Vietnam,

interoperability in the region. BIDV was among the first ELECTRONIC WALLET SERVICE (E-WALLET SERVICE)
banks to successfully integrate this groundbreaking utility
into its system, showcasing Vietnam's leadership in fintech Under Decree 52/2024/ND-CP of the Government regulated
innovation. Additionally, Vietnam joined Indonesia, Malaysia, cashless payment, an E-wallet service is referred to as
Thailand, the Philippines, and Singapore in a collaborative “services provided by banks, foreign bank branches, and
effort to connect their payment systems, including QR codes payment intermediary service providers for clients to
for retail transactions, further solidifying the region's deposit in or withdraw money from e-wallets and implement
commitment to seamless financial integration. payment transactions” and consider an E-wallet is “a mean
of storing electronic money”. Note that "electronic money"
The QR payment trend in Vietnam is poised for continued here refers to "the value of Vietnamese Dong stored on
growth as banks intensify their focus on enhancing QR electronic devices, provided based on the equivalent amount
payment systems and user experiences. This emphasis of money prepaid by customers to banks, foreign bank
poses new challenges for e-wallets, which must innovate to branches, or payment intermediary service providers". It
stay competitive. Meanwhile, the B2B payments market, still does not include cryptocurrency as Vietnam has not yet
largely untapped, is on the cusp of significant recognised the value of cryptocurrency in civil and
transformation, signaling an exciting horizon for the future commercial transactions, nor are they subject to taxation.
of digital payments in Vietnam.
MARKET ACCESS LIMITATION UNDER MULTINATIONAL
In response to the rise of Fintech in Vietnam, both policy COMMITMENT AND BUSINESS LINE REGISTRATION.
makers and entrants should heighten collaboration. It calls
for new approaches to regulation and supervision from the Vietnam is a member or signatory to many international
authorities. Moreover, Fintech players should understand in commitments, bilateral, and multilateral agreements,
depth the regulatory framework to build inclusive products notably including Vietnam's market access commitments in
for the Vietnamese market. the WTO and CPTPP with different approaches to market
opening.
Market entry guide.
Below is an analysis of selected prominent Fintech activities Under the WTO Commitment, this document applies by
in Vietnam from a licensing, commercial and legalistic default to all 164 WTO members, including non-WTO
perspective, covering business conditions as well as members, unless Vietnamese law or international treaties
licensing procedures: between Vietnam and the respective country or territory
provide otherwise. Regarding market access regulations for
Payment Intermediary Services, including: foreign investors entering Vietnam applicable to the
Electronic Payment Gateway Services provision of intermediary payment services, these activities
E-Wallet Services have not been committed by the Vietnamese authorities
Peer-to-Peer Lending (P2P Lending) under the WTO Commitment. Accordingly, after receiving an
investment project registration application from foreign
Other intermediary payment services such as financial investors, the licensing authority needs to consult the
switching services, international financial switching relevant Ministries regarding permitting investors to
services, electronic clearing services, collection support undertake activities in-country. That said, there are
services, and cash disbursement services are not to be currently no regulations or conditions regarding foreign
discussed here. investors’ ownership limitations when establishing entities
in Vietnam operating with intermediary payment services.
ELECTRONIC PAYMENT GATEWAY SERVICES
Electronic Payment Gateway Services are services providing
technical infrastructure to connect between the payment
acceptance units (the Sellers) and banks (where the
Purchasers have owned their payment account), in order to
assist customers to make payments in e-commerce
transactions, electronic bill payments and other electronic
payments.
The platform acts like a bridge between the purchaser and

the seller in electronic transactions, enabling clients to
make non-cash payments quickly and conveniently, and
keep their personal information secure. Source: Fintech

In practice, we have seen several foreign-invested Have a scheme to provide an intermediary payment
companies in Vietnam obtaining approval from the licensing service
authorities to perform intermediary payment services under The legal representative, General Director (Director) of
their approved business lines. However, foreign investors the organization applying for the license is required to
must still seek Ministerial approval to be eligible for the have an university degree or higher in economic,
provision of this specialized service in Vietnam, as it is not business administration, law, information technology,
specified in the WTO Commitment, thus the application and have at least 5 years of working experience in
process may take several months or more before any One of the fields of finance, banking, and must not be
approval is granted. prohibited under the law
Must have at least one legal representative residing in
On the other hand, the CPTPP, involving 10 member Vietnam, who must authorise another person in Vietnam
countries including Australia, Brunei, Canada, Chile, Japan, to represent them when they leave the country
Malaysia, Mexico, New Zealand, Peru, Singapore, and soon The Deputy (General) Director and key staff (such as
the UK, takes a different approach to intermediary payment department heads or equivalent positions, or technical
services. Specifically, "Intermediary Payment Services" are staff) implementing the scheme must have at least a
not included in Annexes I, II, and III of the CPTPP and are not college degree or higher level in economics, business
reserved as a non-conforming measure, meaning Vietnam administration, law, information technology, or their
allows 100% foreign investment in this business sector. This specialized field
is theoretically correct but has not been widely tested in Have a technical solution proposal for the payment
practice. intermediary service that meets the level 3 information
system safety requirements as per the law.
For local companies owned by Vietnamese citizens, even
though they are not required to seek market access approval As of March 2024, there are 51 licensed service providers in
as their foreign-invested peers, may encounter challenges Vietnam approved by the State Bank of Vietnam, including
regarding the statutory conditions that need to be satisfied Napas, Viettel Pay, M_SERVICE JSC, FPT and more.
to be able to legally operate their businesses.
“We recommend international investors active in the fintech
Operational conditions and sub-licenses. sector to continue to monitor the developments within the
regulatory digital transformation framework in Vietnam and
According to Decree 52/2024/ND-CP on Cashless Payments, be aware of the above prerequisites for market entry
the Vietnamese law allows both credit and non-credit provisions and conditions before setting out a long-term
institutions to provide Intermediary Payment Services. investment strategy in the country.”
However, non-credit institutions (to simplify, ordinary
Vietnamese companies in the majority of cases) can only be Vlad Savin
allowed to undertake the payment intermediary service after Partner, Acclime Vietnam
attaining a Provision of Payment Intermediary Services
(“License”) from the State Bank of Vietnam (SBV).
The prime condition to attain the License is the requirement

for minimum charter capital of at least 50 billion Vietnam
Dong and the companies must ensure the legality of the
capital source. In addition, the company must satisfy the
following prerequisites:

HEALTHCARE
HEALTHCARE SECTOR OVERVIEW Currently, healthcare facilities in Vietnam are crowded and
The healthcare sector is one of the fastest-growing understaffed, and there is a need for equipment
industries in Vietnam. Per capita spending is increasing, development. Vietnam is laying the foundation for a digital
along with the booming middle class. healthcare industry, with a roadmap set in 2019 by the
Ministry of Health to digitalize patient records at hospitals
Key facts: and establish smart hospitals.
Health insurance coverage rate: 92%
Source: BMI Fitch – Vietnam Healthcare Report
Health expenditure CAGR: 14 % https://baohiemxahoi.gov.vn/tintuc/Pages/linh-vuc-bao-hiem-y-te.aspx?ItemID=20016&CateID=0
Health expenditure per capita: 203 USD

Health expenditure: 5% of GDP PHARMACEUTICAL MARKET OVERVIEW
58% of spending being public
In Vietnam, the pharmaceutical industry is more regulated
The government is committed to enhancing citizens' health compared to most other countries. However, the opportunity
protection and developing the sector. Health insurance for growth is huge, with per capita sales of drugs forecasted
covers almost all citizens, but patients have to cover by BMI Fitch to grow from 57 USD in 2022 to 85 USD by
approximately half of their treatment costs themselves. 2028.
Healthcare goals have been set until 2030, with a vision to
become a pharma production hub in the region by 2045. The According to BMI Fitch Research, pharmaceutical sales is
focus is on local production with the aim to export, and there currently around USD 6 billion and could rise to USD 8.7
are plans to develop research and biotech capabilities as billion by 2028. BMI Fitch forecasts steady growth in the
well. revenue of Vietnam's pharmaceutical industry, with an
expected compound annual growth rate of about 7% in 10
years term, thanks to the rising demand for healthcare
products.
DRUG REGISTRATION AND SPECIAL REGULATIONS FOR

PHARMACEUTICALS
The registration process for new pharmaceuticals is timely

and bureaucratic, issue is the capacity at Ministry of Health
due to current periodic drug registration renewals.
Upcoming new Pharmaceutical Law plans to automatize
renewals and set the registration timeline of EU's EMA
Source: Centers Healthcare dossiers within a year.
In 2022, Vietnam's health expenditure reached USD 21 EuroCham's sector committee for the innovative pharma
billion, with strong growth over the last decade, and a industry advocates for faster and sustainable access to
forecasted compound annual growth rate (CAGR) of 14% in innovative drugs in Vietnam, focusing on key topics such as
the next five years. Comparing to ASEAN countries, per sector development, health financing, regulatory issues,
capita health expenditure in Vietnam is still behind. Just procurement, and legal and ethics compliance.
under half of the health expenditure is represented by
pharmaceuticals, a similar amount for medical services,
while medical devices have a smaller share.
Vietnam has more than 1000 hospitals most in public sector.

Private hospitals are concentrated in urban areas. The
number of beds per thousand population stood at 2.5 in 2021,
with the government aiming to reach 3.0 by 2025.

Import and wholesale prices of pharmaceutical products, DISTRIBUTION SYSTEM AND PHARMACY CHAINS
including over-the-counter (OTC) drugs, are to be aligned
with the Ministry of Health. Affiliates of foreign pharma Key facts :
companies are not permitted to distribute pharmaceuticals; 200 drug production facilities
they can only import and export, perform selected pre- 170 import enterprises
wholesale and marketing activities, and must operate an more than 5,000 wholesale establishments
importing warehouse. over 62,000 pharmacies
1 pharmacy / 2,200 people (2014), 1,600 by 2022
Source: relevant laws
Pharmacy chains are growing and gradually becoming a

IMPORT AND LOCAL PHARMA PRODUCTION, FDI specific model in Vietnam's supply chain, but concentration
is still behind many developed countries. Some retail chains
Vietnam's strategy is to develop the pharmaceutical have invested in pharma retail, such as the Long Chau chain
business through foreign direct investment (FDI) as well, with more than 1,000 pharmacies in 63 provinces and cities,
supporting local production and increasing quality. the Pharmacity chain with more than 1,100 units in 44
provinces and cities, and An Khang with more than 500
Pharmaceutical factories in Vietnam can meet less than pharmacies in 33 provinces and cities. The number of outlets
50% of the market demand. Europe provides nearly 50% of is increasing, but out of 62,000 pharmacies, only a few
the value of imported pharmaceutical products, followed by thousand are managed by chains.
the United States, India, and South Korea. The Vietnamese
pharmaceutical market depends on multinational companies Pharmaceutical business methods on e-commerce platforms
to supply brand-name and specialty products to treatment have been developed by pharmacies, primarily by chain
facilities. Target of the government is to increase investment pharmacies. These methods include e-commerce platforms,
and technology transfer. social networks, sales websites, and sales apps.
(Source: Ministry of Health - Foreign Invested Enterprise
Policies to protect domestically produced drugs clearly (FIE) workshop, 13 June 2023)
state that imported drugs may not be entitled to join bidding
in various tender groups if domestically produced drugs with SUMMARY
the same active ingredient meet EU-GMP standards. By
2024, 22 local manufacturers’ production lines were able to The healthcare sector in Vietnam is attractive to foreign
reach EU-GMP (or other Stringent Regulatory Authorities investors, despite restrictions and a complex legal
such as Japan) qualification for production, with more than environment that currently delays access to the Vietnamese
half of them developed by European, Japanese, and Korean market. New Pharma Law could help to speed up
investors from the pharma industry, bringing their expertise. registration of drugs.
The investment and development of Davipharm by Polish
Adamed is an example of investment from CEE. Sectors open for foreign investment, especially
pharmaceutical production, are developing. A significant
FDI in the pharma sector mostly goes into production. In number of local manufacturers have achieved higher
2020, there were 281 FDI projects in the Vietnamese standards with the help of foreign investors, particularly
pharmaceutical industry, with 60% of them being new from EU countries.
investment projects and the remaining 40% expansion
projects. The vast majority of investment was made in Half of Vietnam's pharmaceutical needs are covered by
pharmaceutical manufacturing (87%), with the rest in imports, presenting an opportunity.
research and clinical trials.
Overall, the Vietnamese government is supportive of foreign
Vietnam attracts FDI into pharma production with various investors in selected sectors.
measures, such as investment incentives, special economic
zones, streamlining administrative procedures for investors,
and additional incentives for medical equipment production. Miklós Krassovics
General Director of Gedeon Richter Vietnam Co. LTD.
Source: Ministry of Health - Foreign Invested Enterprise (FIE) workshop, 13 June 2023
Member of Pharma Group, Sector Committee of EuroCham
Vietnam

EDUCATION & INNOVATION
Education, Innovation and Technology. WHAT IS THE BEDROCK OF VIETNAM EDTECH GROWTH?
High internet penetration: 79.1% of total population.
In recent years, a significant number of investors have The Government of Vietnam’s commitment to Edtech is
shifted their focus towards the education sector in search of demonstrated through policies, master plans, and
more opportunities in Vietnam, and specifically towards the national initiatives.
EdTech market vertical, which is still at its early stages in Vietnam's population is predominantly young and digital
the country. As estimated, the EdTech Market in Vietnam natives.
may value up to USD 3 billion. In addition, the Vietnamese The middle class has been on the rise and growing
authorities have promoted E-learning initiatives, enabling increasingly diverse. People of Gen X and Gen Y who
parents and students to switch their attention towards have a good education background and high income, are
online learning and digital resources. starting to become parents and they are willing to spend
more to let their children access the required knowledge
THE DIGITAL TRANSFORMATION OF EDUCATION IN and skills.
VIETNAM IS STILL IN ITS EARLY STAGES.
Funding in Edtech by years.
Vietnamese citizens are increasingly recognizing the
benefits of digital education platforms, whether for learning Million USD
new languages, gaining exposure to STEM subjects, or
upskilling to improve job prospects. Access to the latest
data from United Nations Population Fund, the country
boasts a young and vibrant demographic with 68% of its
population aged 15-64. This tech-savvy generation is eager
for high-quality education and readily embraces innovative
learning solutions.
The education sector in Vietnam is experiencing rapid

growth. Government investment in education has increased
by 12% annually over the past five years and additionally,
Vietnamese parents are placing a high priority on their
children’s education. A recent study by FiinGroup in 2023 Capital invested in Fintech by years. | Source: Vietnam
revealed that, on average, education expenditure for Innovation & Tech investment report 2024
education by Vietnamese people increased by 7% CAGR
from 2017 to 2023 with US$ 32.8 billion. From 2013 to 2017, Vietnam’s EdTech sector was in its
nascent stage. During these years, funding was relatively
State of development of Vietnam’s Edtech. modest, with a few pioneering startups attracting early-
stage investments. Between 2018 and 2021, the EdTech
landscape in Vietnam began to mature. The period saw a
significant increase in both the number of startups and the
total amount of investment. This growth was driven by
several factors, including increasing internet penetration,
widespread smartphone adoption, and a growing middle
class with higher educational aspirations.

During these years, several prominent EdTech companies Edtech remains a vague area under the Vietnamese legal
emerged, such as ELSA, Topica Edtech Group or Kyna.vn. framework since it has not been explicitly specified in legal
These companies attracted substantial funding rounds from documents. From the 2010s, the Vietnamese Government
both domestic and international investors. implemented projects to develop Edtech, however, it has
only focused on small-scale subject base projects with
The funding landscape for EdTech in Vietnam reached limited objectives, mostly for public schools.
unprecedented levels in 2022 and 2023. Despite the global
funding winter that saw reduced venture capital Moreover, there is a gap between the relevant education
investments in many sectors, Vietnam’s EdTech scene was a regulations and the practical processes due to the
notable outlier. remarkable development of Edtech in Vietnam, which
creates several obstacles. For instance, in 2017, to establish
In the first half of 2023 alone, Vietnam’s EdTech startups a language or computing center, by law, the center has to
raised over US$30 million, surpassing the total amount “provide adequate facilities, equipment, teaching materials
raised in the entire year of 2022. This surge in funding and sources of financing for ensuring training quality in
marked a 107% year-on-year increase, a record-high for the conformity with the center’s development plan and
sector. This remarkable growth contributed to the COVID- operating scale.” However, this condition becomes
19 pandemic. worthless in the case of e-learning when the preparation of
facilities and equipment is the responsibility of both trainers
WHAT ARE THE OPPORTUNITIES FOR THE EDTECH and learners. Students would bear the responsibility for the
MARKET IN VIETNAM? weak conditions in their place of study, the efficiency of the
computer they use, or the weak internet connection in their
Vietnam provides significant potential for development of home, instead of the center or teacher. As a result, in
the Edtech market as the Vietnamese government has set practice, many Edtech companies assess this legal risk and
strategic goals to make online education available at 90% of choose to only register the technology and/or trading
universities and 80% of secondary schools and vocational activities, to achieve better commercial purposes.
training facilities by 2030.
Due to the lack of clarity in the legal system, investors who
The above key drivers help startups in the Edtech field reach seek to undertake Edtech-related business activities
more potential customers in many different segments and commonly review their requirements case by case, and
many different locations cross the country. Moreover, the register different operational activities such as educational
shortage of teachers also poses an opportunity for players services, IT services, and E-commerce, to obtain further
to provide competitive products. corresponding sub-licenses, particularly for their business
model (i.e. License of English Teaching/ Information
Technology Centre establishment, Certificate on Vocational
Education and so on).
At present, the Ministry of Training and Education has been

aware of these regulatory impediments and inconsistencies
and is working on a draft Circular for E-learning activities,
which can further clarify the authorities’ opinion on Edtech
activities in Vietnam.
Source: pixabay
Market entry guide
In practice, Vietnam has a complex and diverse classification

of the educational system, including Kindergarten, general
education with primary, junior, and high school, vocational
education, university, and post-university programs. Besides
that, to meet the needs of today’s economic and social
development, many short-term courses on soft or life skills,
national or international practicing certificates, or
certificates for foreign languages become popular in diverse
forms.

Source: Eurostellar Education | Peter Ngo CEEC board member led an Eastern European
education delegation on a visit to Vietnamese universities.
Market entry scenarios and licensing prerequisites If the Edtech company provides a technological solution
to support classroom-related tasks such as checking
In the Vietnam market entry process, investors are generally attendance; assigning and marking homework; keeping
required to register all business lines corresponding to the track of the study progress; providing a library of study
day-to-day services they are seeking to provide: materials, etc, it may only need to register the
Educational services Technology correspondent business lines.
Technology services
Trading services “In 2024, the digital education sector in Vietnam is poised
for growth, being one of the most active in regard to funding
Depending on the specific field of operations, the Edtech and innovative startups capturing market value. As
investor will select and apply for suitable business lines education is one of the cornerstone strategic development
which will allow the investor to operate in Vietnam in a pillars for the Vietnamese authorities to ensure a
compliant manner: competitive position within the global landscape, we expect
If the Edtech company creates its online courses and the digital education sector to be at the forefront of the
provides e-learning activities to the users, it should Vietnamese economic transformation and drive consistent
register business lines to cover the educational and growth in the next decade. “
technology activities.
In case the Edtech company distributes online Vlad Savin
courses/packages of a third party to users but doesn’t Partner, Acclime Vietnam
create its lectures/programs or provide an ecommerce
platform for education, it may only need to register
business lines to cover the technology and trading
activities, provided that the curriculum it distributes
meets all the legal requirements.

AGRICULTURE
Vietnam has a long-rooted tradition in agriculture as the Although the FDI attraction of the sector has been
country's economy was heavily depended on the sector for sufficiently encouraging, the structure of investments has
centuries. T industrialization triggered by the Doi Moi failed to match the sector’s development orientation. It has
brought down the sector's share in the GDP from 40% to to date primarily focused on wood processing and exports,
11.88% in 2022, the overall GDP value has been steadily animal husbandry, and the coffee and pepper trade and
increasing in recent years. In 2023, the country's export exports (2009-21, foreign investors only registered under
turnover (agriculture, forestry, and fisheries) exceeded 53 2,000 projects, accounting for just 5.7% of all projects in
billion U.S. dollars (surplus of 12.07 billion dollars) 2023 was Vietnam, with 17.64 billion USD worth of investment, or 4.3%
a historical peak in rice exports at 8.3 million tons, of total investment, with majority of from Asian countries,
meanwhile Viet Nam’s agricultural exports rank second in mainly investing in areas surrounding the capital city of
Southeast Asia and 15th in the world. In over 3 decades the Hanoi and the Mekong Delta).
country has managed the transition from a net importer
position to become a global leading exporter of agricultural
commodities: rice, coffee, pepper, rubber, walnuts.
The sector continues to be one of the largest employers,

with close to twenty million people, accounting for less than
30% of the total workforce (ILO). Flagships like coffee,
cashew, rice, pepper, and rubber contribute to national pride
and brand identity. Agriculture remains one of the most
important economic, political, and social issues in the Source: Mega Story - Vietnam Plus
country: as market prices and environmental catastrophes The lower scale of investment leads to a lack of productivity,
instantly impact society, economy, and politics. This strong proper growth, added value, and competitiveness. The
influence is visible by the heavy droughts and salt intrusion reasons for these low figures are related to land rights and
into the Mekong Delta, caused by the changing climate, lack of accessible loans (lack of guarantee). Developments
affect not only coffee and rice farmers but also have a major are happening at both micro (small-scale farms/plants
national impact on the economy. usually supported by the government or VBARD) and
macro/large-scale levels. Cooperative operations, targeted
The major challenges arise from climate change and the buying and usage throughout the entire supply chain could
abuse of the environment. These challenges include water be a solution. Presently, the agricultural finance in Vietnam
scarcity in underground water, lower Mekong flow (partly is dominated by VBARD and the Vietnam Bank for Social
due to the dams built upstream), droughts and floods, Policy, both of which are state-run. Cooperatives and
overuse of chemicals in fertilizing, quality assurance, and microfinance institutions play a much smaller role.
lack of proper waste management. These can have concrete
and collateral negative impacts. Food safety and quality There is a need for a transition strategy to meet the
have become major concerns, not only in overseas developed challenges caused by social and technological progress
markets but also in Vietnam. Although legal frameworks are while maintaining momentum in developing rural areas and
in place, implementation and legal enforcement are lacking. the livelihoods of farmers also focusing on strengthening the
Negative experiences and lower-quality products can management of natural resources. The targets set by the
undermine the benefits arising from free trade agreements, MARD can be achieved through improving productivity,
especially the EU-Vietnam Free Trade Agreement (EVFTA). quality (including traceability), and exportability. The new
series of FTAs aim to create new markets for Vietnamese
The government is making significant efforts to promote goods, with new free trade partnerships and achieved
investments in agriculture, which are crucial for further modernization, the country should be able to differentiate its
development. The Ministry of Agriculture and Rural market and avoid dependence on one or two major players, if
Development (MARD) has set a target of attracting $25 the production can meet the standards in terms of quality
billion worth of FDI to the agriculture, forestry, and fisheries and quantity.
sector by 2030 aiming at bringing high-technology and
environmentally friendly projects and farm produce.

Vietnam needs investments in the agricultural sector to Vietnam has set a growth target between 3.2 percent and 4
move up the global supply chain, leaving behind its current percent for the agricultural sector in 2024 with a total
position as an unprocessed/raw material producer. Besides export turnover of 54-55 billion U.S. dollars (MARD). The
the growing number of free trade partners and the huge objective is to bring country's rural modernization rate to 80
ASEAN market, internal demand is also growing fuelled by percent, forest coverage to 42.02 percent, the number of
growing income levels and the expanding middle class. It is rural households with access to potable water to over 58
all leading to higher local consumption, but also creating percent. Vietnam is aiming at developing modern, efficient,
internal market for higher-quality products. and sustainable agricultural processing to meet the above-
mentioned challenges. Hanoi also plans to develop modern
The government is encouraging new possible investment agricultural processing enterprises with strong financial
fields such as smart applications/greenhouses, higher food strength and management. Developing industrial clusters
safety measures, food processing of high-end manufactured for farm produce processing, linked with concentrated and
products, environmentally friendly solutions/ fertilizers/ mechanised material production zones may also help to
technologies, climate-smart solutions, financial solutions, achieve the targets.
product branding, bioproduction, aquaculture, animal health,
traceability, quality, and food safety improvement, and
applying blockchain technology for production. These
opportunities exist at all levels of the value chain. In recent
years, aquaculture and fruit production have grown
substantially and are export oriented as well. Investing in
Vietnam can help businesses reach not only the growing
Vietnamese market but also markets in ASEAN, CPTPP,
RCEP, VN-EAEU FTA, UKVFTA, and in the future, the IPEF
countries. At the same time, increasing domestic
consumption, combined with the larger demand for high-
value products, has also led to increased imports of
agricultural products into Vietnam.
Source: quochoi.vn
CEE countries had strong agricultural ties with Vietnam in

the past. Thanks to the substantial number of agricultural
alumni, the CEE brand (less and less, but) is still known and
appreciated. Investment and technology transfers that align
with the government's objectives (see above) could be key
elements for success, keeping in mind that producing in
Vietnam opens markets in Southeast Asia. Trading in the
Vietnamese agricultural market requires proper research to
find niche products, as competing with local producers
might be challenging.
Source: Xuannong.vn
CEEC is continuously working through its formal and
In January 2024, the Food Innovation Hub in Viet Nam (FIH-V) informal advocacy channels to ensure a level playing field
program started (Ministry of Agriculture and Rural for both national and foreign businesses. The past has
Development under Decision No. 5430/QD-BNN-HTQT). shown satisfactory results as we have successfully pushed
Vietnam is piloting as a Food Innovation Hub for Asia, an for a transparent and effective implementation of the
initiative catalysed by the World Economic Forum with respective chapters of the EVFTA. However, it will surely be
public, private, and civil society partners, aimed at improving a long-term partnership for your business.
sustainability in food production.
Dr. Gellért Horváth

Former Vice Chair of CEEC / Honorary Member of CEEC

TRANSPORTATION
FACING CHALLENGES IN VIETNAM’S LOGISTICS HUMAN RECOURSES

SERVICE INDUSTRY
The country's young and dynamic workforce has been
The logistics industry in Vietnam has undergone significant increasingly drawn to careers in logistics, attracted by
development over the past few decades, driven by the opportunities for career advancement and the industry's
country's rapid economic growth and integration into the pivotal role in Vietnam's economic growth. The availability
global market, growing an average 16% in past years to 45 of a large and motivated workforce has fueled the industry's
billion USD. With substantial investments in infrastructure expansion, enabling companies to scale operations
projects, Vietnam has steadily improved its logistical efficiently and meet growing demand. As Vietnam continues
capabilities. This progress has been complemented by to integrate into global supply chains, the availability of
reforms in trade policies and the implementation of modern skilled human resources remains a crucial asset,
logistics technologies, enhancing efficiency and reducing underpinning the sector's resilience and capacity to adapt
costs for businesses operating within the country. to evolving market dynamics.
Moreover, Vietnam's strategic geographical location has Recognizing the industry's potential, Vietnam has made
positioned it as a crucial hub for regional and international concerted efforts to invest in vocational training and
trade routes, further bolstering the growth of its logistics education tailored to logistics. This strategic focus has led
industry. The government's proactive approach in promoting to a steady increase in the pool of well-trained
logistics development through initiatives like the National professionals, equipped with the necessary expertise in
Logistics Development Master Plan has played a pivotal role supply chain management, warehouse operations, and
in fostering a conducive environment for industry growth. As transportation logistics.
a result, multinational companies have increasingly looked
to Vietnam as a manufacturing and distribution base, driving
demand for sophisticated logistics services. Looking ahead,
the ongoing expansion of infrastructure and continued
improvements in regulatory frameworks are expected to
sustain the momentum of Vietnam's logistics industry,
making it a key player in Southeast Asia's logistics
landscape.
Source: a. hartrodt

Source: a. hartrodt
SIMPLIFICATIONS IN ADMINISTRATION CONNECTIONS TO OVERSEAS MARKETS
Administrative easements have played a crucial role in Connectivity to overseas markets has been a cornerstone of
facilitating the growth of Vietnam's logistics industry by Vietnam's logistics industry growth, supported by strategic
streamlining bureaucratic processes and reducing investments in transportation infrastructure and trade
regulatory burdens. The government's initiatives to simplify agreements. Vietnam boasts a network of modern ports such
licensing procedures, customs clearance, and transportation as Hai Phong, Da Nang, and Ho Chi Minh City, which serve as
permits have significantly improved operational efficiency vital gateways for international trade. These ports have
for logistics firms. These administrative reforms have not undergone extensive upgrades to accommodate larger
only minimized red tape but also fostered a more business- vessels and increase handling capacity, facilitating
friendly environment, encouraging both domestic and smoother import and export activities. Furthermore, the
foreign investments in the sector. By enhancing development of integrated logistics hubs around these ports
transparency and predictability in administrative has enhanced efficiency in cargo handling and distribution,
procedures, Vietnam has successfully attracted more making Vietnam an attractive transshipment hub for goods
players to its logistics market, thereby bolstering its destined for markets across Asia and beyond.
competitiveness regionally and globally.
In addition to maritime infrastructure, Vietnam has invested
Sector committees of the CEEC and EUROCHAM are actively in enhancing air cargo capabilities, with major airports like
involved in shaping the legislative framework by Tan Son Nhat International Airport in Ho Chi Minh City and
participating in talks and cooperation with the authorities. Noi Bai International Airport in Hanoi serving as key logistics
nodes. These airports have expanded their cargo facilities
and connectivity to global air routes, enabling swift and
reliable transport of time-sensitive goods. The country's
participation in free trade agreements such as the
Agreement for Trans-Pacific Partnership (CPTPP) and the
EU-Vietnam Free Trade Agreement (EVFTA) has further
bolstered connectivity to overseas markets by reducing
tariffs and trade barriers, promoting greater integration into
global supply chains. As Vietnam continues to improve its
connectivity infrastructure and trade relations, its logistics
industry is poised to play an increasingly pivotal role in
regional and international trade dynamics
A. Hartrodt Logistics (Viet Nam)

TOURISM
The tourism sector in Vietnam has seen an impressive

resurgence in 2024, bouncing back stronger than
anticipated following the challenges of the COVID-19
pandemic. A key driver of this recovery has been the
implementation of easier visa policies, including the
introduction of an efficient e-visa system and visa waivers
for many countries. These measures have significantly
facilitated travel to Vietnam, making it more accessible to
international tourists. The burgeoning hotel infrastructure,
particularly the expansion of 5-star and luxury
accommodations, has played a pivotal role. Furthermore,
investments in infrastructure, such as the new highways to
Mui Ne and Cam Ranh, have significantly improved logistical
connectivity with Ho Chi Minh City, facilitating easier access
for tourists. Coupled with Vietnam's increasingly positive
reputation and regional stability, these factors have
collectively contributed to the strong rebound of the tourism
sector.
POST-COVID-19 GROWTH AND TOURIST INFLUX
In 2024, Vietnam has welcomed an unprecedented number

of tourists, showcasing the country's resilience and
attractiveness as a prime travel destination. By the first four
months of 2024, Vietnam recorded over 6.2 million
international visitors, a remarkable 68% increase compared
to the same period in the previous year. This surge is part of
an overall expected goal of 17-18 million international
tourists by the end of the year. These numbers not only
reflect a return to pre-pandemic levels but also exceed
initial expectations, highlighting Vietnam's successful
tourism strategies and appeal. Looking ahead, Vietnam aims
to further increase its tourism numbers, with an ambitious
goal of welcoming 20 million international visitors by 2025.
In recent years, the domestic tourism market has also seen

substantial growth. In 2022, Vietnam's tourism sector began
its recovery with approximately 101.3 million domestic
travelers. This was a significant increase from the pandemic
lows and a promising start to the rebound. In 2023 the
number of travelers reached 108 million, highlighting the
strong recovery and interest in local tourism destinations.
The thriving domestic market continues to contribute
significantly to the overall tourism revenue, emphasizing the Bai Dinh Pagoda in Ninh Binh I Source: Baoquocte
strong internal demand for travel and exploration.

KEY FACTORS STIMULATING TOURISM DEVELOPMENT Focus on Sustainability and Eco-Tourism: Vietnam is
IN VIETNAM increasingly emphasizing sustainability and eco-tourism,
aligning its tourism growth with environmental
To maintain and further accelerate this positive momentum, conservation. Initiatives aimed at preserving natural
several strategic measures have been identified as crucial. landscapes and promoting eco-friendly practices are
These goals, once achieved, are expected to significantly being implemented nationwide. These efforts not only
enhance Vietnam's tourism landscape: protect Vietnam’s rich biodiversity but also attract
environmentally conscious travelers who seek
Liberalization of the Aviation Market: The goal of sustainable travel experiences. Promoting eco-tourism
liberalizing Vietnam's aviation market is to make travel helps diversify Vietnam’s tourism offers and ensures
more accessible and affordable. By allowing more long-term sustainable growth.
domestic and international airlines to operate within the Marketing Strategies: Despite its achievements, Vietnam
country, competition is expected to increase, leading to faces challenges in attracting returning tourists.
lower airfares and more attractive flight options for both Currently, the percentage of returning tourists to
domestic and international travelers. Air travel is crucial Vietnam is relatively low compared to its regional
for tourism in Vietnam due to the country's geography competitors. For instance, Thailand has a significantly
and the distance between major tourist destinations. higher percentage of returning visitors, with around 70%
Increased competition and lower costs will make it easier of tourists returning, compared to Vietnam's much lower
for tourists to explore Vietnam's diverse attractions. rate (about 10-15% according to VNBrief). This highlights
Visa Waivers for EU Countries: Extending visa waivers to a crucial area where Vietnam's marketing strategies,
all EU countries is a strategic move to attract more both at the national and provincial levels, need to be
international tourists. Currently, citizens of 13 European strengthened. Effective marketing can help enhance the
countries, including Germany, France, Italy, Spain, the country's image and encourage repeat visits, thus
UK, Denmark, Sweden, Norway and Finland, are exempt boosting overall tourist numbers and revenue
from visas for stays up to 45 days. Opening visa waivers
to all countries is anticipated to create a tourism boom Vietnam's tourism industry is poised for continued success
by making Vietnam an even more accessible destination and growth, driven by strategic policies and initiatives aimed
for global travelers. This policy simplifies the entry at enhancing the travel experience. By focusing on market
process for travelers, making Vietnam a more welcoming liberalization, visa facilitation, retirement tourism,
and accessible destination. Compared to neighboring sustainability, and effective marketing, Vietnam is not only
countries like Thailand and Singapore, which also have recovering from the pandemic but also setting the stage for
favorable visa policies, Vietnam aims to position itself as a vibrant and resilient tourism future. With these efforts,
an equally attractive destination for tourists worldwide. Vietnam is well on its way to becoming one of the leading
The ease of travel encourages longer stays and repeat tourist destinations in the region.
visits, contributing to the overall growth in tourist
numbers
Introduction of Retirement Visas: Introducing retirement
visas is aimed at attracting retirees from around the
world, offering them an opportunity to spend their
retirement years in Vietnam. Currently, other countries in
the region benefit from similar policies, which Vietnam
lacks. The introduction of retirement visas is expected to
stimulate the tourism sector by catering to a
demographic that typically stays longer and spends
more on local services and amenities, thus contributing
to the local economy. With increasing investments and
infrastructure developments, Vietnam is well-positioned
to become an attractive destination for retirees seeking
a comfortable and affordable lifestyle Nha Trang Beach, Source: hotelscombined.com
Lukasz Kozlowski
CEO & Co-Founder of MakeYourAsia

REAL ESTATE
ECONOMIC OVERVIEW
Vietnam's economy demonstrated strong performance in the

first half of 2024, with Gross Domestic Product growth
reaching 6.4% year-on-year. Inflation rose, with the
Consumer Price Index at 4.4% and core inflation at 2.8%.
Foreign Direct Investment showed significant growth, with
Singapore, Hong Kong, and China as top contributors.
HO CHI MINH CITY OFFICE MARKET
The total Grade A and B supply reached 1.67 million square

meters, increasing by 2.2% quarter-over-quarter. Grade A
rents increased to 59.3 USD per square meter per month, up
1.2% from the previous quarter, with occupancy at 89.3%. Source: NAI Vietnam Research & Commercial Services
Grade B rents decreased to 35.2 USD per square meter per
month, down 0.6% quarter-over-quarter, with occupancy at HANOI OFFICE MARKET
90.8%. The outlook suggests increased competition in Grade
B and a focus on green certifications. Grade A rents remained stable at 30 USD per square meter
per month, while Grade B rents held at 15 USD per square
meter per month. The overall market saw average gross rent
decrease to 16 US dollars per square meter per month, down
1% quarter-over-quarter and 2% year-on-year. Occupancy
improved across all grades, with an overall rate of 87%. The
market anticipates rising vacancy levels due to expected
new supply.
Key trends show Ho Chi Minh City experiencing expansion-

driven transactions, while Hanoi focuses on relocations. Both
markets anticipate increased competition and potential
tenant-favorable conditions in the near future.
Source: VIR

Source: VIR
VIETNAM INDUSTRIAL SECTOR OVERVIEW 2024 RETAIL SECTOR UPDATE
Foreign Direct Investment disbursement reached 10.84 Vietnam's retail sector is robust, driven by rising occupancy
billion USD, highlighting the country's growing appeal to rates and rental growth, with active participation from
international investors. Infrastructure development, Chinese retailers in F&B and lifestyle brands.
particularly in the southern region, continues to be a key
driver of industrial growth. The southern area accounted for In Hanoi, the retail market maintains a 90% occupancy rate,
69% of total expressway completion between 2023 and the indicating strong consumer interest and retailer confidence.
forecast for 2025. The city anticipates adding 270,000 square meters of retail
space by 2026, attracting foreign retailers focused on F&B,
In the industrial real estate market, land rentals have seen fashion, and cosmetics. This expansion is set to diversify
mild growth as absorption rates moderate. Ready-built Hanoi's retail offerings, bolstering its appeal to both local
factories continue to enjoy healthy occupancy, with more and international shoppers and highlighting its growth
evident rental increases. The warehouse segment recorded potential in the coming years.
strong performance in southern markets during the first six
months of the year. In Ho Chi Minh City, retail expansion in both the central
business district (CBD) and secondary areas is fueled by a
Major manufacturers such as Samsung, LG, Foxconn, and dynamic young population, a burgeoning middle class, and
Goertek have shown increased commitment to Vietnam. rising affluence, contributing to a 93% occupancy rate. By
While the expansion of Vietnam's logistics sector is 2026, the city anticipates the introduction of 188,000 square
expected to benefit warehouse demand, there may be a meters of new retail space to support the needs of its
temporary oversupply in the short term. expanding youthful demographic and growing middle class.
New industrial land supply remains limited in the south, Sources: W Business Center, NAI Vietnam, CBRE Vietnam,
which could impact future development opportunities. Savills Vietnam, Knight Frank Vietnam, VnExpress
Despite some challenges, the overall outlook for Vietnam's
industrial sector in 2024 remains positive, with continued
growth expected across various segments. Tsvyatko Kabahchiyski
COO of W Business Center

MEMBERSHIP IN CEEC
As an independent non-profit organisation, the Central and

Eastern European Chamber of Commerce in Vietnam (CEEC)
was created and funded by members for members.
By joining the Chamber, our members receive following

benefits:
• Matchmaking;
• Market overview, research & consulting;
• Access to a Membership Directory, Sectors Committees,
events and publications;
• Opportunities for network expansion through networking
events;
• Enhance visibility through CEEC channels;
• And other Benefits from dual membership of EuroCham-
CEEC.
Through CEEC’s affiliation agreement with the European

The membership is divided into the following categories: Chamber of Commerce in Vietnam (EuroCham), members of
individual members, and corporate members: Small and CEEC are also members of the EuroCham and they are
Medium Enterprises (SME) and Large Enterprises (LE) entitle to use all available benefits and resources.
members. Application form with additional information can
be found on our website section or through our office
contacts in Hanoi and Ho Chi Minh City. The main
requirements to become a member of CEEC are: being from
or being closely related to one of our represented countries
(Austria, Bulgaria, Croatia, Czech Republic, Estonia, Hungary,
Latvia, Lithuania, North Macedonia, Montenegro, Poland,
Romania, Serbia, Slovak Republic, and Slovenia) and
interested in doing business in Vietnam. Vietnam-based
companies interested in the CEE region are also welcome to
join as associate members.
Furthermore, our members’ voices can be heard through

direct channels as one of our Board Members, who is our
representative and also Vice Chairman in EuroCham. He is
very active in the Government advisory council too.
Further information about our members and membership

application form can be found at:
https://ceecvn.org/members/
We would also like to thank our sponsors and partners for

their contribution to the operations of CEEC.

CORPORATE MEMBERS 2024
A. HARTRODT LOGISTICS ACCLIME VIETNAM ADAMED PHARMA S.A. AIMS VIETNAM ALMA RESORT
(VIETNAM) CO. LTD. https://vietnam.acclime.com/ https://www.aimsinternational.com/en/ https://www.alma-resort.com/
https://vietnam.hartrodt.com/ https://www.adamed.com/
ALPLA PACKAGING (VETNAM) CO. LTD. ANH DUONG BUILDING CO. ASPECTURE GLOBAL (VIETNAM) CO. LTD. BAA TRAINING VIETNAM CO. CAREPLUS INTERNATIONAL CLINICS
https://www.alpla.com/en/ http://anhduongbuilding.com/ http://www.aspectureglobal.com/ http://baatraining.com/ https://www.careplusvn.com/vi/
CEDO (VIETNAM) CO. LTD. COOPER AND FRIENDS (VIETNAM) CO. CZECH TRADE PROMOTION AGENCY DEZAN SHIRA & ASSOCIATES EDPN SERVICES AND SYSTEM CO. LTD.
https://cedo.com/ https://bycooperandco.com/ https://www.czechtradeoffices.com/ (VIETNAM) CO. LTD. https://edpn.vn/
https://www.dezshira.com/
EGGER SOUTHEAST ASIA CO. LTD. EGIS PHARMACEUTICALS PLC ENTERPRISE ESTONIA EUROSTELLAR CO. LTD. MAZARS VIETNAM
https://www.egger.com/ https://vn.egis.health/ https://eas.ee/en/ https://www.eurostellar.com/ https://www.mazars.vn/
FRONIUS VIETNAM CO. LTD. GEBRÜDER WEISS PTE. LTD. GEDEON RICHTER HOME CREDIT VIETNAM CO. LTD. INFOBIP (VIETNAM) CO. LTD.
https://www.fronius.com/en/ https://www.gw-world.com/ https://www.gedeonrichter.com/en/ https://www.homecredit.vn/ https://www.infobip.com/
GRINDEX MAKEYOURASIA.COM MEDIATEL DATA ANS (VIETNAM) CO. LTD. OKRA

https://grindeks.com/en/ https://makeyourasia.com/ https://www.mediatel.ro/ https://nguyensolution.vn/ https://okra.asia/
POLISH INVESTMENT AND

PGF PHARMA INTERNATIONAL TRADE AGENCY Raiffeisen Bank International AG Rödl & Partner Vietnam Legal Ltd. SEV.EN GLOBAL INVESTMENTS A.S.
https://www.pgf.hr/ https://www.paih.gov.pl/en/ https://www.rbinternational.com/en/ https://www.roedl.com/ https://www.7gi.com/
Swarovski Manufacturing THANH CONG MOTOR VIETNAM

Vietnam LLC TGM RESEARCH JOINT STOCK COMPANY
https://www.swarovski.com/en-AA/ https://tgmresearch.com/ https://skoda-vietnam.vn/
SKODA W BUSINESS CENTER
https://skoda-vietnam.vn/ https://woffice.vn/
XTB INTERNATIONAL LIMITED

https://www.xtbofficial.com/vn/
PAGE 44
HANOI OFFICE
Mazars Office, Floor 14, Peakview Tower,
No.36 Hoang Cau, O Cho Dua, Dong Da, Hanoi
Tel: (84-24) 39 36 1031 ext. 187
https://ceecvn.org/
e-mail: office@ceecvn.org
HO CHI MINH CITY OFFICE

5th Floor, Deutsches Haus Ho Chi Minh City,
33 Le Duan, District 1, HCMC
Tel: (84-28) 3827 2715
https://ceecvn.org/
e-mail: office@ceecvn.org
@Copy RIght 2024 By CEEC
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Doing Business in VN From CEEC-2024

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Central & Eastern European

Chamber of Commerce in Vietnam

Bronze Corporate Partners

Area 331,212 km2

National Language: Vietnamese Table of contents

Currency : đồng (đ) (VND)

Measuring Unit: metric system Sustainability of Vietnam Page 15

Vietnam Manufacturing 2024 Page 21

Membership in CEEC Page 43

Corporate Members 2024 Page 44

CEEC - DOING BUSINESS IN VIETNAM PAGE 02

CEEC - DOING BUSINESS IN VIETNAM PAGE 03

CEEC and all other European Business Associations (GBA,

CEEC - DOING BUSINESS IN VIETNAM PAGE 04

Ho Chi Minh City Office

Your contacts for native speakers are:

CEEC is regularly publishing an overview of our activities.

CEEC - DOING BUSINESS IN VIETNAM PAGE 06

CEEC - DOING BUSINESS IN VIETNAM PAGE 07

KEY COUNTRY FACTS VIETNAM AT A GLANCE FOR BUSINESS

Average GDP Growth (2023): 5.05%

Source: General Statistics Office of Vietnam 2023, The Global

CEEC - DOING BUSINESS IN VIETNAM PAGE 09

On 16 March 2020, the MOF issued Decision 345/QD-BTC

CEEC - DOING BUSINESS IN VIETNAM PAGE 11

To date, Vietnam is a member of various regional and

CEEC - DOING BUSINESS IN VIETNAM

CEEC - DOING BUSINESS IN VIETNAM PAGE 14

This provides great foundation for further education

CEEC - DOING BUSINESS IN VIETNAM PAGE 15

CEEC - DOING BUSINESS IN VIETNAM PAGE 16

CEEC - DOING BUSINESS IN VIETNAM PAGE 17

Economic Growth Drives Spending in 2024

Vietnam's consumer spending is set to grow in 2024, as

The importance of consumer finance to the Vietnamese

Home Credit, now the second largest CFC in the country, is

CEEC - DOING BUSINESS IN VIETNAM PAGE 18

DIGITAL TRANSFORMATION payments and a 24/7 customer service assisted by

Home Credit Viet Nam

CEEC - DOING BUSINESS IN VIETNAM PAGE 19

The Vietnamese authorities have put in place efficient and

In addition, the multitude of trade agreements which

CEEC - DOING BUSINESS IN VIETNAM PAGE 21

These incentives are codified in laws such as the Law on

Market entry and entity structuring for foreign investors in

CEEC - DOING BUSINESS IN VIETNAM PAGE 22

CEEC - DOING BUSINESS IN VIETNAM PAGE 23

Vietnam’s digital economy experienced significant DIGITAL SECTORS OVERVIEW.

Source: FPT Digital

The overall digital economy in Vietnam. | Source: The e-

CEEC - DOING BUSINESS IN VIETNAM PAGE 24

Source: The e-Conomy in SEA 2023 report

The window of opportunity.

Source: FPT Digital

Vietnam’s e-Commerce sector has demonstrated resilience,

Digital economy GMV vs GDP growth.

In addition to e-Commerce, Vietnam's fintech sector

Moreover, the Vietnamese government's proactive stance

CEEC - DOING BUSINESS IN VIETNAM PAGE 25