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Setting Up Company in
Vietnam from Singapore

Setting Up Company in Vietnam
from Singapore

Image by Minh Minh

Why you should set up a company in Vietnam?

Setting up a company in Vietnam can be an enticing prospect for many entrepreneurs and businesses, thanks to a myriad of factors ranging from its growing economy to its strategic geographical location. In this comprehensive exploration, we'll delve into the reasons why Vietnam presents a compelling case for setting up a company, encompassing economic opportunities, business-friendly policies, a skilled workforce, favorable demographics, and more.

1. Robust Economic Growth

Vietnam's economy has been experiencing robust growth over the past few decades, making it one of the fastest-growing economies in the world. With an average GDP growth rate of around 6-7% annually, Vietnam offers a dynamic and flourishing market for businesses across various sectors. This sustained economic expansion provides a fertile ground for startups and established companies alike to thrive and expand their operations.

2. Strategic Geographical Location

Situated in Southeast Asia, Vietnam boasts a strategic geographical location that serves as a gateway to the larger ASEAN (Association of Southeast Asian Nations) market comprising over 600 million people. Its proximity to key markets such as China, India, and other ASEAN countries, along with access to international shipping routes, makes it an ideal hub for trade and investment activities.

3. Favorable Investment Environment

Vietnam has been actively pursuing economic reforms and liberalization policies to attract foreign investment. The government has implemented various measures to streamline administrative procedures, reduce bureaucratic hurdles, and improve the ease of doing business. Additionally, Vietnam offers attractive incentives such as tax breaks, preferential treatment for certain industries, and land lease incentives to encourage foreign investment.

4. Young and Dynamic Workforce

Vietnam possesses a young and rapidly growing workforce, with a median age of around 30 years. The country's large pool of labor is known for its diligence, adaptability, and eagerness to learn, making it highly attractive for businesses seeking skilled and affordable manpower. Furthermore, Vietnam's increasing focus on education and vocational training ensures a continuous supply of qualified talent across various industries.

5. Rising Middle Class and Consumer Market

The burgeoning middle class in Vietnam is driving significant changes in consumer behavior and spending patterns. As disposable incomes rise, there is a growing demand for a wide range of goods and services, including consumer electronics, automobiles, healthcare, education, and leisure activities. This presents lucrative opportunities for businesses looking to tap into Vietnam's expanding consumer market.

6. Infrastructure Development

Vietnam has been making substantial investments in infrastructure development to support its growing economy. Major projects encompassing transportation networks, energy facilities, industrial parks, and urban infrastructure are underway, enhancing connectivity and facilitating business operations across the country. The modernization of infrastructure not only improves logistics and distribution capabilities but also attracts investment in key sectors.

7. Advantageous Trade Agreements

Vietnam's active participation in regional and international trade agreements has further bolstered its appeal as a business destination. The country is a member of numerous trade pacts, including the ASEAN Free Trade Area (AFTA), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and the EU-Vietnam Free Trade Agreement (EVFTA). These agreements provide preferential access to vast markets and reduce trade barriers, offering significant advantages for companies operating in Vietnam.

8. Thriving Startup Ecosystem

Vietnam has witnessed the emergence of a vibrant startup ecosystem, particularly in tech-related industries such as e-commerce, fintech, and software development. Supported by a growing number of incubators, accelerators, and venture capital funds, the startup scene in Vietnam is teeming with innovation and entrepreneurial spirit. With a young and tech-savvy population, Vietnam offers fertile ground for startups to flourish and scale their businesses.

9. Cultural Richness and Quality of Life

Beyond its economic opportunities, Vietnam boasts a rich cultural heritage, stunning natural landscapes, and a diverse culinary scene, making it an attractive destination for expatriates and foreign professionals. Cities like Hanoi and Ho Chi Minh City offer a vibrant lifestyle with modern amenities, affordable living costs, and a welcoming atmosphere, enhancing the overall quality of life for residents and expats alike.

Vietnam presents a compelling case for setting up a company, offering a combination of robust economic growth, favorable investment environment, strategic location, skilled workforce, and burgeoning consumer market. With its proactive government policies, supportive business ecosystem, and abundant opportunities across various sectors, Vietnam continues to attract businesses and investors from around the globe. Whether you're a startup looking to tap into a dynamic market or an established company seeking to expand your presence in Southeast Asia, Vietnam holds immense potential for growth and success.

CALL +65 98638665 if you need a quote or Email

Koh Management can assist you with setting up your Vietnam company, please speak to us to find out more.

18 Sin Ming Lane #07-01, Midview City, Singapore 573960

Tel:  (65) 9863 8665

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