Vietnam

ATA TRI VIET COMPANY LIMITED, Vietnam – Global Accounting Alliance Member

Economic Overview and Business Opportunities in Vietnam

Is Vietnam a viable business location that holds the promise of fruitful business opportunities? Our 3E Accounting experts say yes, when you look at its economic overview.

Before setting up any kind of business, it is important that you know what you’re getting into. With its strategic position in the Asian region, this guide explains why business opportunities in Vietnam is something investors should strongly consider. Especially when our 3E Accounting experts are here to lend a hand.

 

The Economic Overview

Vietnam has undergone several economic transformations over the years. For business owners eager to establish a business here, there is no better time than now. It is one of the fastest growing economies in the Asian region, bolstered by the strength of its tech, services, manufacturing, and agriculture industries.

While the country has indeed made progress economically, it still needs investments in the infrastructure, technology, and innovation sector. These are the most rapidly growing industries in Vietnam. For the right investor, these sectors could hold potential for a successful business venture.

However, despite the positive growth it has made economically over the years, it cannot be denied that there are still challenges that persist. Infrastructure gaps and bureaucratic inefficiencies are just some examples of the challenges that the Government is continuously looking to improve.

 

The Potential Business Opportunities

Vietnam has promising business opportunities in several sectors. These include manufacturing, technology and innovation, agriculture, aquaculture, tourism, hospitality, and renewable energy. The renewable energy sector, in particular, is ripe with opportunities thanks to the nation’s commitment toward sustainable development.

The Vietnamese Government has made considerable efforts to attract foreign investors into the country too. This includes initiatives that simplify the business set up process, tax incentives, and the set up of economic zones. These zones are the Phu Quoc Special Economic Zones, Da Nang High-Tech Par, Vietnam-Singapore Industrial Parks, Chu Lai Open Economic Zone, and the Ho Chi Minh City Export Processing Zone and Industrial Parks Authority (HEPZA).

Vietnam has also signed several Free Trade Agreements (FTAs) to further strengthen investor confidence. Some of the FTAs signed include the EU-Vietnam Free Trade Agreement (EVFTA) and Comprehensive and Progressive Agreement for Trans-Pacific-Partnership (CPTPP).

When starting a business in Vietnam, investors can look forward to preferential tax rates. Depending on the sector you’re investing in, your business might be eligible for corporate tax rates that are lower than the standard 20%. Some businesses could also be eligible for VAT exemptions and tax holiday exemptions.

 

Let 3E Accounting Kickstart Your Business Future

Sure, you could set up a business by yourself. But when you’re navigating a foreign landscape, the benefits of a local expert are priceless. Our experts provide extensive knowledge of the local market and business landscape. Our clients have found this extremely useful when it comes to navigating the legal requirements needed to set up a business in Vietnam.

3E Accounting is Asia’s leading one-stop service provider. Take advantage of our streamlined processes and let us help you start your business in Vietnam today. For more information, get in touch with the 3E Accounting team.

Ms. Melia Nguyen Thi Phuong Thao
Vice Director

Mr. Neil Trinh Quoc Viet
Chairman