COUNTRY HIGHLIGHTS Vietnam > Country Highlights COUNTRY HIGHLIGHTS ABOUT VIETNAM Map of Vietnam Geography An S-shaped country with a 3,400 km coastline; mountainous and densely forested. Total Land Area331,000 sq km/128,000 sq mi Capital Hanoi GDP in US$ (Billion) Global Ranking (2021)41 Economy Currency Vietnam đồngVND 22,963/US$ (April 30, 2022) Major Economic SectorsAgriculture 14%, Industry… Continue reading Country Highlights
Business Etiquette Greetings Meetings (beginning, during, ending) Business cards Closing Attire Entertaining Business Etiquette is a vital part of all interpersonal transactions and while doing business in Vietnam, one must respect and observe Vietnamese culture. As one of the oldest cultures in Southeast Asia, Vietnam does have several traditions regarding their mannerisms with subtle differences… Continue reading Business Etiquette
Digital Economy Internet Penetration Rate Internet Economy Size Growth over time and projected growth Major players in the digital space Vietnam’s presence in the global economy is highly dependent on the way it responds to the age of digitization. The government of Vietnam has recognized this need and has been making active efforts to improve… Continue reading Digital Economy
Foreign Direct Investment FDI by sector FDI growth Special Economic Zones FDI growth – Foreign direct investment (FDI) in Vietnam stood at US$19.74 billion for the year 2021 with the manufacturing and services sectors gaining the highest. As showcased in the figure below, FDI in the country has more than doubled since 2009, and this stands as a testament… Continue reading Foreign Direct Investment
Taxation Structure The standard Corporate Income Tax (CIT) rate in Vietnam stands at 20%. Besides the already low tax rate, Vietnam also has preferential tax rates of 10%, 15% and 17% based on the industry and the size of business. The chart below provides a comparative view of the standard CIT Rates of 7 major ASEAN economies, and in doing… Continue reading Taxation Structure
Ease of Doing Business and Corruption Ease of Doing Business Ranking -Vietnam has an average ease of doing business ranking of 70 (2019). This rank has increased dramatically from 99 in 2013. Vietnam’s increasing ranking is mainly attributed to getting credit and paying taxes. The main issue dragging the rank down is its corruption but as aforementioned, the… Continue reading Ease of Doing Business
Government Structure and societal relations The socialist one-party state of Vietnam is under the leadership of the Vietnam Communist Party. The governing body is comprised of two main sections – the General Secretary, Prime Minister and President, and the National Assembly. Both the President and Prime Minister hold special powers regarding the nomination and suspension of Cabinet… Continue reading Government & Society
Demographic Advantage Population – With 97 million people residing in the country and an annual population growth rate of 1%, Vietnam is one of the most densely-populated nations in Southeast Asia. It recorded a literacy rate of 96% in 2018, a significant increase from 87.6% in 1989. The country has also made tremendous advancements towards reducing poverty. As showcased in… Continue reading Demographic Advantage
Historical Background The resilience of a nation can be seen through its history, and Vietnam’s constant clash with colonial powers is evidence of its ability to restore itself. With a continuous power struggle with China and Western nations after that, it took up to 1976 for the Republic of Vietnam to be declared as a… Continue reading Historical Background
