An Introduction to Doing Business in Vietnam 2018 provides readers with an overview of the fundamentals of investing and conducting business in Vietnam. Compiled by Dezan Shira & Associates, a specialist foreign direct investment practice, this guide explains the basics of company establishment, annual compliance, taxation, human resources, payroll, and social insurance in the country.
Vietnam stands as a key country in the ASEAN region. Located advantageously near China and to important shipping lanes, with a growing population and middle class, Vietnam is a dynamic and growing country that is increasingly attractive to foreign businesses looking to expand their operations in Asia.
There are a number of key advantages that make Vietnam stand out from the rest of Asia. Unlike many other countries in the region, Vietnam’s government is very stable and committed to seeing the country grow. Consumer confidence is strong and improving. Labor costs are currently 46 percent those of China and around 57 percent of those reported in Thailand and the Philippines. The country’s workforce is seeing an annual increase of 1.5 million people, and its workers are young and, increasingly, highly skilled.
The country has improving infrastructure and remains a low cost manufacturing hub that provides good financial incentives to foreign companies. An abundance of natural resources is also helping to fuel the manufacturing boom in the country. Additionally, general costs of doing business, such as rent and utilities, are among the lowest in Southeast Asia.
The content of this guide was compiled by Dezan Shira & Associates staff in Vietnam, providing corporate establishment, business advisory, tax advisory and compliance, accounting, payroll, due diligence and financial review services to foreign investors in emerging Asia.