Vietnam Flag Country Profile

Vietnam Country Profile


Vietnam is a fast growing technology and manufacturing hub. A large population, low labor costs, and strong industrial base makes Vietnam the fastest growing country in Asia. The government is rapidly removing the institutional obstacles that previously impeded business. **Top choice for manufacturing and exporters**

(+) Consistently strong economic growth over last decade, especially in 2020
(+) Solid manufacturing base with low cost labor
(+) Strategically located Special Economic Zones (SEZs) allow global trade with minimal taxes

(-) State owned enterprises and government bureaucracy still create obstacles
(-) Internal transportation infrastructure is still inadequate despite heavy government investment
(-) Limited English language capabilities


– Vietnam has become the newest global hot spot for manufacturing
– 7%+ average GDP growth over last 10 years , with strong GDP growth even in 2020
– #1 middle income country on Human Capital Index
– Premier destination for FDI ($17 billion in 2020)

Vietnam’s shift from a centrally planned to a market economy has transformed the country from one of the poorest in the world into a lower middle income country. Vietnam now is one of the most dynamic emerging countries in East Asia region.

Country Facts:


96.2 million with 67 million working age population


$260 billion USD, 7 .0% annual growth from 2015 2019

GNI per capita:

$2,590 USD, 2.8 % Inflation, lower middle income country


Agriculture (14% GDP / 34% Workforce) esp. rice, tea, and coffee; Manufacturing (34% GDP / 28.5% Workforce), esp. textiles,
garments, furniture, technology, and cars; Services (41% GDP / 35.4% Workforce), esp. retail and telecom


Growing tourism sector (4.5% of GDP) 18M tourists in 2019, #28 in the world for visitors




67 M

$1.4K USD


38% NYC Prices

No Data Found

Ease of Doing Business

Corruption Perceptions Index

Human Capital Index

Working Age Population

Household Expenditure Per Capita

English Language Capabilities

Cost of Living Plus Rent Index




67 M

$1.4K USD


38% NYC Prices

No Data Found


Per capita expenditure:

$1,400 USD

Internet penetration:

67 % (Southeast Asia 63%)

Shop online:


Mobile ownership:


Primary messaging:

Facebook Messenger

Primary website:

Facebook/ Youtube

Average Labor:

No Data Found


No Data Found

Opening a Business:

Relevant Laws:

Article 6, Law on Investment (2020) / Law on Enterprise

Time to Incorporate:

5 to 15 days to incorporate

Fees to Incorporate:

$150 USD for government fees; some additional legal fees depending on business

Paid in Capital:

No minimum capital requirements except in certain fields (banks, finance, insurance, language centers)

Remittance Taxes:

Business dependent, 15% average rate


100% foreign ownership possible through a LLC or JSC (Joint Stock Company), although there are tax and legal benefits for joint ventures; some sectors restricted for foreigners


Government reforms are making it steadily easier for foreigners, especially joint ventures with Vietnamese companies or activities in Special Economic Zones (SEZs)

BBA Services:

BBA retains several staff members in Vietnam to include an attorney skilled in market entry procedures. BBA can assist SMEs in most sectors and find trusted local partners, among other services.