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About Vietnam

The Vietnamese economy, valued at US$ 200 billion, grew by a robust 6.1% in 2016, making it one of the fastest growing markets in the world. Vietnam has a large population of 95 million, with a median age of 29 years. 70% of the population is of working age and 33% live in urban areas.

The government has sought to open up the country to trade and investment – which are the key drivers of the economy. Vietnam received an estimated US$ 15.8 billion in actual FDI in 2016, up 9% from 2015. It is seeing more manufacturing and technology-based investment projects in recent years, and has gained worldwide fame as a go-to place for export manufacturing.

Population: 95.26 million
Inflation Rate: 2.8%
Currency: Vietnamese Dong (VND)
Ave Exchange Rate: VND 22,347: US$ 1
Imports: US$ 161 billion
Exports: US$ 169.2 billion
GDP: US$ 200.5 billion
GDP per capita (PPP): US$ 6,400
Real GDP Growth: 6.1%
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Over the years, Vietnam has made considerable efforts to ensure access to quality healthcare services for the entire population by upgrading its hospitals, expanding insurance coverage and increasing expenditure in healthcare, which have positively driven the country’s medical industry. ...

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This report is designed to provide an overview of the smart cities sector in Vietnam. The country is currently experiencing rapid urbanization and a shift from an agriculture economy to industry and services-driven economy. It is one of the fastest growing economies in South East Asia, and has...

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Vietnam Country Profile

The report offers a wide range of data and information collected from various sources that were built together in order to provide not just facts but deeper insights about the country. Unlike other country reports that focus more on macro-economic data, we think that the most valuable part of ...

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Vietnam is still in the developmental phase of fortifying and improving its water and wastewater systems. Strong growth potential is foreseen in the wastewater and solid waste treatment sub-sectors. Given that industrial zones, or industrial parks all over the country are gradually booming to ...

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Viet Nam Becomes Seventh Nation To Ratify CPTPP

Vietnam  -  November 2018

Over 96% of Vietnam National Assembly deputies voted yes to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) on 12 November, 2018, making Vietnam the 7th nation to ratify this agreement. 

The members of the CPTPP are ew Zealand, Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, Peru, Singapore, and Viet Nam. Vietnam’s total trade turnover with CPTPP member states is in excess of USD 67 billion USD, accounting for 15.8% of its total trade value. 

The CPTPP removes around 90% of trade barriers. The signatories have also agreed on provisions regarding intellectual property protection, e-commerce regulation, investment protection and investor-state dispute settlements.

The reduction of tariffs and non-tariff barriers will boost the its strong base of exports of cellphones, garments, shoes, seafood, and agricultural products. Furthermore, Vietnam will become a more attractive location for manufacturing since tariffs are on the rise between the United States and China. A government study estimated a boost of 1.3% for Vietnam’s GDP, while exports are expected to increase by 4% by 2035.

With the ratification of Vietnam, after New Zealand, Canada, Japan, Mexico, Singapore and Australia, CPTPP will come into effect on December 30, 2018 for these countries. The agreement will enter into force for Vietnam 60 days after Vietnam officially notifies New Zealand, the official depository, in writing of the ratification. The same 60 day period for entry into effect will apply for the remaining 4 members, following each nation's respective ratification.

(Sources: Vietnam Plus; Nhan Dan)


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USD 14 Million Raised For Vietnam Venture Capital Fund

Vietnam  -  November 2018

An US-based early-stage venture capital investor, 500 Startups has annouced that they exceeded their fundraising target of USD 10 million for a Vietnam venture capital fund  by over 40%. Substantial investments were received from multimedia retailer GS Shop, consumer electronics manufacturer Humax, NCORE, and numerous other investors in Asia, the US, and Europe. 

Till date, 500 Startups invested almost has invested USD 3 million in 36 companies , with a focus on companies serving the Vietnam market and/or leveraging Vietnamese talent. Around two-third of the initial investments have been USD 50,000-USD 100,000. The 14 million raised now will be used for up to 100 deals involving up to 64 new startups. 500 Startups expects its typical first check to be approximately USD 100,000 and potentially up to USD 250,000.

500 Startups has also been educating Vietnamese founders and investors, providing industry feedback to government stakeholders about potential regulatory reform, and providing feedback at pitch competitions and demo days. 

As a fast-growing economy, with low-cost labor and high-tech talent, the population approaching 100 million and more mobile phones than residents, Vietnam has become an attractive market for technology investors. The Vietnam gorvernment has set a target of getting 600 startups funded by 2025.

According to data and analysis by Topica Founder Institute, startup funding in Vietnam has increased from 29 deals in 2014 to 92 deals in 2017. Several new funds have launched recently to invest in more Vietnam-connected startups, including ESP Capital, VinaCapital Ventures, Startup Viet Partners, and Zone Startups Vietnam, to name a few. With unprecedented interest in the region, we’re ready to step on the gas.

(Sources: Businesstimes.com; 500 Startups)

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Incentives Announced For Investors of Renewable Energy Plants in An Giang

Vietnam  -  November 2018

Southern Vietnam's An Giang Province has recently announced offering preferential policies to investors in renewable energy plants as part of its strategy on sustainable development.

Investors whose projects are in production and trade of renewable energy will be able to avail attractive incentives, such as the following: 

  • Exemption from land lease fees for seven years;

  • Exemption from fees for infrastructure projects in industrial parks for 11 years, while loans equal to nearly 70 percent of total investment capital will be offered.

  • Investors in economically difficult regions, such as the districts of Tri on, Tinh Bien and An Phu, will have a corporate tax rate of 10 percent.

Currently, there are already a couple of solar energy projects that are being built in the Province, while some are seeking approval from the  Ministry of Industry and Trade.

Aside from the use of solar, An Giang Province also plans to use waste from agricultural production to generate energy under a biomass energy project awaiting approval from the Government. 

According to Viet Nam News, the Province has a huge potential for biomass energy as it has an annual output of paddy of more than 4 million tonnes, ranking second in the Mekong Delta region. It also has 8 million tonnes of straw and 800,000 tonnes of rice husks, and a large amount of other kinds of biomass such as corn husks, sugarcane dregs, and others. The total amount of biomass in the province is 10 million tonnes, which could generate 17 million MWh a year.

Under a project awaiting approval, three plants will be built to generate energy from rice husks, with total capacity of 40 MW. The plants will be built in areas where rice processing factories are located. If the project is approved, the department will ask the Government to provide preferential policies on land, corporate tax and import tax for procurement of fixed assets.

Many investors want to invest in rice husk energy plants, but are worried about the price offered by the Government. They said the prices should be equal to or higher than prices offered for solar energy, according to the Cong Thuong (Industry and Trade) newspaper.

(Source: Viet Nam News)

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New Medical Alliance Launched in Da Nang

Vietnam  -  November 2018

To achieve the goal of improving the quality of community health and initiating the establishment of a health ecosystem in the city of Da Nang, a Health Alliance named HM Group (HMG) was officially launched  on November 14th, 2018, with initial participation of 5 members: Homecares, iKure, INNOTEK, Job Links and AT Group. The alliance aims to serve up to 500,000 patients by 2020 and boosting information technology and human resources for hospitals and clinics.

The focus of this project is to connect patients with the right doctors though an application that be be accessed to even from remote areas. Patients now do not have to see doctors in the hospitals but get connected with medical centres near their homes instead. The alliance will also provide testing service from home, which mobile health workers will collect blood samples or medical waste from patient’s homes for testing in laboratories. This application will also help to ease the overloading at public hospitals as due to the new regulation efective from 2025 that each doctor will only be allowed to examine 25 patients per day. 

There are curently 11 hospitals with 1,000 doctors, and more than 620 consulting rooms and medical care centres in Da Nang. The city's population is around one million; however, 70% of inpatients are from neighboring provinces in central regions. 

(Sources: Vietnam News)


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Thermal power


Vietnam Government Urges Treatment of Ashes, Cinders and Plasters

Vietnam  -  November 2018

Deputy Prime Minister Hoang Trung Hai has recently assigned relevant agencies to implement measures to treat ashes, cinders and plasters at Vietam's thermal power plants, chemical plants and fertilizer plants so they could be recyled and used in construction. In particular, the Ministry of Construction (MoC) has been tasked with completing technical standards of using ash and cinder in construction and road surfaces.  According to the MoC, ash and cinder have high potential for usage in construction if they meet quality criteria for treatment.

Ash can be recycled in cement projects, helping consume between 6 and 8 million tonnes of ash per year. Hai also suggested working with thermal power plant investors to calculate the number of ash and cinders released as well as put forward waste treatment solutions, focusing on some pressing plants.

This recycling directive came about to due to an increasing amount of ashes and cinders released by thermal power plants, and are causing serious pollution and making waste treatment more difficult in industrial parks.

According to a report from Viet Nam News, Vietnam's Department of Industrial Safety and Environment, a department under the Ministry of Industry and Trade, estimated that the country’s thermal power plants generated up to 12.2 million tonnes of coal ash in 2017, while treating only four million tonnes, meaning inventory rose to 8.2 million tonnes. In addition, the number of thermal plants in Viet Nam could rise from the current number of 19 to 43 by 2020.

As Vietnam currently has a low investment in recycling but welcomes massive industrialization, clearly, the government needs to set and enforce quality treatment standards and ramp up its treatment methods to avoid the danger of serious environmental issues. 

(Source: Viet Nam News)


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Highways for buses


Multiple Highways Being Upgraded In Ho Chi Minh City

Vietnam  -  November 2018

The Ho Chi Minh City Department of Transport has been asked to call for investment in the provincial Highway No. 15 (33 km long and 5.5-5.6 metres wide), a main axis of the district and a radial axis of the city. investment required is estimated to be around VND 3 trillion (USD 28.6 million). While waiting for investors, Urban Traffic Management No. 3 unit has been assigned to repair and maintain a 5 km section of the road.       

Together with it, several highways and briges are also in the process of being upgraded, such as highways No. 9 and ten bridges on it; and highways No. 8, and 15. The projects aim to reduce traffic jams in the city's nortwest gateway.

The  upgrading of Highway No. 9 will help enhance connections between Long An Province, HCM City and Bình Dương Province and neighbouring areas, and will connect directly to the inland container depot (ICD) in Bình My Commune. The Dong Nam Industrial Park in Cu Chi District, and other industrial parks in Hoc Mon District and Long An Province’s Duc Hoa and Duc Hue districts, are also the expected beneficiairies. 

In July 2018, the Department of Transport approved a feasibility study on upgrading provincial Highway No. 7. The highway will be eight kilometres long and 20m wide after completion in 2022. Expected investment is around VND 368 billion (USD 15.8 million). Highway No. 7 will connect to provincial Highway No. 8 that runs through Long An Province, HCM City’s Cu Chi District and Bình Duong Province.

(Source: Vietnam News)

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Coca cola cold drink soft


Coca-Cola to Build Fourth Factory in Vietnam for USD 300 Million

Vietnam  -  November 2018

Coca-Cola, the most popular soft drink brand in Vietnam,  has recently announced plans to build their fourth factory at a budget of USD 300 million. The company is currently looking for a suitable location in Hanoi for the construction of the said factory.

The new facility will reportedly produce both traditional Coca-Cola beverages such as Coca-Cola, Fanta and Schweppes, and more nutritious products such as Fuze Tea.The project is expected to  generate jobs for thousands of direct and indirect labourers and developing a network of distribution.

Media reports also claimed that the company would seek to build a further production facility in Ho Chi Minh City in the future.

According to Vietnam Economic Times, beverages have been one of the key drivers of growth in Vietnam's fast-moving consumer goods (FMCG) sector, as driven by an expanding middle class, increasing affluence, and changes in consumer lifestyles and preferences. In particular, the country’s non-alcoholic drink (soft drink) industry has seen significant growth over recent years and attracted major investment as evidenced by the presence of hundreds of domestic and foreign soft drink manufacturers. According to Vietnam Trade Promotion Agency (VIETRADE), with the advantage of natural resources like abundant mineral water, various fruits, the soft drink market has a large-scale, high rate of growth and has gradually met the domestic demand, while eyeing for export markets at the same time. Between 2009 and 2013, Vietnam’s bottled soft drink industry grew at a rate of 19.4%, and is projected to maintain a 14.2% growth rate from 2014 to 2018.

(Sources: VietnamPlus, Vietnam News Agency (VNA), Vietnam Economic Times, Vietnam Trade Promotion Agency (VIETRADE), FoodBev Media Ltd.)


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New Aviation Decree Aims To Ease Burden For Investors

Vietnam  -  November 2018

Vietnam business condtions for potential investors in the aviation sector will be simplified by a new governmental draft decree that has been sent to Prime Minister Nguyen Xuan Phuc for approval. To ease the burden on investors and raise the FDI in the field of aviation transport, the Ministry of Transport has adjusted the minimum capital amount when establishing and maintaining the businesses operation. An airline with less than 11 aircarft will need a minimum of VND 300 billion (USD 12.83 million), from 11 to 30 aircraft will need VND 600 billion, and 30 aircraft and more will need VND 700 billion. These numbers reflect a more than 50% reduction compared with the previous draft decision.

However, there are some conditions for foreign-invested enterprises, such as the foreign charter capital has to be less than 34% and the largest charter capital must be held by at least one Vietnam individual or legal entity. In case the Vietnamese person has foreign owned capital that is the largest charter capital amount, the foreign capital contribution shall not exceed 49 per cent of the Vietnamese person’s own.

(Source: Vietnam News)

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Sabeco Lifts Foreign Ownership Cap

Vietnam  -  November 2018

Saigon Beer Alcohol Beverage Corporation (Sabeco), the largest beverage manufacturer in Vietnam, announced its board of directors has approved the removal of a cap on foreign ownership within the company. In order to remove the restriction, Sabeco has removed business lines which require foreign ownership caps, such as trade advertising and tourism operation, which require minimum percentage of local ownership at 51% from their business lines. 

This decision would enableThai Beverage (ThaiBev) to expand their ownership in Sabeco and turn the company into a 100% foreign owned company. ThaiBev owns 54% of shares acquired from the Vietnam government through a USD 5 billion M&A deal. The shares were acquired by a Vietnamese legal entity named Vietnam Beverage Co.,ltd, which received 100% of its invesment from BeerCo., a subsidiary of ThaiBev. This is considered  one of the largest M&A deal in South East Asia in recent years. 

ThaiBev is Thailand's largest and one of Southeast Asia's largest beverage companies, with distilleries in Thailand, Scotland, and China. It is helping bring Sabeco's brands to international market. In August, 2018, the logo of Bia Saigon, the No.1 beer brand in Vietnam has appeared on Leicester City’s jerseys, via a multi-year global partnership agreement with LeiCester City's Football Club.

During the half year since the acquisition was completed, ThaiBev earned VND 2,360 billion (USD 101 million) net profit, and paid out dividends VND 2,000 billion (USD 86 million) of  dividend payment by the end of the year. During the first 9 months of 2018, Sabeco experienced year-on-year revenue growth of 7.8% ; however net profit dropped by 6.3% compared to the same period last year.

(Sources: VietnamNet; Hanoitimes)


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We counsel businesses on where to locate their office and industrial operations and what the optimal business structure should be to meet local government and tax requirements. Some of the quest...

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Many companies participate in trade shows hoping to find customers or local agents or distributors. However, they come away from these events with less than desired results. But with our trade s...

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