Introduction

Viet Nam is an increasingly attractive destination for foreign investors with a rapidly growing economy and a large population of nearly 100 million with a working-age majority as well as many other positive factors. The Viet Nam economy has proven resilient through crises, the latest being COVID-19. Viet Nam was one of only a few countries to post GDP growth in 2020 when the pandemic hit. GDP growth slowed down to 2.58 percent in 2021 due to the emergence of the Delta variant but is expected to rebound to 7.5 percent in 2022. The population of Viet Nam represents 1.25 percent of the world´s total population which represents a large, young and dynamic workforce as well as a strong support for the growth of consumption demand.

History has proved that Viet Nam is able to adapt to changes, overcome uncertainties and come back stronger. With more than 30 years of social economic reforms – Đổi Mới, Viet Nam has moved from being one of the poorest nations in the world to a lower middle-income country with a number of significant socio- economic achievements. Viet Nam has transformed itself with its sights set on becoming a developing, upper-middle-income country with modern industry by 2030 and a high-income, developed country by 2045. Viet Nam has become more integrated with the regional and global economy with participation in a number of FTAs and it continues its commitment to a free-trade market.

This guidebook has been prepared by Deloitte Vietnam to provide readers with an overview of the investment climate, forms of business organization, taxation, and business and accounting practices in Viet Nam. Although we do our best to ensure that information contained in this book is current at the time of writing1, the rapid changes in Viet Nam mean that laws and regulations may change to reflect the new conditions. Therefore, for specific transactions, definitive advice should be sought.

We hope that you find this book useful in your endeavor to expand your business in Viet Nam.