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Doing Business in Vietnam (DR)
Ever since the U.S.-China Trade War and Covid-19 began, Vietnam has come into the spotlight as an increasingly competitive market for foreign investment. In 2020, the country even managed to net positive GDP growth at 2.91%, one of the few economies in the world to grow amid the pandemic. A few of Vietnam's advantages include its strategic location, which places it both next to China and nearby many other ASEAN sourcing destinations; the Vietnamese labor force, which is young and comparatively low-cost; and the country numerous free trade agreements, which signals strong support for the development of an export market. Vietnam is not without its difficulties, however. Any company considering entering the market is recommended understand what structuring options are available, what major tax and other key compliance requirements there are and how Vietnam fits into the businesses global supply chain.
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