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Report: Doing business in Vietnam. 2017

Overview of doing business in Vietnam by PWC and VCCI. 

1. An Overview of Viet Nam
2. Doing Business in Viet Nam
3. Trade
4. Taxation
5. Accounting and Auditing
6. Human Resources and Employment Law
7. Banking and Capital Markets

DoingBusinessInVietnam-2

Viet Nam is an open economy with trading flow of US$340 billion, 1.6 times its GDP, and has attracted total registered foreign direct investment (FDI) of US$300 billion in 2016. The FDI sector accounts for approximately
70% of the country’s export turnover, equivalent to 22% of GDP. The FDI sector has generated millions of jobs and contributed greatly to innovation and modernisation, boosting the economy’s growth.

According to the World Bank’s Doing Business 2017 Report, Viet Nam has improved nine ranks in terms of ease of doing business compared to 2016 (from 91st to 82nd). At the same time, Viet Nam ranks 60th out of 138
countries in the World Economic Forum’s 2017 Global Competitiveness Report. With a population of nearly 100 million people, over 60% are under the age of 35, Viet Nam is well-positioned to supply a young, abundant and quality workforce at competitive cost. Characterised by political, social and macro- economic stability, Viet Nam has continuously improved its institutional framework and transparency to gradually align with international commitments and standards. The Government of Viet Nam has committed to creating favourable conditions for all investors and businesses, as they
execute their long-term investment plan and actively participate in the global supply and value chain.
Viet Nam continues to drive the global economic integration agenda and expects to maintain annual average GDP growth rate of 6.5% to 7% over the period of 2016 – 2020. Its priority is on green growth and sustainable development, with three main engines: Promotion of exports, domestic market growth and investment expansion. Viet Nam is currently focusing on improving the business environment and increasing the competitiveness, supported by the Government’s commitments to integrity,
innovation and action to serve businesses and citizens. Viet Nam expects to become a dynamic country and an attractive investment destination in ASEAN, and strives to integrate into the regional and global value chains. The Vietnamese Government commits to support and create the most favourable conditions for foreign businesses investing and operating in Viet Nam.
Nguyen Xuan Phuc – Prime Minister of Vietnam

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