Vietnam: Southeast Asia's Rising Star
Home to over 100 million people, Vietnam grew 8.02% in 2025 — the fastest in ASEAN — and the government has set a 10% growth target for 2026.
102.3M
Population (NSO, 2025 avg 102.3M)
8.02%
GDP Growth (2025)
US$514B
Nominal GDP (2025)
~51%
Population Under 35
US$27.6B
FDI Disbursed (2025)
Why Vietnam?
Fastest Growing Economy in SEA
Vietnam recorded 8.02% GDP growth in 2025, the highest in ASEAN. The World Bank forecasts 6.3% for 2026, against a government target of 10%.
Large-Scale Public Investment
Public development investment was allocated at roughly VND 1.15 quadrillion (about US$44B) for 2025, funding transport, energy and digital connectivity nationwide, though actual disbursement ran below plan.
Young, Skilled Workforce
Around half the population is under 35, with a median age of roughly 34 — still a young workforce by regional standards, though ageing faster than commonly assumed.
Manufacturing Shift from China
Companies are relocating supply chains to Vietnam as part of the China+1 strategy, creating opportunities in electronics, textiles and consumer goods.
Strong FDI Attraction
US$27.6B of FDI was disbursed in 2025 (up about 9% year on year), against US$38.4B registered, driven by competitive costs, location and investment incentives.
Digital Economy Growth
Digital economy GMV reached about US$39B in 2025, growing roughly 15–17% year on year, led by e-commerce, fintech and AI adoption.
Key Sectors for Growth
| Sector | Opportunity | Growth Outlook |
|---|---|---|
| Manufacturing | China+1 strategy beneficiary | Strong |
| Electronics | Samsung, Intel, LG production | High |
| Digital Economy | E-commerce and fintech boom | ~US$39B GMV, +15–17% YoY (2025) |
| Infrastructure | ~US$44B allocated for public development investment (2025) | Ongoing |
| Logistics | Regional supply chain hub | Growing |
| Tourism | Recovery and expansion | Steady |
The VietGrow Programme
Firefish's comprehensive support package for Singapore SMEs expanding to Vietnam
Market Intelligence
Deep market research, competitor analysis and consumer insights specific to your industry in Vietnam's dynamic economy.
Business Matching
Connect with strategic partners, distributors, suppliers and investors in your target Vietnamese market.
Legal & Compliance Set-up
Navigate Vietnamese regulations, licensing, company registration and tax requirements with expert guidance.
Go-to-Market Strategy
Customised launch plan, pricing strategy and market entry roadmap tailored for Vietnam's fast-growing sectors.
Ongoing Support
Guidance through your first 12–18 months in Vietnam. Note that an individual MRA-supported project must be completed within 12 months.
Designed to map onto the MRA Grant pillars. Individual scopes may qualify for up to 70% support for local SMEs, subject to Enterprise Singapore's approval, the relevant pillar cap and the eligibility criteria. No consultancy can guarantee approval — the assessment is Enterprise Singapore's alone.
Quick Facts About Vietnam
Currency
Vietnamese Dong (VND)
1 SGD ≈ 20,350 VND (July 2026)
Official Language
Vietnamese
(English increasingly used in business)
Time Zone
ICT (Indochina Time)
UTC+7
Key Business Cities
Ho Chi Minh City, Hanoi, Da Nang, Hai Phong
Understanding Vietnamese Business Culture
Relationship-First Approach
Building trust and personal connections is fundamental to doing business in Vietnam. Take time to develop genuine relationships with partners before sealing deals.
Respect for Hierarchy
Vietnamese business culture values respect for authority and established hierarchies. Decision-making typically flows from senior leaders down the organisation.
Patience and Timing
Business processes may move slower than expected. Patience is essential — allow adequate time for discussions, negotiations and relationship building.
Harmony and Consensus
Vietnamese prefer harmonious outcomes and consensus-building approaches. Avoid direct confrontation; approach negotiations collaboratively and diplomatically.
Personal Networking
Success often depends on professional relationships and networks. Invest in networking events, social gatherings and local community involvement for opportunities.
Local Partnerships
Having a trusted local partner significantly accelerates market entry and helps navigate regulatory, cultural and operational complexities effectively.
How the MRA Grant Supports Your Vietnam Expansion
One application per pillar — and all three can run concurrently for Vietnam, together drawing up to the S$100,000 grant cap for that market.
Pillar 1 — Overseas Market Promotion
Exhibiting at Vietnam trade fairs (booth space and design each capped at 36 sqm), plus marketing and PR campaigns adapted for the Vietnamese market — road shows, pop-up stores, in-store promotions and media outreach. Grant cap S$20,000.
Pillar 2 — Overseas Business Development
Identifying Vietnamese distributors, agents, licensees and JV partners, with documented in-person one-to-one meetings at their business premises. Or place a full-time BD employee in Vietnam for 6–12 months, or engage outsourced in-market BD services for 3–12 months. Grant cap S$50,000.
Pillar 3 — Overseas Market Set-up
Incorporating a Vietnamese entity with your company as corporate shareholder, registering trademarks or patents you own, tax structure planning, import/export licences and certifications, trade credit insurance and drafting agreements written for Vietnamese law. Grant cap S$30,000.
What the grant will not cover
Singapore GST and out-of-pocket costs (airfare, accommodation, transport, staff meals) are excluded from every pillar. So are in-house manpower, work you can deliver internally, standalone market research or feasibility studies, staff training and vendors you have any relationship with. See the full exclusions →
Ready to Expand to Vietnam?
Let's work out which MRA pillars fit your Vietnam plan and get the sequencing right before you commit to a vendor.
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