Vietnam

Viet Nam is conveniently located in the centre of Southeast Asia and is bordered by China to the north, and Laos and Cambodia to the west. The total area of Viet Nam is over 330,900 square kilometres and its geography includes mountains and plains. Viet Nam’s population is spread throughout the country.

The total population of Viet Nam by the end of 2023 was estimated at over 100.3 million people. Viet Nam represents a huge pool of both potential customers and employees for many investors. Hanoi, in the north, is the capital of Viet Nam, and Ho Chi Minh City, in the south, is the largest commercial city. Da Nang, in central Viet Nam, is the third largest city and an important seaport.

Vietnam is in an ideal position for economic development in general, and trade and tourism in particular. Its capital is Hanoi, and its currency is the dong (VND). Vietnamese is the national and official language of Vietnam.

Since 1986, Vietnam has been carrying out economic reforms under the 'Doi Moi' (Renovation) to move from a central-planned economy maintained from its reunification in 1975 to a market-oriented economy. Since then, Vietnam has recorded important achievements in socio-economic fields and has become one of the fastest-growing economies in the world, with average annual gross domestic product (GDP) of 7% during 2015 to 2019. After two years being affected by COVID-19, Vietnam bounced back impressively in 2022 with the GDP growth rate of 2022 of 8.02%, becoming the fastest annual pace since 1997. In 2023, the GDP of Vietnam grew by 5.05%, lower than target by one percentage point but still outpacing many other nations, according to the government. Vietnam joined the World Trade Organization (WTO) in January 2007, following more than a decade-long negotiation process. WTO membership has provided Vietnam an anchor to the global market and reinforced the domestic economic reform process. To-date, Vietnam stands firmly on its path of global economic integration with a total of 16 Free Trade Agreements (FTAs) already concluded.

Moving forward, Vietnam has its sights set on becoming a developing, upper-middle-income country with modern industry by 2030 and a high income, developed country by 2045. As the nation becomes more integrated with the regional and global economy, we believe that Vietnam will continue its strong growth trajectory.

Entering Viet Nam in 1994, PwC Vietnam established offices in Hanoi and Ho Chi Minh City. Over the past 30 years of operations, PwC Vietnam has committed to driving sustainable growth within our company and the wider business community. With the strong industry knowledge that our clients require at a local level, we bring a breadth of skills and depth of resources to our clients wherever they do business, throughout Asia and across the world.

Our team around 1,500 Vietnamese and expatriate staff have a thorough understanding of the economy in which they work and broad knowledge of Vietnam’s policies and procedures covering areas such as investment, legal, taxation, accounting and consulting matters throughout Vietnam.

In addition, we have an affiliated law firm in Vietnam, licensed by the Ministry of Justice in 2000, with its head office in Ho Chi Minh City and a branch office in Hanoi. It enables us to offer comprehensive legal and advisory services. We provide a full range of supports to our clients, including advice and compliance services, customs, transfer pricing, due diligence, and legal services.