Vietnam

Vietnam is located in the centre of Southeast Asia with a land area of 331,689 square kilometres. It is bordered by China to the north, Laos and Cambodia to the west, and the East Sea to the east. Vietnam is in an ideal position for the development of the economy in general, and trade and tourism in particular. Its capital is Ha Noi, and its currency is the dong (VND). Vietnamese is the national and official language of Vietnam.

The modern-day history of Vietnam is perhaps best started by reference to the Geneva Accord signed in 1954, which ended French colonial rule following the conquest in 1858 and partitioned the country into two parts. 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 by standing united and acting with greater resolve, the nation will overcome challenges and achieve a new state of normal.

PwC Vietnam established offices in Ha Noi and Ho Chi Minh City in 1994. Over nearly 30 years of operations, PwC Vietnam has committed to driving sustainable growth within 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 of more than 1,000 local and expatriate staff have a thorough understanding of the economy in which they work and have an in-depth knowledge of Vietnam’s policies and procedures covering areas such as investment, legal, taxation and regulatory matters, accounting, and mergers and acquisitions.

In terms of tax and legal services, PwC Vietnam is a leading provider in Vietnam. Maintaining a separate law firm licensed by Vietnam’s Ministry of Justice 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.

We have also built strong relationships with key ministries, such as the Ministry of Finance, Ministry of Industry and Trade, Ministry of Planning and Investment, General Department of Taxation, General Department of Customs, and others.