Doing Business in Singapore vs Vietnam: How Does Up and Coming Vietnam Match Up to The City-State?

Doing Business in Singapore vs VietnamWith pros and cons on either side, how does doing business in Singapore vs Vietnam bode well for investors?

Singapore may have a long-standing reputation of being the most attractive, thriving business hub in Asia, but Vietnam is not out of the running yet. Home to a middle-class population that is multiplying and a hardworking workforce that is both young and educated, Vietnam proved to be a comparable business destination. Since 2018, Vietnam has become the 46th largest GDP economy worldwide.

The communist country is growing fast, although Singapore has the distinct advantage of being a hub for tech and finance for decades. Singapore has been referred to many times as an example of what a flourishing economy looks like. Either country has its pros and cons. If you’re considering doing business in Singapore vs Vietnam, the following comparison will help you decide:

Business Factors Singapore Vietnam
Ease of Doing Business Ranked #2 (2018 World Bank’s Ease of Doing Business Report) Ranked #69 (2018 World Bank’s Ease of Doing Business Report)
Ease of Starting a Business Ranked #3 (2018 World Bank’s Ease of Doing Business Report) Ranked #104 (2018 World Bank’s Ease of Doing Business Report)
Company Registration Process Minimum 1 local director and 1 shareholder Minimum 1 local director and 1 shareholder of any nationality
100% Foreign Ownership Allowed Allowed
Speed of Incorporation Within 24-hours 45 Days
Corporate Tax 17% 20% on all industries except oil, gas and natural resources. These are subject to 32 – 50% tax.
Transparency and Corruption (Global Competitiveness Report and Corruptions Perception Index) Repeatedly praised for open and free from corruption economy. Ranked #6 in the world. Ranked #107.
Immigration Employment Pass, Entrepass, S Pass Work Permit. Foreigners require an employer and a contract to apply.
Business Language English, Malay, Mandarin, Tamil Vietnamese and English as a second language

 

Doing Business in Singapore vs Vietnam

 

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