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