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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:
| 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 |
Ready to Incorporate a Company with 3E Accounting?
At 3E Accounting, our priority is to help our clients get the best start in their business venture. Our range of incorporation services will ensure that your business is set up quickly and efficiently. We handle the hassle so you can focus on your business. For more information on company incorporation and doing business in Singapore vs Vietnam, contact our team today.