Doing Business in Viet Nam

Embracing high-value growth and sustainable development

• Viet Nam is firmly committed to achieving high-value growth and sustainable development, driven by the recognition of climate change as a significant threat to the country's economy and progress.

• The government has set long-term goals of becoming a high-income country and achieving net-zero emissions by 2050, accompanied by national strategies and policies to foster green investment.

• Viet Nam is actively collaborating with international organisations and focusing on technological innovation, renewable energy, and eco-friendly infrastructure projects, making it an appealing destination for foreign investors seeking to make a positive impact while achieving returns.

• Viet Nam has shown significant potential in green financing opportunities, outperforming its GDP on PwC's Green Infrastructure Finance Propensity Index. The country has dynamic markets for local and overseas investors, with government reforms opening up opportunities for large-scale solar and wind projects. Vietnam's Eighth National Power Development Plan emphasizes strategic investments in renewable energy, requiring an estimated investment of nearly $700 billion USD. 

• Additionally, Vietnam's digital economy is projected to grow, with opportunities in e-commerce, digital payments, and emerging technologies like AI and blockchain. The country is attracting foreign investment in the high-tech industry and supporting R&D efforts, positioning itself as a rising player in the global tech landscape and supply chains.

Improving legal framework to support the business environment

In 2023, Viet Nam has passed a series of laws/amended laws that will improve and clarify market conditions for investors and businesses as well as help in pursuing the development of new and greener economy, including:

• Housing Law: Clarifying regulation on land use, housing safety and allocation and incentives for development of social housing.
• Real Estate Business Law: Clarifying and simplifying regulation on real estate transactions, including on public disclosure, capital requirements and foreign investments.
• Water Resources Law: Developing a clear regulatory framework for management of water resources and ensuring clean and safe water supply.
• Prices Law: Updating regulations regarding price declaration for certain goods/services and criteria of goods/ services prices of which are determined by the State.
• E-Transactions Law: Updating the legal framework for digital transaction to promote the development of Viet Nam's digital economy.
• Bidding Law: Creating a complete and consistent legal framework on bidding, procurement and use of State capital. 
• Telecommunications Law: Developing the regulatory framework to align with the new development of telecom infrastructure serving digital transformation
• Personal Data Protection Decree: Providing guidelines on personal data protection of Vietnamese citizens in Viet Nam.