Vietnam's young population – 70 per cent of its people are under 35 years of age – will be key to its economic growth in the coming years. The country has made great strides in economic progress and infrastructure, with over 45 million people lifted out of poverty between 2002 and 2018. Its geographic location and proximity to its Southeast Asian neighbours – and China – have made Vietnam a viable hub for investment, as evidenced by strong FDI inflows surpassing US$38 billion in 2019.
Population size
Median age
Capital
Currency unit
Internet penetration rate
Mobile penetration rate
US$2,955
2020 estimated
GDP per capita
2.7% | 7%
Real GDP growth projection
(Annual per cent change,
2020 & 2021)
BB-
S&P global ratings
57.3 mil
Total labour force (2019)
95%
Literacy rate (2018)
US$10.60
Average daily wage for
manufacturing employee
(2016)
20%
Corporate tax
80
Number of DTAs
0%
Dividend withholding tax
5%
Interest withholding tax
25%
Capital gains tax
Regulated
FX control
| Exports US$258 bil |
Imports US$258 bil |
|
|
Based on 2019 data
Over the years, the Vietnamese government has pursued strategies to join several free trade agreements such as the Comprehensive Progressive Agreement for Trans-Pacific Partnership (CPTPP) and the EU-Vietnam (EVFTA), in the hopes of attracting exporting companies to produce in Vietnam.
Corporate Tax Incentives
Large Manufacturing Projects Incentives
Import Tax Exemptions
Land Rental Fee Exemptions
Sources: UOB Global Economics & Markets Research, World Economic Outlook (October 2019 and April 2020), World Bank, UNESCO Institute of Statistics, Asian Development Bank, Ministry of Planning and Investment (MPI), Foreign Investment Agency (FIA), Deloitte
This fact sheet is given on a general basis without obligation and is strictly for information only. Nothing in this fact sheet constitutes accounting, legal, regulatory, tax or other advice. This fact sheet is not intended as an offer, recommendation, solicitation, or advice to purchase or sell any investment product, securities or instruments. Although reasonable care has been taken to ensure the accuracy and objectivity of the information contained in this fact sheet, UOB and its employees make no representation or warranty, whether express or implied, as to its accuracy, completeness and objectivity and accept no responsibility or liability for any error, inaccuracy, omission or any consequence or any loss or damage howsoever suffered by any person arising from any reliance on the information in this fact sheet.
Find out how we can help your business expand across ASEAN
Get in touch
