Doing business
in Vietnam.

Vietnam has become one of Southeast Asia’s most dynamic economies. Rapid industrialisation, a growing middle class and rising foreign direct investment have opened up opportunities across manufacturing, technology, services and renewable energy.

The country has sustained strong GDP growth for two decades and currently ranks among the fastest-growing economies in the world, with 2026 forecasts again placing it ahead of the regional average. This performance has been underpinned by trade liberalisation, sustained domestic reform aimed at attracting foreign investment, and continued investment in education and human capital. Political stability, a more open market and improving infrastructure have reinforced Vietnam’s appeal to international investors.

Vietnam has been an ASEAN member since 1995, an APEC member since 1998, and a WTO member since 2007. It is also one of fifteen signatories to the Regional Comprehensive Economic Partnership, alongside China, Japan, South Korea, Australia, New Zealand and the other ASEAN states, forming what is widely regarded as the world’s largest free trade bloc. RCEP covers roughly 30% of global GDP and population, giving member economies access to a combined market of more than 2.2 billion consumers, and strengthens Vietnam’s position as a regional trade and investment hub.

Regulatory complexity persists, particularly at the provincial level, where legal and administrative processes can vary and sector-specific rules add nuance. Government reforms are gradually improving the ease of doing business, and the expansion of e-government services and digital administrative platforms points to a genuine, if incremental, modernisation of the bureaucracy.

Vietnamese business culture draws on Confucian tradition, decades of socialist governance and growing exposure to global markets. Hierarchical respect sits alongside a rising openness to collaboration and innovation, and Vietnamese professionals are widely regarded for their work ethic and adaptability.

Relationships matter more than a strong initial pitch. Trust and mutual respect tend to develop over time, and face-to-face meetings and personal introductions carry particular weight early in a partnership. Attending industry conferences, trade shows and informal social gatherings is generally read as a sign of genuine commitment rather than a formality to tick off.

Communication is typically polite and indirect, especially around senior executives, and decisions are usually made at the top of the hierarchy. Identifying the actual decision-maker early is important when negotiating or proposing a partnership.

Foreign companies operating in Vietnam should expect occasional administrative delays and plan for them, while remaining engaged with local counterparts to keep negotiations moving.