1. Overall positioning

Vietnam’s tax system is relatively standard and not aggressive compared to many jurisdictions.

• Clear structure

• Predictable headline rates

• Incentives exist

• Compliance = paperwork-heavy rather than conceptually complex

2. Core Taxes

Personal Income Tax (PIT)

• Applies to all individuals working in Vietnam (including foreigners)

• Tax treatment depends on tax residency status

• Resident (≥183 days in Vietnam, or have permanent residence / ≥183 days lease)

  • Taxed on worldwide employment income

  • Progressive rates: 0% - 35%

• Non-resident

  • Flat 20% on Vietnam-sourced income

• Taxable income

  • Covers broad categories of income, including:

    • Salaries and wages

    • Business income

    • Capital gains, property, royalties, etc.

  • For employment income:

    • Includes salary, allowances, bonuses, benefits

• Key deductions

  • Personal deduction: VND 15.5 million/month

  • Dependent deduction: VND 6.2 million/month per dependent

• Compliance & filing

  • Employers typically withhold PIT monthly/quarterly

  • Annual finalisation required:

    • By employer or individual depending on situation

  • Deadlines:

    • ~March (employer) / April (individual) after year-end

Practical takeaway: Vietnam PIT is residency-based: residents pay progressive tax (up to 35%) on worldwide income, while non-residents pay a flat 20% on Vietnam-sourced income. The actual tax depends heavily on deductions and proper classification of income/benefits. Employers typically handle withholding, but annual finalisation is still required.

Corporate Income Tax (CIT)

• Scope

  • All enterprises operating in Vietnam (local and foreign)

  • No tax residency concept for CIT

  • Companies established in Vietnam are taxed on worldwide income

• Standard rate: 20%

• Reduced rates for SMEs:

  • 15% (≤ VND 3 billion revenue)

  • 17% (VND 3–50 billion revenue)

• Sector-specific rates

  • Oil & gas: ~25%–50%

  • Mineral / extractive industries: up to ~40%–70%

• Taxable income

  • Business income (goods/services)

  • Capital gains, asset transfers, interest, etc.

• Calculation: Revenue – deductible expenses + other income

• Key deductions & losses

  • Expenses must:

    • Be business-related

    • Be properly documented

  • Loss carryforward:

    • Up to 5 years

    • No carryback allowed

• Tax incentives

  • Preferential rates: 10%, 15%, 17% for qualifying sectors/projects

    • Note: global minimum tax rules may impact this (see below)

  • Incentives typically target:

    • High-tech, R&D, infrastructure, priority sectors

  • May include:

    • Tax holidays (exemption periods)

    • Reduced rates for a period

• Foreign companies / cross-border

  • Foreign companies without entity in Vietnam:

    • Subject to Foreign Contractor Tax (FCT) (see below)

  • With permanent establishment:

    • Taxed on Vietnam + related foreign income

• Compliance & filing

  • Quarterly provisional CIT payments required

  • Annual finalisation:

    • Due ~3 months after year-end

• New development: Global Minimum Tax

  • Vietnam adopts 15% Global Minimum Tax (from 1 Jan 2024) under OECD rules

  • Applies to large MNCs (> €750M global revenue)

  • Mechanism (adopted OECD Pillar Two rules):

    • Either:

      • Vietnam collects (QDMTT - “Qualified Domestic Minimum Top-Up Tax“)

      • OR HQ country collects (IIR - “Income Inclusion Rule“)

Practical takeaway: Vietnam’s CIT is straightforward: most companies pay ~20%, with lower rates or incentives only if specific conditions are met. The real outcome depends on how you structure your presence (local entity vs FCT) and how well expenses are documented. For large MNCs, global minimum tax rules (15%) may limit the benefit of local incentives.

Value-Added Tax (VAT)

• Nature

  • Indirect consumption tax applied on goods & services in Vietnam

  • Applies to most domestic transactions + imports

  • Charged at each stage of production/distribution, ultimately borne by final consumer

• Scope

  • Goods & services used for production, trading, consumption in Vietnam

  • Includes imports + foreign-sourced services

    • Imports → VAT paid at customs together with import duties

• Rates

  • Standard: 10%

  • Reduced:

    • 0% → exports

    • 5% → essential goods/services

  • Current incentive:

    • Temporary 2% reduction → effective 8%, extended to 2026

• Calculation methods

  • Deduction Method (main method)

    • Formula: VAT payable = Output VAT – Input VAT

    • Key points: Used by most companies (esp. FIEs)

    • Requires:

      • Proper accounting records

      • Valid VAT invoices

    • Input VAT credit allowed if compliant

  • Direct Method

    • Used for:

      • Small businesses / individuals

      • Non-compliant accounting cases

    • Rates applied on revenue:

      • Goods trading: 1%

      • Services: 5%

      • Production/transport: 3%

      • Other: 2%

      • E-commerce/platforms: 10%

• Exemptions

  • Examples:

    • Financial services

    • Securities

    • Insurance (certain)

    • Land use rights transfer

    • FX services

• No declaration / no payment

  • Certain agricultural raw products resold

  • Still can deduct input VAT

• Export VAT (0%)

  • Applies if:

    • Goods/services consumed outside Vietnam

    • Proper supporting documents provided

• Filing & Payment

  • Based on turnover:

    • VND 50B → Monthly filing

    • ≤ VND 50B → Monthly or quarterly

  • Deadlines:

    • Monthly → 20th of next month

    • Quarterly → End of next month after quarter

• Refunds

  • Eligible cases:

    • Exporters with ≥VND 300M input VAT credits

    • Investment projects (pre-operation phase)

    • Businesses mainly taxed at 5%

    • ODA (Official Development Assistance) / special cases

  • Key limits:

    • Export refund capped at 10% of export revenue

  • Carry forward:

    • Excess input VAT → carried to next period

• E-Invoicing (mandatory)

  • Required since 1 July 2022

  • Must register with tax authority before use

Practical takeaway: Vietnam’s VAT system is standard, broad-based, and predictable. It works mainly by offsetting input VAT against output VAT. The temporary reduction from 10% to 8% (to 2026 for certain items) is a key commercial point, while VAT refunds can be meaningful for exporters and investors. Compliance depends heavily on proper invoices, documentation, and choosing the correct method.

3. Special / Industry Taxes

Special Consumption Tax (SCT) - “Sin / Luxury Tax”

Targets:

• Harmful products (alcohol, tobacco, sugary drinks)

• Luxury goods (cars, yachts)

• Services (casino, karaoke, golf)

From 2026 onwards — tightening significantly:

Key changes:

• Dual structure:

  1. % of price

  2. + fixed tax per unit (new)

Expansion:

• Broader coverage across goods (11 categories) & services (6 categories) - key ones:

  • Tobacco (cigarettes, cigars)

  • Alcohol (spirits, wine, beer)

  • Cars (<24 seats)

  • Motorbikes (>125cc)

  • Petrol

  • Air-conditioners

  • Luxury items (yachts, airplanes)

  • Playing cards / votive paper

  • Nightclubs / discos

  • Karaoke / massage

  • Casinos / gaming

  • Betting

  • Golf

  • Lotteries

  • NEW trend: sugary drinks (from 2027)

Trend:

• Rates increasing over time (not one-off)

  • Alcohol/beer → up to ~90%

  • Tobacco → rising + per-pack tax

  • Cars → higher rates for bigger engines

Who pays

• Producers

• Importers

• Service providers

Wide range: ~7% → 150%+ depending on item

• Typical anchor points:

  • Cigarettes: 75%

  • Alcohol: 35% – 65%+ (increasing over time)

  • Beer: ~65%+

  • Cars: 10% – 150% (engine size driven)

  • Petrol: 7% – 10%

  • AC: 10%

Offset against double tax:

• Raw materials already taxed; and/or

• Impact → sell locally

Practical takeaway: 1) SCT rates are high + increasing as general trend; 2) Policy-driven → expect ongoing changes

Foreign Contractor Tax (FCT)

Applies when foreign companies earn Vietnam-related income without a local entity.

Structure:

• Combination of:

  • VAT + income tax (CIT/PIT)

• Typical effective rate: ~5–10%

• Filing timeline: ~10 days

Very broad scope (no physical presence needed):

• Services in Vietnam (consulting, marketing, SaaS, training, etc.)

• Services partly performance / linked to Vietnam (installation, maintenance)

• Online services (ads, SaaS, training, platforms etc)

• Bundled goods + services

• Royalties, interest, commissions, licensing

Not applicable:

• Pure goods import (no services)

• Services fully performed & consumed outside Vietnam

Mechanism:

• Vietnamese party withholds tax before payment (within 10 days of payment)

• Pays to government on behalf of foreign contractor

Practical takeaway: FCT broadly applies to most cross-border payments from Vietnam (even without a local entity), so always factor ~5–10% tax into pricing upfront. The Vietnamese party must withhold and pay within ~10 days, and poor contract structuring can lead to higher tax exposure.

Import / Export Duties (Customs Tax)

• Import tax: varies by product - multiple tax layers (not just tariff)

  • Import duty

  • VAT (typically 10%)

  • SCT (if applicable - e.g. alcohol, cars)

  • Anti-dumping / safeguard duties (if applicable)

• Export tax: limited, many exemptions

  • Mostly 0% duty

  • Applies mainly to natural resources (minerals, etc.)

• What drives the tax rate

  • 3 key factors:

    • HS code (classification) → determines base rate

    • Origin of goods → MFN (standard) vs Preferential (WTO) vs FTA (ASEAN) rates

    • Type of goods → consumer (higher) vs machinery (lower)

  • MFN rates (Most Favoured Nation)

    • Default import tax rate

    • Applies if:

      • No special trade agreement applies, or

      • You can’t prove origin

    • Usually higher than FTA rates

  • FTA rates (Free Trade Agreement)

    • Preferential (lower, sometimes 0%) tax rate

    • Applies if:

      • Goods come from an FTA partner country (e.g. China, Korea, EU, ASEAN, CPTPP countries), and

      • You meet rules of origin + have proper documents (e.g. Certificate of Origin – CO)

• Timing

  • Import: before clearance

  • Export: within ~30 days

Practical takeaway: Import duties in Vietnam are mainly driven by HS code classification and origin (FTA vs non-FTA), so getting these right upfront is the biggest cost lever. Duties (plus VAT/SCT if applicable) must be paid before clearance, meaning mistakes directly impact cash flow and shipment delays.

4. Other Relevant Taxes

• Natural resources tax

• Environmental tax

• Land use tax (manufacturing, energy, real estate)

5. Business License Tax (BLT)

• Nature: annual registration fee ranging from VND 1 million to 3 million based on charter capital or revenue, typically paid at the start of each year

• Eliminated from 1 Jan 2026

6. Key Takeaways

• System is standard → complexity is in paperwork, not rules

• PIT = residency-driven → global vs VN-only tax changes everything

• CIT ≈ 20% baseline → incentives exist but not automatic

• VAT = input vs output → 8% (temp) is key commercial lever

• FCT hits most cross-border flows → assume ~5–10% tax leakage

• Customs = HS code + origin → biggest driver of cost (FTA can → 0%)

• SCT = high & rising → policy-driven (sin/luxury sectors)

• Execution matters most → structure, docs, classification = real outcome

I didn’t start looking at Vietnam’s fintech market because it was trendy.

I started because I was supporting an early client - an Asian payments and fintech platform - as they explored Vietnam as a potential expansion market.

What I found surprised me.

My initial desk research was overwhelmingly positive. Growth projections, adoption curves, demographic tailwinds - all strong. But what really stood out only became clear once I moved beyond online research and started speaking directly with people on the ground: founders, operators, merchants, and everyday users who rely on these platforms daily.

That’s when the disconnect became obvious.

Inside Vietnam, many already assume fintech will explode. Outside Vietnam, the story is still under-told. It’s a classic sleeping giant situation.

Vietnam’s fintech boom isn’t coming. It is already here.

What struck me most wasn’t a headline statistic. It was how everyday financial behaviour had already shifted onto digital rails.

At a time when Vietnam’s fintech ecosystem was still being labelled “early-stage” or “emerging”, it already felt … embedded.

Today, widely cited market data reflects that reality. Vietnam’s fintech market is valued at USD 19.35 billion in 2025 and projected to reach USD 63.25 billion by 2034, implying a 14.06% compound annual growth rate (CAGR).

Those numbers are important - not because they’re impressive on their own, but because they confirm what was already visible on the ground months (or even years!) earlier.

Fintech as the Default Interface (Not a Banking Alternative)

One insight kept coming up in both desk research and real conversations: fintech in Vietnam never tried to replace banks.

Instead, it quietly became the interface layer.

Digital payments now account for around 62% of the fintech market. Mobile wallets and QR payments are no longer framed as innovation - they are basic infrastructure, used daily across:

• Retail and convenience stores

• Transport and ride-hailing

• Food services and coffee shops

• E-commerce and delivery platforms

This matters because payments aren’t just a product - they’re a foundation. Once embedded, everything else can build on top.

Beyond Payments: Closing the Access Gap

In conversations with SME owners and operators, a recurring theme was access.

Traditional banking products have historically struggled to serve informal businesses and individuals without long or clean credit histories. This isn’t unique to Vietnam - but Vietnam’s fintech ecosystem has moved faster than most to address it.

Digital lending platforms are expanding access to credit for underserved segments, while insurtech and alternative financing models are adding real depth to the ecosystem. These verticals are still maturing, but their trajectory aligns closely with broader financial inclusion goals discussed openly by regulators and industry stakeholders.

What’s important here isn’t speed alone - it’s direction.

Why Geography Still Shapes the Market

One thing hasn’t changed: Southern Vietnam still leads.

Approximately 48.5% of fintech activity is concentrated in the south, with Ho Chi Minh City acting as the country’s commercial and fintech hub. Higher income levels, dense startup activity, and stronger access to venture capital make it the natural testing ground before nationwide rollout.

(And honestly) living here myself, what struck me most was the human factor: the population is young. The energy is high. The optimism is real. You feel it in how quickly people adopt new tools and experiment with new business models.

People often compare Saigon today to Shanghai in the 80s. That comparison isn’t made lightly.

What Will Actually Matter as the Market Matures

As the market scales, raw growth will matter less than how companies operate. Based on on-the-ground conversations and publicly available data, three factors stand out:

1. Regulatory discipline. Vietnam has generally balanced innovation with control. As transaction volumes grow, compliance, licensing, and regulatory alignment will increasingly separate sustainable players from short-term entrants.

2. Cybersecurity and trust. High smartphone and internet penetration only translate into long-term adoption if users trust the system. Security, data protection, and transparency will move from hygiene factors to true competitive advantages.

3. Local execution capability. As more domestic and international players enter (often through partnerships) success will depend less on market entry and more on localisation and execution.

Closing Thought

Vietnam’s fintech story is often told through charts and projections. Those are useful - but incomplete.

What really drives this market is on-the-ground human behaviour: how people pay, borrow, insure, and run businesses every day. In Vietnam, that behavioural shift happened early. The data followed later.

What my clients seem to value most is not desk-based analysis, but time spent on the ground - getting my hands dirty, talking to operators, merchants, and users, and supporting execution alongside their teams.

For anyone seriously looking at Vietnam today, the opportunity is real. But it increasingly rewards those who understand the ecosystem beyond the numbers.

🇻🇳 If you’re curious about what the Vietnam opportunity looks like on the ground, I’m happy to chat: https://form.typeform.com/to/d7qgDMY6

Over the past two years, as global capital markets adjusted to higher interest rates, geopolitical fragmentation, and deepening China-West decoupling, one Southeast Asian economy has quietly confirmed its place as a structural, execution-ready growth market: Vietnam.

While many emerging markets relied on stimulus or cyclical rebounds, Vietnam continued to attract manufacturing investment, expand industrial output, and maintain macroeconomic stability. The result is a growth profile that looks increasingly durable rather than temporary - anchored by supply chains, supported by domestic demand, and reinforced by long-term demographic and policy tailwinds.

As Vietnam approaches 2025-2026, the message to investors and operators is clear:

Vietnam offers real, scalable upside - but rewards only those prepared to execute on the ground.

From Reform Economy to Global Supply-Chain Anchor

Vietnam’s rise is not cyclical. It is the outcome of decades of structural reform that began with Đổi Mới, the country’s economic renovation program that opened Vietnam to global trade and private enterprise.

That long-term trajectory has been tested - and strengthened - by three major global shocks:

• The COVID-19 pandemic, during which Vietnam stood out as the only Southeast Asian economy to record real GDP growth in 2020, thanks to rapid crisis management while peers endured prolonged contractions.

• The US-China tariff war, which accelerated the relocation of global manufacturing into Vietnam as firms sought neutral, scalable production alternatives.

• Ongoing geopolitical decoupling, which continues to push multinationals to diversify supply chains away from concentrated risk.

Each shock reinforced Vietnam’s role as a politically stable, WTO-aligned manufacturing base rather than derailing it.

Investor takeaway: Vietnam’s momentum is crisis-tested and structurally reinforced - not stimulus-driven.

Growth With Stability: A Rare Emerging-Market Combination

Vietnam’s recent performance highlights a combination that remains rare among high-growth economies: expansion without overheating.

• Industrial production is up 9.3% year-to-date, with growth recorded across all 34 provinces - underscoring that this is not a single-city or single-sector story.

• Retail sales rose 9.1% year-on-year, translating into 6.8% real growth.

• Household incomes remain resilient, with 96.4% reported as stable or rising.

• Inflation has stayed contained at approximately 3.3% YTD, preserving purchasing power.

Conclusion: Vietnam is achieving growth without sacrificing price stability - a combination that continues to attract long-term capital.

Manufacturing: The Core Growth Engine

Manufacturing is not a supporting pillar of Vietnam’s economy. It is the primary driver.

Manufacturing output grew 10.6% year-on-year, accounting for the majority of industrial expansion. Vietnam has become a key production base for global manufacturers including Samsung, Wistron, LEGO, Škoda, Jabil, Luxshare ICT, Hyundai, LG Electronics, Apple, Intel, and ASML.

The structure of trade and investment underscores how deeply manufacturing is embedded:

• 76% of exports are generated by FDI enterprises

• Manufactured goods account for ~89% of total exports

• 94% of imports are capital goods - machinery, automation, and industrial equipment

• Industrial employment increased 3.7% year-on-year

Cumulatively, manufacturing and processing have attracted USD 320.7 billion in registered FDI - 61.3% of all foreign capital - far exceeding real estate and power generation.

Implication: Vietnam is no longer just a low-cost alternative. It is one of Asia’s most execution-ready China+1 platforms.

Trade, Geopolitics, and Strategic Balance

Vietnam’s trade profile reflects its unique geopolitical positioning.

Total trade reached approximately USD 840 billion, up 17.2% year-on-year, with a USD 20.5 billion surplus. The United States remains Vietnam’s largest export destination, while China is its largest import source - a dual dependency that underscores Vietnam’s role as a connector between major economic blocs.

Foreign-invested enterprises continue to run significant trade surpluses, offsetting domestic deficits and reinforcing Vietnam’s appeal as a production base rather than a speculative market.

Capital Still Flows - Even in a Volatile World

Despite global uncertainty, Vietnam continues to absorb capital at scale:

• Registered FDI reached USD 33.7 billion (+7.4% YoY)

• Disbursed FDI rose to USD 23.6 billion (+8.9% YoY)

• Public investment surged 26.8% year-on-year, driving infrastructure, logistics, and energy development

• Outbound Vietnamese FDI jumped approximately 84%, signaling the emergence of regional Vietnamese champions

Conclusion: Vietnam is no longer merely capital-hungry - it is becoming capital-circulating.

Entry Is Easy. Survival Is Not.

Vietnam’s business formation data offers a reality check behind the headlines.

In eleven months, 275,000+ firms entered or resumed operations - yet 205,000 exited during the same period. At the same time, registered capital doubled, indicating serious commitments rather than shell entities.

Investor takeaway: Entry is easy. Survival and scale demand localisation, compliance discipline, and on-the-ground execution.

Infrastructure, Logistics, and Mobility Catch Up

Vietnam’s physical capacity is increasingly aligned with its economic ambition.

Freight volumes rose 14-15% year-on-year, while passenger movement surged 22%, reflecting urbanisation and workforce mobility. Three ports - Hải Phòng, Ho Chi Minh City, and Cái Mép - now rank among the world’s top 50 busiest container ports.

Vietnam’s liner shipping connectivity has steadily improved since 2020, reinforcing its role as a logistics bridge between the Indian and Pacific Oceans along its 3,260-kilometre coastline.

Tourism, Talent, and Soft Power

Tourism and mobility continue to support domestic demand and global engagement. Vietnam welcomed 19.1 million international visitors, up 21%, while visa easing and global event hosting have reduced friction for founders, professionals, and investors testing the market.

Rising cultural visibility has strengthened Vietnam’s appeal to IP-driven, lifestyle, and media brands - an increasingly important dimension of long-term competitiveness.

ESG Risks - And Opportunities

Climate and environmental risks are real - and increasingly priced.

Flooding and climate damage are estimated to exceed VND 99 trillion, while environmental regulation is tightening across wastewater, emissions, and industrial compliance. Yet these pressures are creating first-mover advantages for clean technology, industrial services, and resilience solutions.

Conclusion: ESG in Vietnam is no longer optional. It is a growing source of structural demand.

A Decade-Long Consumption Upgrade

Vietnam is entering a consumption upgrade cycle that could define the next decade.

The middle class is projected to double from 13% in 2023 to 26% by 2026, adding roughly 25 million consumers. The median age remains just 33, with rising digital adoption and education levels driving demand for education, healthcare, housing, lifestyle, and premium goods - particularly in tier-2 and tier-3 cities.

Competitive - Without Being Fragile

Vietnam remains cost-competitive across labour and taxation while offering scale and regulatory depth:

• Labour costs remain well below major regional peers

• Standard corporate income tax sits at 20%, lower than most neighbouring economies

Conclusion: Vietnam balances competitiveness with institutional maturity - a rare combination.

Open, Integrated, and Strategically Aligned

˜

Vietnam maintains 17-18 free-trade agreements covering roughly 60 economies, including ASEAN, CPTPP, EVFTA, and RCEP. Double-tax agreements span 80+ countries, while diplomatic relations extend to 194 nations, including strategic partnerships with all major global powers.

This architecture reinforces Vietnam’s role as a neutral, rules-based platform in an increasingly fragmented world.

What This Means for Entrants in 2025-2026

Vietnam today is a high-growth, execution-intensive market.

The upside favours manufacturing, industrial services, infrastructure, consumer brands with localisation, and ESG-driven solutions. The principal risk is not demand - it is poor execution.

Poor local setup, compliance gaps, and weak coordination destroy value.

If Vietnam is on your 2025-2026 roadmap, don’t guess. Execute it properly from day one.

So ... what’s next?

If you’re curious about how to ride Vietnam’s growth, and think my experience might help, I’m opening a few casual 1:1 coffee chats. No pitch. No deck. Just an honest conversation: https://form.typeform.com/to/d7qgDMY6

(This material is provided for general informational purposes only and does not constitute legal, tax, regulatory, financial, or professional advice.)

If you follow politics, this matters.

The EU and Vietnam have just elevated their bilateral relationship to the highest tier:

“Comprehensive Strategic Partnership”.

This is rare.
And this isn’t just about trade.

It formalises cooperation across trade and investment, green growth and climate, energy transition, digital transformation, security cooperation, and coordination in global forums.

So why now?

Because Europe is actively reducing supply-chain concentration - especially over-dependence on China - and diversifying critical materials, technology supply, and manufacturing bases.

Vietnam fits perfectly.

Until now, the relationship was largely anchored in trade - mainly the EVFTA (EU-Vietnam Free Trade Agreement). Tariffs, exports, market access.

This upgrade goes (much!) further.

Both sides agreed to:
- Increase trade and two-way investment
- Work together on green growth and climate action
- Cooperate on clean energy and energy transition
- Support digital economy development
- Strengthen security and maritime cooperation
- Coordinate more closely in global organisations

TL;DR: closer business ties, greener growth, stronger digital links, and more strategic alignment.

This is long-term positioning.

And here’s the point:
Policy doesn’t create reality out of nothing. It recognises where reality already is.

Vietnam is *already* here:
Vietnam is the EU’s largest trading partner in goods within ASEAN.

This partnership doesn’t create trade.
It locks it in.

So what changes?

For EU companies: greater policy predictability.
For investors: reduced geopolitical concentration risk.
For Vietnam: an upgrade - from manufacturing alternative to strategic partner.

Bottom line?
Vietnam is no longer “optional” Asia exposure.
It’s increasingly being positioned as core infrastructure in Europe’s Asia strategy.

Interest isn’t the bottleneck anymore.
Execution is.

Do you think Vietnam is becoming the next China?

I started my career as a lawyer at Simmons & Simmons - working across disputes, funds, and cross-border matters. Later, I moved into private equity exposure at Kerogen Capital.

On paper, things were clear.

Then I got pulled into Vietnam.

I grew up around a family business operating across China, Vietnam, and the U.S. - trading, sourcing, factories, shipments… later real estate. Around 2018, I started helping out. At first, just supporting. Then gradually, getting deeper into the business.

Eventually, I started a boutique market entry firm focused on helping Greater China clients enter Vietnam. We began with a small team of 3, and later transitioned into InCorp Vietnam to expand our capabilities and integrate into a broader regional platform.

Today, I lead market entry and partnerships at InCorp Vietnam, with a personal focus on the Greater China market. We have teams across Ho Chi Minh City, Hanoi, and Da Nang - and access to a broader Asia platform that supports:

• 63,000+ client entities

• 38,000+ active clients

• 2,600+ professionals

• 46 cities

• 23+ markets across Asia-Pacific

That scale matters - because most cross-border strategies don’t fail in planning.

They fail between countries.

What I do

My work focuses on helping companies enter, operate and grow in Vietnam - professionally.

This includes:

• entity setup and regulatory licensing

• integrated legal, tax and accounting support

• EOR, HR, payroll and immigration services

• ongoing compliance and operational support

Vietnam isn’t complicated - but it is unforgiving.

Most companies don’t fail on strategy. They fail on execution: the wrong structure, the wrong partners, the wrong assumptions about how things actually work locally.

I focus on making Vietnam work in practice - not just on paper.

Not just advising. Actually doing it.

Let’s Talk

If you’re looking at Vietnam, you’ll eventually need someone who:

• tells you what actually works

• helps you avoid obvious mistakes

• and is physically there on-the-ground to execute

That’s where I come in.

You can reach me at:
Email: vincent.li@incorp.asia
Vietnam: +84 349 651 670
Hong Kong: +852 9454 5687
WeChat: vincentlimanchun

Or if you prefer a more casual coffee chat — leave your details here.

It’s where me (more about me here) and my team share what actually happens on the ground in Vietnam - the parts that don’t show up in pitch decks.

Most companies don’t fail here because of strategy.

They fail in execution (like structure, partners, assumptions etc), and how things really get done locally.

This page is a running log of what works, what breaks, and what we’re seeing across market entry, operations, and growth.

If you’re building in Vietnam (or thinking about it), this is for you.

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