Vietnam Geography, Economy, Culture, and Politics

Vietnam is a Southeast Asian country surrounded by Laos, China, and Cambodia. It has natural resources in phosphates, coal, offshore oil and gas deposits, manganese, timber, and hydropower. It has a population of 96 million people and Vietnamese is the official and most used language, followed by English, some French, and Chinese. Vietnam is not a religious country with almost 82 percent of the population preferring ‘none’.

Over the 1950s and 60s, the communist North attacked the anti-communist South, and the United States got involved in what became a disastrous war for all involved. A 1973 cease-fire agreement allowed the American troops to withdraw and brought about a return to communism. The country is known for little to no civil liberties under its communist dictatorship. The personal income tax rate is 35 percent and the corporate tax rate is at 22 percent. Public debt is over 62 percent of the GDP.

2021
April 21Hung Kings Festival
April 30Liberation Day/Reunification Day
May 1International Labor Day
May 3International Labor Day observed
September 2Independence Day
  • Cty TNHH (Công ty trách nhiệm hữu hạn / “Company with Limited Liability”)
  • Cty TNHH MTV (Công ty trách nhiệm hữu hạn một thành viên/ “Limited Liability Company with a Single member”)
  • Cty CP (Công ty cổ phần / “Company with Joint Stock”)
  • Công ty hợp danh / “Company of Partners”
  • Doanh nghiệp hợp danh / “Enterprise Partnership”
  • DNNN (Doanh nghiệp nhà nước / “Enterprise of the State”)
  • DNTN (Doanh nghiệp tư nhân / “Enterprise Private”): Proprietorship
  • DTNN (Doanh nghiệp có vốn đầu tư nước ngoài “Enterprise with Foreign Investment”)
  • HTX (Hợp tác xã/ Co-operation)
  • Chi nhánh
  • Nhóm Cty (Công Ty / “Group Company”)
  • Corporate Tax: 20%
  • Income Tax (Lowest Marginal Rate): 5%
  • Income Tax (Highest Marginal Rate): 35%
  • VAT/GST/Sales Tax: 10%
  • Orient Commercial Joint Stock Bank (Commercial Bank)
  • Asia Commercial Bank (Commercial Bank)
  • Tien Phong Commercial Joint Stock Bank (Commercial Bank)
  • Hanoi Building Joint-stock Commercial Bank (Commercial Bank)
  • Maritime Commercial Joint Stock Bank (Commercial Bank)
  • Sai Gon Thuong Tin Commercial Joint-stock Bank (Commercial Bank)
  • Eastern Asia Commercial Joint Stock Bank (Commercial Bank)
  • Viet nam Export – Import Commercial Joint Stock Bank (Commercial Bank)
  • Nam A Commercial Joint Stock Bank (Commercial Bank)
  • Saigon bank for Industry & Trade (Commercial Bank)
  • Vietnam Prosperity commercial joint-stock bank (Commercial Bank)
  • Viet Nam Technological and Commercial Joint Stock Bank (Commercial Bank)
  • Military Commercial Joint Stock Bank (Commercial Bank)
  • Bac A Commercial Joint Stock Bank (Commercial Bank)
  • Vietnam International Commercial Joint Stock Bank (Commercial Bank)
  • Southeast Asia Commercial Joint Stock Bank (Commercial Bank)
  • Housing development Commercial Joint Stock Bank (Commercial Bank)
  • Southern Commercial Joint Stock Bank (Commercial Bank)
  • Viet Capital Commercial Joint Stock Bank (Commercial Bank)
  • Sai Gon Joint Stock Commercial Bank (Commercial Bank)
  • Viet A Commercial Joint Stock Bank (Commercial Bank)
  • Saigon-Hanoi Commercial Joint Stock Bank (Commercial Bank)
  • Global Petro Commercial Joint Stock Bank (Commercial Bank)
  • An Binh Commercial Joint Stock Bank (Commercial Bank)
  • Nam Viet Commercial Joint Stock Bank (Commercial Bank)
  • Kien Long Commercial Joint Stock Bank (Commercial Bank)
  • Mekong Commercial Bank (Commercial Bank)
  • Viet Nam thuong Tin Commercial Joint Stock Bank (Commercial Bank)
  • OCEAN Commercial Joint Stock Bank (Commercial Bank)
  • Petrolimex Group Commercial Joint Stock Bank (Commercial Bank)
  • Western Rural Commercial Joint Stock Bank (Commercial Bank)
  • Great Trust Joint Stock Commercial Bank (Commercial Bank)
  • Great Asia Commercial Joint Stock Bank (Commercial Bank)
  • LienViet Post Commercial Joint Stock Bank (Commercial Bank)
  • Mekong Development Joint Stock Commercial Bank (Commercial Bank)
  • Bao Viet Joint Stock Commercial Bank (Commercial Bank)
  • Western Bank (Phuong Tay Bank) (Commercial Bank)
  • Viet Nam Public Bank (PVcomBank) (Commercial Bank)
  • Tien Phong Joint Stock Commercial Bank (Tp Bank) (Commercial Bank)
  • VPBank (Commercial Bank)
  • Timo Bank (Commercial Bank)
  • Ngân hàng Công thương Việt Nam (VietinBank) (State Bank)
  • Ngân hàng Ngoại thương Việt Nam (State Bank)
  • Ngân hàng Nông nghiệp và Phát triển Nông thôn Việt Nam (State Bank)
  • Ngân hàng Phát triển nhà đồng bằng sông Cửu Long (State Bank)
  • Gate House Bank plc United Kingdom (Foreign Bank)
  • Standard Chartered Bank (Foreign Bank)
  • ANZ (Foreign Bank)
  • Citibank Vietnam (Foreign Bank)
  • Bangkok Bank (Foreign Bank)
  • BOA closed (Foreign Bank)
  • BNP Paribas (Foreign Bank)
  • Natixis (Foreign Bank)
  • Deutsche Bank (Foreign Bank)
  • Mizuho Bank (Foreign Bank)
  • HFC Bank (Foreign Bank)
  • The Bank of Tokyo-Mitsubishi UFJ (Foreign Bank)
  • Commonwealth Bank of Australia (Foreign Bank)
  • HSBC (Foreign Bank)
  • Shinhan Bank (Foreign Bank)
  • KEB Hana Bank (Foreign Bank)
  • Industrial Bank of Korea (Foreign Bank)
  • Scotiabank (Foreign Bank)
  • JP Morgan Chase Bank (Foreign Bank)
  • Bank of China (Foreign Bank)
  • Maybank (Foreign Bank)
  • Woori Bank (Foreign Bank)
  • Bank of India (Foreign Bank)

Aadmi can support you with your expansion to Vietnam. Our team of experts in country manage every aspect of your expansion from incorporation, accounting, legal, and even administrative concerns.  Matched with Global People Strategist’s powerful labor compliance software, your company is in good hands.

Contact us today for more information about how your company can benefit from using Aadmi as your global expansion partner.

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