Despite its progressive trade policies, challenges remain for businesses moving to Vietnam. In 2023, the country ranked 46th out of 78 in TMF Group’s Global Business Complexity Index16. All reporting and filing paperwork must have certified Vietnamese translations notarised by courts in the business’s home country and verified by a Vietnamese embassy. While the Vietnamese Dong is pegged to the US Dollar, currency transactions – especially outflows – are heavily regulated.
While the country is streamlining regulations to attract foreign businesses, you will still need an experienced partner to help you navigate the country’s bureaucracy, which can be opaque and has not adopted international disclosure standards.17
You will also need to navigate language barriers to achieve success in Vietnam. Although basic English is fairly widespread throughout the country, most English speakers are not proficient in a business context. As well as this, social interactions and personal relationships play a key role in Vietnamese business culture. When you partner with HSBC you have access to our multilingual team; with fluency in 24 languages, to help you overcome any cultural or linguistic challenges of doing business in Vietnam.