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Vietnam

The ISO code of Vietnam is VN according to the ISO 3166 standard. The local name of the country is Viet Nam. Vietnam capital city is Hanoi. People in Vietnam speak the Vietnamese language. Around 2879 BC, Vietnam emerged as a sovereign political entity. In the year 2879 BC, Vietnam emerged as a sovereign political entity. The largest cities in Vietnam are Hanoi, Ho Chi Minh City.

Vietnam is located in the UTC +07:00 time zone, which is also called Indochina Time or ICT. The internet country code top-level domain (ccTLD) for Vietnam is .vn. Other domains assigned to Vietnam are .asia. The International dialing code for Vietnam is 84. People in Vietnam drive on the right side of the road. Total land area of Vietnam is 331,210 km² (approx. 127,880 mi²). Vietnam is not a landlocked country. It means that is is bordered by at least one major body of water.

A view in Vietnam

Vietnam is located in Asia. Vietnam is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life.

Currently Vietnam faces various issues, including logging and slash-and-burn agricultural practices that contribute to deforestation and soil degradation, water pollution and overfishing threaten marine life populations, groundwater contamination limits potable water supply, growing urban industrialization and population migration are rapidly degrading environment in Hanoi and Ho Chi Minh City.

Doing business in Vietnam

We offer various corporate services in Vietnam jurisdiction. These services can serve both, people coming from Vietnam and foreigners. If you plan on doing business in Vietnam you might be interested in contacting us.

To find out about starting your business in Vietnam click on company formation in Vietnam.

To find out how to open a bank account in Vietnam and moreover what type of account Confidus Solutions suggests to create, please click on bank account in Vietnam.

Choose preferred service below or continue reading to find out more about Vietnam.

Company formation Bank account (Corporate)Available banks Bank account (Private)

Demographics of Vietnam

The total population of Vietnam is 96,491,146 people. In Vietnam, the population density is 268 people per square kilometer (697 per square mile). Because of this statistic, this country is considered to be densely populated. The ethnic diversity is almost uniform according to a fractionalization scale which for Vietnam is 0.2383. Vietnam has approximately 50000 foreign immigrants. The median age is approximately 29.2 years. In Vietnam, 39.49 in every 100 people use internet. Vietnam has a Human Development Index (HDI) of 0.638.

The majority religion of Vietnam is folk religions, Vietnam is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Click on a link to read more on demographics of Vietnam.

Culture of Vietnam

People in Vietnam speak the Vietnamese language. According to data on inbound tourists in Vietnam, 7,572,000 tourists arrive in the country each year. The first McDonalds in Vietnam was opened on 8 February 2014, and it was located in Ho Chi Minh City. One of the most popular national dishes of Vietnam is phở. To read more click on culture of Vietnam.

Geography of Vietnam

Vietnam is considered to be a large nation because of its total area. Its total land area is 331,210 km² (approx. 127,880 mi²). Vietnam is located in Asia. Its capital city is Hanoi. Vietnam has 3 neighbouring countries. Its neighbours include Cambodia, People's Republic of China, and Laos. Total length of land borders of Vietnam is 4616 kilometers (~1,782 miles).

The highest point of Vietnam is Fan Si Pan, with its official height being 3143 m (10,312 ft). Including land mass and EEZ, the total area of Vietnam is approximately 748,873 km² (~289,140 mi²). The most notable natural resources found in Vietnam are phosphates, coal, manganese, rare earth elements, bauxite, chromate, offshore oil and gas deposits, timber, hydropower, arable land.To read more click on geography of Vietnam.

Economy of Vietnam

The currency of the country is Vietnamese dong. The symbol used for this currency is ₫, and it is abbreviated as VND. 2% of population in the country are unemployed. The total number of unemployed people in Vietnam is 1,929,823. Each year, Vietnam exports around $128.9 billion and imports roughly $121.4 billion. The Gini Index of the country is 37.6. Vietnam has a Human Development Index (HDI) of 0.638.The Global Peace Index (GPI) for Vietnam is 1.848. Vietnam has a government debt of 48.2% of the country's Gross Domestic Product (GDP), as assessed in 2012. Vietnam is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Major industries in the country are food processing, garments, shoes, machine-building, mining, coal, steel, cement, chemical fertilizer, glass, tires, oil, mobile phones.

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Vietnam is $512,582 billion. Each year, consumers spend around $62,424 million. The ratio of consumer spending to GDP in Vietnam is 0%, and the ratio of consumer spending to the world consumer market is 0.18. The corporate tax in Vietnam is set at 20%. Personal income tax ranges from 5% to 35%, depending on your specific situation and income level. VAT in Vietnam is 10%. In 2013, Vietnam received 4115.7 million USD in foreign aid.In 2014, the foreign aid amounted to 3595.5 USD.To read more click on economy of Vietnam.

Infrastructure of Vietnam

Infrastructure quality in Vietnam is rated to be at 3.11. It indicates a satisfactory quality - roads, railroad, ports and other facilities are able to handle significant traffic at all times and are also suited to various types of transport vehicles and vessels.

In Vietnam, 99% of the population has access to electricity. There are 189,553 internet hosts in Vietnam. Vietnam has 45 airports nationwide.

The logistics performance index of Vietnam is 3.15. It indicates a satisfactory performance - in general, traffic is handeled well, some flaws in certain areas are possible, but overall the logistics system performs reliably and is ready to handle predictable amounts of traffic.

Tracking possibilities for shipments are rated at 3.19. It indicates a satisfactory performance - the tracking systems provide all the basic information as well as additional data about shipments; most of the times it also has a weel established cooperation with foreign and international tracking systems, as well as usually provides information in multiple languages.

To read more click on infrastructure of Vietnam.

Politics of Vietnam

Vietnam, is a socialist single-party state. With regard to political and civil freedoms, Vietnam is 3. Citizens in Vietnam experience little to no civil liberties and political rights. Citizens are not free to express themselves and do not enjoy political freedom or a representative government. Countries with this political situation are dangerous for investment, as an authoritarian government may have outsize control over economic matters. The head of the government is Nguyễn Phú Trọng.

According to the World Bank Group, the government effectiveness index of Vietnam is -0.06. This indicates that the government of Vietnam is mediocre. While some public and civil services are limited, in other cases they can be considered adequate or even effective. Potential investors should carefully evaluate the governmental situation in Vietnam before considering any business maneuvers.In Vietnam, the legislative power is vested in a National Assembly. The Global Peace Index (GPI) for Vietnam is 1.848. The strength of legal rights index for Vietnam is 7. Overall, it is considered to be rather adequate - bankruptcy and collateral laws are able to protect the rights of borrowers and lenders at least decently; credit information is msotly sufficient and generally available. In 2013, Vietnam received 4115.7 million USD in foreign aid. In 2014, the foreign aid amounted to 3595.5 USD. Vietnam is a member of the United Nations (UN). On 20 September 1977, it joined the UN as a full member state. Vietnam is a member of the World Bank. To read more click on politics of Vietnam.

Environment of Vietnam

Vietnam emits 2 metric tons per capita of CO2. 123000 km² of Vietnam's territory is covered in forests. and forest land comprises 37% of all the land in the country. To read more click on environment of Vietnam.

Company formation in Vietnam

The development of telecommunications and economic globalization has made it possible for interested investors to form companies around the world. With proper research, financial investments, and legal backing, business ventures can safely be established in Vietnam.

When establishing a company in Vietnam, an interested investor must do due diligence with regard to legal processes, international regulations, and sufficient investment for success. It is critical to understand cultural, social, and political factors of Vietnam that will affect the establishment and growth of one's business. Contact us or click on company formation in Vietnam to read additional information when setting up a business.

Bank account opening in Vietnam

With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Vietnam. This opportunity for international accounts and investments offers several advantages based on economic regulations and tax structures. Interest rates and fees vary depending on your interests.

When considering opening a bank account in Vietnam, one must enlist the help of international experts to guide them through the process. To find out more about our banking services click on bank account in Vietnam or contact us.