And, among the latter, industrial park areas (with the goal of creating 221 and expanding 76 over the next four years), especially those of Bac Ninh and Hai Phong in the north (high technology, electronics, and automotive); Binh Duong and Dong Nai in the south (consumer goods); and Da Nang in the center (logistics and manufacturing). Free trade zone areas, particularly Da Nang, with more than 1,881 hectares along the Hai Van district and the communes of Ba Na and Hoa Vang, adjacent to the port of Lien Chieu, dedicated to high technology, biopharmaceuticals, renewable energy, and aviation. And special economic zones, which the Vietnamese Government, after an initial trial with Chu Lai-Quang Nam, has continued to expand with Van Don-Quang Ninh (ecotourism, aviation, and high-quality services), Bac Van Phong-Khanh Hoa (maritime-related economic activities, deep-water ports, and logistics), and Phu Quoc-Kien Giang (tourism, resorts, and financial services).

2. Legal structures

When doing business, especially when oriented toward investment rather than export, having adequate knowledge of the regulatory framework and the appropriate structures is an unavoidable necessity. In the first case, important updates must be considered, both from the Law on Investment (LoI- No. 143/2025/QH15, in effect since March 1, 2026) and the Law on Enterprises (LoE- No. 59/2020/QH14, amended by Law No.76/2025/QH15, in effect since July 1, 2025), as the former removes the requirement for special licenses in 38 sectors where they were previously required, such as telecommunications, education, or tourism; allows the incorporation of companies before receiving project investment approval, reversing the previous “project-first” requirement, and approves new incentives in specific sectors like semiconductor manufacturing, artificial intelligence, and digital technology.

The second law regulates, among other matters, those relating to the mandatory disclosure of beneficial owners of companies, identifying, collecting, and updating records of individuals who control 25% or more of the charter capital or voting shares, or otherwise control the company, to align with Financial Action Task Force (FATF) standards and combat money laundering; the strengthening of rules on capital contributions, introducing prohibitions against false declarations, such as those referring to the registration of capital not fully contributed or the valuation of assets that do not reflect their true economic value, with the aim of controlling shell companies; the civil liability of legal representatives for damages or losses resulting from inaccurate declarations; or the use of electronic identification accounts (Level 2 e-ID) through the VNeID application for any administrative procedures.

That said, moving from the regulatory framework to legal structures, we find the limited liability company (LLC)—the most popular among foreign investors—or the joint-stock company (JSC) and, more limitedly, the representative office, ideal for market research but not for commercial operations. Also, the branch, which is excluded from certain sectors such as banking and whose dependence on the head office is simultaneously its strength and its weakness; and the “Joint-Venture” company, in the form of an LLC or JSC, between a foreign investor and a local investor, with its own legal personality and shared management. And finally, the business cooperation contract, which, while discarding participation associations and similar arrangements, is frequently used in the telecommunications or oil and gas sectors; and public-private partnership contracts (PPP) to provide services of general interest, such as infrastructure, hospitals, or technological centers.

3. Main incentives

The business opportunities mentioned above, while significant, would not be as relevant if they were not backed by corresponding incentives. Among them, it is worth highlighting, first, corporate incentives, specifically those relating to corporate income tax, especially following the new Law on Corporate Income Tax (CIT) (Law No. 67/2025/QH15, in effect since October 1, 2025), which has introduced important updates: thus, reduced rates of 10% (compared to the standard 20%) for 15 years, along with a 4-year exemption and a 50% reduction for 9 years, for high-tech, AI, semiconductor, and renewable energy projects; a 100% exemption for three consecutive years for eligible SMEs; a 4-year exemption and a 50% reduction for 5 years for education, health, and environmental service projects; and a 200% deduction of costs for research and development projects.

To these incentives, others must be added, equally designed to boost foreign direct investment, whether tariff-based: exemptions on the import of machinery, equipment, and components not locally manufactured; land-related: exemptions or reductions in rents and levies for leasing land in areas with especially difficult socio-economic conditions; financial: reduced CIT rates of 10% for 15 years for projects involving an investment exceeding 12,000 billion dongs (VND) (equivalent to approximately 393,000 euros), the manufacturing of competitive products, or significant job creation; industrial: reduced CIT rates of 10% for 15 years in the Saigon, Da Nang, and Hoa Lac parks; or personal: exemptions from personal income tax until 2030 (Decree No. 324/2025/ND-CP) for managers, experts, or highly qualified workers performing their duties in international special centers.