Vietnamese Citizens Opening a Company in Singapore: 2026

Can a Vietnamese citizen open a Singapore company without relocating?

Yes, with a local resident director. A Vietnamese citizen can hold 100 percent of a Singapore Pte Ltd. If not relocating, a nominee director service (1,500 to 3,000 SGD per year plus 2,000 to 5,000 SGD security deposit) satisfies the local director requirement.

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Vietnamese entrepreneurs have rapidly become one of the most active ASEAN founder segments forming Singapore private limited companies, driven by Vietnam’s expanding technology and manufacturing sectors, the need for international banking access that Vietnamese regulated FX controls constrain, and Singapore’s role as the natural regional holding and capital-access jurisdiction for Southeast Asian founders. A Singapore Pte Ltd is fully accessible to Vietnamese citizens, though Singapore’s mandatory local resident director requirement and Vietnam’s specific outbound-investment regulatory framework both require careful planning.

This guide walks a Vietnamese national through opening a Singapore Pte Ltd in 2026: ACRA incorporation mechanics, the nominee director reality, the Vietnam-Singapore tax treaty, the State Bank of Vietnam’s outbound investment regulations, EntrePass and Employment Pass routes, banking access, and the costs in SGD and USD from formation through year two.

Why Singapore for Vietnamese Founders

Singapore offers Vietnamese founders a specific set of advantages. First, it is the regional hub for capital, with nearly all significant Southeast Asian venture capital flowing through Singapore holding structures. Vietnamese unicorns and emerging technology companies (VNG, Tiki, MoMo, Sky Mavis, Kyber Network) have commonly incorporated Singapore holding entities before raising significant international capital. Second, Singapore banking accesses USD, SGD, EUR, and multi-currency flows that Vietnamese local banking (under the State Bank of Vietnam’s foreign exchange regime) cannot match operationally. Third, the Vietnam-Singapore tax treaty with reduced withholding rates and mutual recognition for investors. Fourth, geographic proximity (a 2-hour flight from Ho Chi Minh City to Singapore) and a growing Vietnamese professional community in Singapore.

Vietnam’s accession to multiple trade agreements (CPTPP, RCEP, EVFTA, UKVFTA) has expanded Vietnamese companies’ market access, but the financial infrastructure to serve those markets often still flows through Singapore, particularly for B2B services, SaaS, and capital-intensive businesses requiring international investor co-ownership.

Singapore is a mature regulatory jurisdiction with substance requirements, a local director mandate, and an 8 to 17 percent effective corporate tax. It is not a lower-compliance alternative to Vietnam. Vietnamese founders should plan for the 3,000 to 8,000 SGD per year ongoing compliance cost and the nominee director requirement if not relocating. Review the ACRA Singapore private limited company guide for current requirements.

For a comprehensive comparison of Singapore against UAE and Estonia, the remote business jurisdiction comparison walks through founder-profile-specific trade-offs. For the step-by-step formation mechanics, the Singapore company formation guide covers the details.

Pte Ltd Structure Basics

Singapore’s private company limited by shares (Pte Ltd) is the standard structure. Key requirements:

• At least 1 shareholder (Vietnamese citizen can be sole shareholder, 100 percent ownership)
• At least 1 local resident director (Singapore citizen, PR, EntrePass, or Employment Pass holder)
• Company secretary appointed within 6 months of incorporation
• Registered office address in Singapore
• Paid-up capital minimum 1 SGD
• Constitution (standard model or customized)

The local resident director is the primary structural challenge. Options:

1. Nominee director via corporate service provider (1,500 to 3,000 SGD per year plus security deposit of 2,000 to 5,000 SGD)
2. Self-apply for EntrePass or Employment Pass to become own local director (requires Vietnamese founder to relocate)
3. Co-founder who is Singapore PR or citizen
4. Trusted Singapore-resident family or long-term employee

Most first-year Vietnamese founders use a nominee director while evaluating whether to apply for their own EP or EntrePass.

ACRA Incorporation Step by Step

1. Submit name application via BizFile+ (15 SGD, typically approved within hours).
2. Prepare incorporation documents: founder identification, SSIC activity codes, paid-up capital, registered office.
3. Engage corporate service provider if using nominee director and corporate secretary services (bundled packages common).
4. File incorporation (300 SGD ACRA fee).
5. Receive Certificate of Incorporation within 1 to 3 business days.
6. Open corporate bank account (the main post-incorporation hurdle).
7. Register for GST if above 1 million SGD turnover threshold or voluntarily.

End-to-end formation is typically 3 to 7 business days for paperwork, with banking often taking longer.

Vietnam-Singapore Tax Treaty

Vietnam and Singapore have an active double taxation agreement. Key provisions:

• Dividends: 5 percent (50%+ ownership or investment over USD 10 million), 7 percent (25-50% ownership), 12.5 percent (below 25% ownership)
• Interest: 10 percent
• Royalties: 5 to 10 percent depending on category

A Vietnamese tax resident (typically by 183+ days in Vietnam or permanent home there) is taxed on worldwide income under Vietnamese law. Vietnam’s General Department of Taxation (GDT) operates the individual tax system with progressive rates up to 35 percent. Foreign tax credits apply for Singapore tax paid on the same income.

Vietnam introduced CFC-like rules under the 2019 Tax Administration Law and subsequent guidance that can attribute foreign subsidiary profits to Vietnamese controlling owners in specific cases. In practice, active Singapore operating companies meeting substance requirements rarely trigger attribution, but passive-income-heavy Singapore structures can face scrutiny.

For a Vietnamese founder actively relocating to Singapore and obtaining Singapore tax residency, the personal tax treatment shifts to Singapore’s territorial-source system and out of Vietnamese worldwide taxation. Singapore does not tax foreign-source income of individuals in most cases unless remitted and specifically sourced.

State Bank of Vietnam Outbound Investment

The State Bank of Vietnam (SBV) regulates outbound foreign investment through Decree ⁸³⁄₂₀₁₅ and subsequent amendments. Vietnamese residents investing abroad through company capital require:

• Outbound investment registration with the Ministry of Planning and Investment for investments exceeding certain thresholds
• SBV approval and registration for capital outflow
• Documentation of the purpose, destination, and nature of the investment
• Periodic reporting of investment progress and profit repatriation

For Vietnamese founders funding a Singapore Pte Ltd with modest initial capital (10,000 to 100,000 USD), the administrative burden is significant but navigable through authorized dealer banks. For larger capital deployment, formal MPI and SBV registration is required.

A common practical pathway for bootstrap Vietnamese founders is:

1. Use personal funds earned offshore (consulting, prior foreign salary)
2. Capitalize the Singapore entity progressively through first customer revenue
3. Document the outbound investment through proper SBV channels when formal capital transfer is needed
4. Repatriate profits to Vietnam through authorized channels with treaty-based withholding

The SBV outbound investment framework is navigable but requires documentation. Vietnamese founders should not use informal channels (crypto, cash, parallel markets) to fund Singapore entities, as these create regulatory exposure that can affect both founder and eventual repatriation pathways. Consult the State Bank of Vietnam outbound investment guidance for current procedures.

Vietnamese founders building venture-backed technology companies should treat the Singapore holding structure as a near-default design decision early in the company lifecycle. Restructuring from a Vietnam-only foundation to a Singapore-on-top structure later in the lifecycle is more expensive and disruptive than building with the Singapore holding from year one. VNG, Tiki, MoMo, Sky Mavis, and most significant Vietnamese technology ventures followed the Singapore-holding pattern.

Banking Reality

Singapore banking has tightened for foreign-owned companies since 2018, and Vietnamese-owned entities using only nominee directors face enhanced KYC. Tier-one banks (DBS, OCBC, UOB) require in-person account opening, proof of genuine Singapore business nexus, and often 30,000+ SGD minimum balances.

Digital banks and fintech options (Aspire, Airwallex, Wise Business Singapore, ANEXT Bank, Green Link Digital Bank) accept Vietnamese-owned Pte Ltds with clearer business descriptions, typically onboard within 1 to 3 weeks, and can often be set up largely remotely.

Banking Option	Vietnamese Founder Acceptance	Onboarding Time	Minimum Balance
DBS, OCBC, UOB	In-person, moderate acceptance	4 to 12 weeks	30,000+ SGD
Aspire	Remote, accepted	1 to 3 weeks	0 SGD
Airwallex	Remote, multi-currency	1 to 3 weeks	0 SGD
Wise Business SG	Remote, accepted	1 to 2 weeks	0 SGD
ANEXT Bank	Remote SME digital	1 to 3 weeks	Low

For Vietnamese founders consolidating passport, CCCD (citizen ID), Vietnamese tax code, proof of address, company formation documents, and business plans into the KYC packages that Singapore banks expect, the PDF merge tools at fileformer.com handle the consolidation cleanly.

Visa Routes

EntrePass for innovative entrepreneurs starting businesses in Singapore. Requirements include innovative business, fundraising from accredited investors, IP, research collaboration with a Singapore institution, or track record of entrepreneurship. Approval rate varies and general services businesses are often declined.

Employment Pass for professional employees. A Vietnamese founder can employ themselves at a qualifying salary (minimum 5,000 SGD monthly, higher for experienced professionals and financial sector). New companies with no operating history often face first-application rejection on EP.

Global Investor Programme (GIP) for permanent residency with 2.5 to 50 million SGD qualifying investment.

Most Vietnamese founders start with a nominee-director Pte Ltd, establish operating history and substance, then apply for their own EP in year 2 once the business has measurable activity.

Costs in SGD and USD

Item	Year 1 SGD	Year 1 USD
ACRA fees	315	230
Corporate secretary	500 to 1,500	370 to 1,100
Nominee director	1,500 to 3,000	1,100 to 2,200
Nominee security deposit	2,000 to 5,000	1,470 to 3,700
Registered office	300 to 1,200	220 to 880
Bank setup	0 to 500	0 to 370
Accounting and tax	2,500 to 6,000	1,840 to 4,400
Miscellaneous	200 to 500	150 to 370

Year 1 total: 7,315 to 18,015 SGD (5,380 to 13,220 USD). Year 2 steady state: 5,500 to 15,000 SGD.

Compliance Profile

Singapore corporate tax is 17 percent headline with partial exemptions creating 8 to 12 percent effective for early-stage profits. Startup Tax Exemption applies for first 3 Years of Assessment. GST is 9 percent above 1 million SGD threshold.

Annual compliance:

• AGM within 6 months of FYE (can be dispensed with in some cases)
• Annual Return to ACRA within 7 months of FYE
• Estimated Chargeable Income to IRAS within 3 months of FYE
• Form C-S or C to IRAS by 30 November following assessment year
• Financial statements per SFRS
• Audit if above small-company thresholds

Operational Reality

Many Vietnamese founders run a hybrid structure with both a Singapore Pte Ltd and a Vietnamese LLC (cong ty trach nhiem huu han). The Singapore entity serves international and regional ASEAN customers, holds IP, and receives investor capital. The Vietnamese entity handles local Vietnamese customers, employs Vietnamese staff, and handles physical operations where applicable. Documented intercompany service agreements connect them.

For Vietnamese founders documenting contracts, engagement letters, and intercompany service agreements, the business writing templates at evolang.info include the structured formats adapted for cross-border B2B and intercompany contracting. For founders building professional credentialing that supports enterprise-rate consulting across jurisdictions, the certification prep resources at pass4-sure.us focus on the credentials most correlated with regional rate uplift. For founders benchmarking cognitive readiness for cross-border career transitions, the aptitude tools at whats-your-iq.com provide structured self-evaluation. For founders operating distributed creator, content, or services businesses through the Singapore entity, the solo-operator content at whennotesfly.com addresses sustainable patterns.

Common Mistakes Vietnamese Founders Make

Five patterns recur. First, under-planning the SBV outbound investment registration for Vietnamese-domiciled capital contributions. Second, using nominee-only structures without Singapore substance and then facing IRAS tax residency or bank KYC challenges. Third, underestimating annual compliance cost and cash-flow planning.

Fourth, applying for EntrePass or EP too early in company lifecycle before operating substance exists, facing avoidable rejection. Fifth, running a Singapore Pte Ltd while remaining Vietnamese tax resident without proper CFC documentation and facing GDT scrutiny.

When to Add Complementary Structures

Vietnamese founders who scale past 1 to 2 million USD annual revenue often add:

• A Delaware LLC for US customer billing and Stripe access
• A UK Limited or Estonian OU for EU-facing operations
• A Vietnamese joint stock company for capital structuring in Vietnam

Timeline

• Week 1: Corporate service provider engagement, name application, incorporation
• Week 2: Certificate issuance, corporate secretary appointment
• Week 2 to 8: Bank application, EP or nominee director setup
• Week 6 to 12: Operational with banking

Regional APAC Strategy Through Singapore

Vietnamese founders using Singapore as a regional hub typically target three layers of APAC expansion:

• Southeast Asian neighbors: Indonesia, Malaysia, Thailand, Philippines. Singapore serves as the regional invoicing and holding entity, with either direct service delivery or local market subsidiaries.
• Greater China: Singapore is often the gateway to Hong Kong, Taiwan, and mainland China customers. A Singapore Pte Ltd’s English-language contracting and banking infrastructure smooths enterprise contracting across these markets.
• Australia and New Zealand: With the ASEAN-Australia-New Zealand FTA (AANZFTA), Singapore Pte Ltd access to Australian and New Zealand B2B markets is smoothed by reduced withholding, mutual recognition, and easier service delivery.

The Singapore entity’s 17 percent headline corporate tax (8 to 12 percent effective for early-stage profits) becomes the tax layer for the aggregated regional revenue, with distributions to the Vietnamese owner subject to Vietnam’s worldwide taxation if resident.

VAT and GST Considerations

Singapore GST at 9 percent applies above 1 million SGD threshold. Below threshold, voluntary registration is often beneficial for B2B companies whose customers are GST-registered and can recover input GST. For SaaS or digital-services companies serving international customers, the bulk of revenue can be zero-rated (international services rules), with Singapore GST applying only to Singapore-domiciled B2C consumers.

Vietnam’s VAT framework (10 percent statutory standard rate, currently reduced to 8 percent on most goods and services through a temporary measure extended to December 31, 2026, plus 5 percent reduced for some categories and 0 percent for exports) interacts with the Singapore entity’s invoicing when services are delivered into Vietnam. Cross-border B2B services from Singapore to Vietnamese VAT-registered customers typically trigger Vietnamese reverse-charge VAT, which the Vietnamese customer self-accounts. This simplifies the Singapore entity’s Vietnam-facing billing.

Venture Capital Access Through Singapore

Singapore is the primary vehicle through which Southeast Asian startups access international venture capital. The 500+ VC funds based in or actively investing through Singapore (including regional offices of Sequoia, Accel, Tiger, and pan-Asian firms like GGV, East Ventures, Openspace, Wavemaker, Insignia, Monk’s Hill, Vertex, and many others) prefer to invest in Singapore Pte Ltd holding structures for cap table clarity, Singapore law familiarity, and exit-path predictability.

For Vietnamese founders building venture-backed technology companies, the Singapore Pte Ltd as holding entity (with a Vietnamese operating subsidiary for local delivery) is the near-default structure. Investment rounds typically convert through Singapore at the holding level, preserving investor preferences and governance expectations while retaining Vietnamese operating substance.

IP Holding and Transfer Pricing

For technology and content businesses, Singapore serves as an IP holding jurisdiction with specific tax regimes. The IP Development Incentive (IDI) provides reduced tax rates on qualifying income from IP developed in Singapore. Vietnamese founders licensing software, brand rights, or content from the Singapore entity to subsidiaries (Vietnamese, regional, or global) need proper transfer pricing documentation under Singapore and Vietnam’s aligned OECD-model frameworks.

Emigration Tax and Vietnamese Residence Transition

Vietnamese founders considering personal relocation to Singapore face specific residence-transition considerations. Vietnamese tax residency depends on the 183-day presence test, permanent residence, or center of vital interests. Breaking Vietnamese tax residency requires actual relocation substance: disposing of or permanently leasing Vietnamese residence, moving family and personal effects, establishing equivalent Singapore arrangements, and actual physical presence primarily outside Vietnam.

Vietnam does not have a formal “exit tax” like Germany or France, but the GDT scrutinizes tax residency claims. Vietnamese founders with substantial Vietnamese shareholdings or assets should plan the transition carefully with a Vietnamese tax advisor to avoid disputes and potential retroactive Vietnamese taxation on post-exit income.

Double Taxation and Treaty Mechanics

The Vietnam-Singapore tax treaty’s main operational mechanisms for a Vietnamese founder:

• Permanent establishment analysis determines where business profits are taxable
• Dividend withholding is reduced to 5 percent (50%+ ownership or investment over USD 10 million), 7 percent (25-50% ownership), or 12.5 percent (below 25% ownership)
• Interest withholding capped at 10 percent
• Royalty withholding at 5 to 10 percent depending on category
• Foreign tax credit mechanism prevents double taxation

For a Vietnamese founder who remains Vietnamese tax resident while owning a Singapore Pte Ltd, the treaty provides structural relief but does not eliminate Vietnamese worldwide taxation. Vietnamese CFC-like rules under the 2019 Tax Administration Law can still attribute foreign subsidiary profits in specific cases. The cleanest outcome for a Vietnamese founder seeking meaningful tax benefit is to actually relocate and establish Singapore tax residency.

Cultural and Operational Fit

Vietnamese founders typically find Singapore operationally and culturally approachable. English-language business environment matches most Vietnamese professional practice. Flight time from HCMC or Hanoi is manageable (2 hours). The Vietnamese community in Singapore, while smaller than the Indian or Indonesian communities, is established in tech, finance, and professional services. Singapore’s business culture (direct, punctual, documented) differs from Vietnamese operating norms in some respects but is straightforward to adapt to.

For Vietnamese founders running regional businesses serving both Vietnam and broader Southeast Asia, the Singapore Pte Ltd combined with a Vietnamese LLC addresses both market sides. The intercompany structure, documented arm’s-length pricing, and clear separation of substance between the entities support the legitimacy of both operations.

How to open a business bank account without GST for Vietnamese founders in Singapore?

Singapore GST registration is mandatory only above SGD 1 million annual turnover - below that threshold, Singapore Pte Ltd entities operate without GST and still open full business bank accounts. For Vietnamese founders forming a Singapore Pte Ltd, the sequence is: ACRA BizFile+ incorporation (SGD 315 = SGD 15 + SGD 300, 15 minutes to 2 business days), appoint Singapore-resident director (nominee director SGD 1,500 to 3,000/year), appoint company secretary (SGD 300 to 800/year), secure registered office (SGD 300 to 1,000/year), then open bank account. No GST registration required below SGD 1M turnover. Singapore banking options: DBS Business, OCBC Business, UOB Business (2 to 6 weeks, in-person interview, SGD 0 to 50/month, SGD 1,000 to 5,000 minimum opening), ANEXT Bank (DBS digital, fully remote, 1 to 5 days, SGD 0 minimum), Aspire (1 to 3 days, SGD 0 minimum, strong for e-commerce), Wise Business (1 to 5 days, SGD 0, multi-currency). For Vietnamese founders under the SGD 1M turnover threshold, Aspire or ANEXT Bank is the cheapest and fastest option. Singapore’s 17% headline corporate tax with partial exemption brings effective rates to 0% to 8.5% for the first SGD 100K to 300K profits.

How to register a company in Singapore ACRA for Vietnamese founders?

Vietnamese founders register Singapore Pte Ltd through ACRA BizFile+ at bizfile.gov.sg for SGD 315 (SGD 15 name reservation + SGD 300 incorporation fee) in 15 minutes to 2 business days. Requirements: at least one Singapore-resident director (Vietnamese founders without Singapore PR or Employment Pass hire nominee director at SGD 1,500 to 3,000/year), company secretary appointed within 6 months (SGD 300 to 800/year), registered Singapore office (SGD 300 to 1,000/year), SGD 1 minimum issued share capital. Vietnamese shareholders and directors face no nationality restrictions. Post-registration, appoint nominee director if non-resident, open CorpPass (digital government ID for the company), and open bank account at DBS/OCBC/UOB (2 to 6 weeks, in-person interview required) or fintechs ANEXT Bank, Aspire, Wise Business (1 to 5 days remote). For Vietnamese founders, the practical setup is: ACRA incorporation (SGD 315) + nominee director (SGD 2,000/year) + secretary (SGD 500/year) + office (SGD 600/year) + Aspire bank account (SGD 0 minimum) = SGD 3,415 first year + SGD 3,100/year ongoing. Singapore’s 17% headline corporate tax with partial exemption brings effective rates to 0% to 8.5% for first SGD 100K to 300K profits - compelling for Vietnamese SaaS and cross-border e-commerce targeting ASEAN markets.

References

1. Accounting and Corporate Regulatory Authority (ACRA). https://www.acra.gov.sg/how-to-guides/before-you-start
2. Inland Revenue Authority of Singapore (IRAS). https://www.iras.gov.sg/taxes/corporate-income-tax
3. Vietnam-Singapore Double Taxation Avoidance Agreement, GDT. https://www.gdt.gov.vn/
4. State Bank of Vietnam, outbound investment regulations. https://www.sbv.gov.vn/
5. Vietnamese Ministry of Planning and Investment, outbound investment registration. https://www.mpi.gov.vn/
6. Singapore Ministry of Manpower, EntrePass. https://www.mom.gov.sg/passes-and-permits/entrepass
7. Singapore Ministry of Manpower, Employment Pass. https://www.mom.gov.sg/passes-and-permits/employment-pass
8. OECD Common Reporting Standard, Vietnam and Singapore participation. https://www.oecd.org/tax/automatic-exchange/

Frequently Asked Questions

Can a Vietnamese citizen open a Singapore company without relocating?

Yes, with a local resident director. A Vietnamese citizen can hold 100 percent of a Singapore Pte Ltd. If not relocating, a nominee director service (1,500 to 3,000 SGD per year plus 2,000 to 5,000 SGD security deposit) satisfies the local director requirement. A brief Singapore visit is typically needed for tier-one bank account opening, though fintech options (Aspire, Airwallex, Wise Business Singapore, ANEXT) can often be set up largely remotely after incorporation.

How long until I can open a Singapore corporate bank account?

Digital banks (Aspire, Airwallex, Wise Business, ANEXT, Green Link) typically onboard a Vietnamese-owned Pte Ltd within 1 to 3 weeks of incorporation. Tier-one banks (DBS, OCBC, UOB) require in-person account opening and typically take 4 to 12 weeks, with minimum balance requirements of 30,000 SGD or more. Many Vietnamese founders start with a digital bank for immediate operation and add a tier-one bank later once business has operating history.

Do I need a local Singapore director?

Yes. Singapore law requires every Pte Ltd to have at least one director ordinarily resident in Singapore (citizen, PR, or EP/EntrePass holder). Vietnamese founders not relocating typically use a nominee director service, apply for EntrePass or Employment Pass themselves, or bring in a Singapore PR co-founder who genuinely participates in the business.

What is the tax implication in Vietnam of owning a Singapore company?

Vietnamese tax residents must declare worldwide income including Singapore Pte Ltd distributions to the General Department of Taxation. Vietnam’s individual tax rates are progressive up to 35 percent. The Vietnam-Singapore tax treaty provides withholding rate reductions and foreign tax credits. Vietnam introduced CFC-like attribution rules under the 2019 Tax Administration Law that can apply to passive-income structures but rarely to active operating Singapore companies with substance.

How do SBV rules affect funding my Singapore company?

The State Bank of Vietnam regulates outbound foreign investment under Decree ⁸³⁄₂₀₁₅ and subsequent amendments. Vietnamese residents investing abroad through company capital require outbound investment registration with the Ministry of Planning and Investment for amounts above thresholds and SBV registration for capital outflow. Authorized dealer banks handle the paperwork. For small initial capital (10,000 to 100,000 USD), the process is administratively burdensome but navigable. Many bootstrap founders minimize upfront capital by capitalizing the Singapore entity progressively through first customer revenue.

What is the total cost to form and operate a Singapore Pte Ltd?

A Vietnamese founder using a nominee director spends 7,300 to 18,000 SGD (5,400 to 13,200 USD) in year one. This includes 315 SGD ACRA fees, 500 to 1,500 SGD corporate secretary, 1,500 to 3,000 SGD nominee director, 2,000 to 5,000 SGD nominee security deposit, 300 to 1,200 SGD registered office, 0 to 500 SGD bank setup, and 2,500 to 6,000 SGD accounting and tax. Year two steady state: 5,500 to 15,000 SGD. Becoming own EP holder eliminates the nominee cost.

Should I have both a Singapore Pte Ltd and a Vietnamese LLC?

Often yes for founders with substantial Vietnamese market operations. The Singapore Pte Ltd serves as regional and international customer face, IP holder, and investor capital receiver. The Vietnamese LLC handles local Vietnamese customers, employs Vietnamese staff, manages physical operations, and handles regulated activities requiring Vietnamese entity status. Documented intercompany service agreements and transfer pricing documentation connect them. Most Vietnamese technology unicorns operate this dual-entity pattern.

Contributors

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Emir Baycan Fact-checked and corrected this article

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