Vietnam Business News: Week in Review (26 Sep 2025)

Vietnam has quickly become one of Asia’s most dynamic economies, offering foreign investors and entrepreneurs an attractive environment for growth. With its ongoing regulatory reforms, digital transformation, and focus on compliance, doing business in Vietnam is no longer just about market entry - it’s about understanding how innovation and law interact to create sustainable opportunities.

This week’s Vietnam business update highlights key developments:

• Vietnam’s Key Industry Law: New Policy Framework
• Export Growth and Market Development in 2025
• Personal Income Tax Reform
  
• Unified Financial Reporting
• Revised Cybersecurity Law

United Consulting provides regular business updates to highlight the most important shifts affecting entrepreneurs, SMEs, and foreign investors. Whether you’re already doing business in Vietnam or exploring new Business & Investment opportunities, staying ahead of these changes will help you navigate compliance and seize growth potential. Follow us on LinkedIn or Facebook to always stay up to date! 

Vietnam’s Key Industry Law: New Policy Framework

The Ministry of Justice recently held an appraisal meeting to evaluate the Law on Key Industries, which could become a cornerstone in Vietnam’s industrial policy. The Ministry of Industry and Trade emphasized the urgency of creating a legal framework to support sectors critical to Vietnam’s modernization and global competitiveness.

Key provisions of the proposed law include:

• Incentives for domestic manufacturing of essential industrial products.
• Development of supporting industries to build supply chain resilience.

However, concerns were raised regarding potential legal overlaps with existing laws in science, technology, public procurement, and investment. Participants at the appraisal meeting urged:

• A comprehensive legal review to ensure consistency.
• Reconsideration of the proposed Fund for Key Industry Development.
• A balanced approach to incentive schemes for domestic and foreign enterprises.

These discussions reflect Vietnam’s effort to foster industry-specific regulatory clarity, a key concern for companies doing business in Vietnam.

Export Growth and Market Development in 2025

In response to ongoing global trade disruptions, Prime Minister Pham Minh Chinh issued a directive (29/CT-TTg on 23/9/2025) outlining key tasks and solutions to promote exports and develop foreign markets.

Despite a $13.3 billion trade surplus as of mid-September 2025, challenges such as geopolitical tensions and strategic competition continue to pose risks. To maintain momentum, the government aims for over 12% export growth in 2025.

Key components of the directive include:

• Maximizing Free Trade Agreements (FTAs) and accelerating negotiations for new ones.
• Market diversification to reduce reliance on traditional partners.
• Expansion of logistics hubs and port infrastructure.
• Promotion of economic diplomacy to create new trade corridors.
• Enhanced product quality standards and intellectual property protection.
• Streamlined administrative procedures for exporters.

These export-oriented strategies are pivotal for businesses seeking to expand in global markets while maintaining Vietnam compliance across complex jurisdictions.

Personal Income Tax Reform: New Deduction Options

The Government Office has proposed significant changes to the Law on Personal Income Tax, aiming to provide taxpayers with more flexibility and fairness.

The proposal introduces two new personal exemption packages:

1. Standard Package: Similar to the current system.
2. Expanded Package: Includes deductions for housing, transportation, healthcare, and education.

Supporters of the expanded package - including Vietcombank and the Ho Chi Minh City Tax Consulting Association - argue it:

• Reflects the true cost of living.
• Promotes social equity.
• Aligns with broader social policy goals.

However, the Ministry of Finance expressed concerns over data limitations, especially regarding the verification of housing-related expenses due to the absence of a synchronized national real estate database.

This tax reform effort demonstrates Vietnam’s ongoing commitment to modernizing financial policy in line with its evolving economic and social landscape.

Unified Financial Reporting: Simplifying Compliance

To improve governance and transparency, the Ministry of Finance is drafting a circular aimed at unifying the financial statistical reporting system across ministries and agencies.

Key changes in the draft circular:

• Increase in the number of reporting forms from 275 to 287.
• Reduction of 20 forms for individual taxpayers, easing administrative burden.
• Addition of new forms related to:
  • Public investment
  • Industrial zone management
  • Public procurement

The goal is to create a cost-effective system that uses existing administrative databases without increasing personnel or launching new surveys.

For businesses operating in or entering the Vietnam market, these changes mean improved access to reliable data and a more consistent regulatory environment - a vital component of Vietnam business compliance.

Revised Cybersecurity Law: Higher Standards Ahead

The Vietnam National Assembly is currently reviewing amendments to the Cybersecurity Law with the goal of bolstering national digital resilience and supporting local technology enterprises.

Key provisions of the revised law:

• Encourages state agencies and SOEs to prioritize Vietnamese cybersecurity products.
• Recognizes data as a national asset, introducing new data governance mandates.
• Requires certification for heads of critical information systems.
• Expands responsibilities for online service providers.

While these measures offer market opportunities for local firms, small and medium-sized enterprises (SMEs) may face higher compliance costs and challenges in recruiting skilled cybersecurity professionals.

The new law underscores the balance Vietnam is trying to achieve between digital sovereignty, business competitiveness, and regulatory enforcement.

Conclusion: Adapting to Vietnam’s Evolving Business Landscape

The regulatory landscape for doing business in Vietnam is rapidly evolving. From key industry laws to tax reforms and cybersecurity regulations, businesses must adapt quickly to stay compliant and competitive. Keeping up with these changes will help ensure long-term success in Vietnam’s dynamic economy.

Key Takeaways for Businesses in Vietnam

• Key industry law aims to drive industrial growth.
• Export strategies target significant growth in 2025.
• Personal income tax reforms offer relief and expanded deductions.
• Unified financial reporting simplifies tax compliance. 
  
• Cybersecurity updates promote local tech and data sovereignty.

✅ Looking to navigate these changes with confidence? Contact United Consulting today for tailored guidance on doing business in Vietnam and staying fully compliant.