INTHEBLACK September/October 2025 - Magazine - Page 23
an even brighter picture. The tax structure is being
simplified and a powerful start-up ecosystem is
developing. The Make in India program is boosting
manufacturing and is a strong magnet for global
investors, and the world’s biggest IT talent pool
is within reach.
SKILLS IN DEMAND
1. Data analysis
2. Sustainable finance
3. ESG reporting
MAJOR SECTORS
• Services
• Industrial and construction
• Agriculture, forestry and fishery
KEY BUSINESS ATTRACTIONS
With robust economic growth; shared borders
with China, Laos and Cambodia; plus favourable
demographics including a population of 96 million,
an expanding middle class, a median age of 30
and plentiful low-cost labour; Vietnam has
much to offer.
LOCAL INSIGHT
“Many business travellers are surprised by the
sheer pace and intensity of the Indian work culture,”
says Himanshu Sethi CPA, start-up consultant and
business coach. “There’s a deep-rooted culture of
commitment and going the extra mile, often
resulting in longer working hours than expected.”
Businesspeople entering India should take
time to understand cultural differences, as well
as local regulations.
“One of the biggest challenges today is navigating
the evolving and often complex regulatory landscape,”
he says. “India is on a fast track in terms of digital
growth and innovation, and with that comes a
growing focus on data privacy, ESG compliance
and the responsible use of AI. Businesses are being
pushed to step up governance structures and align
with global standards.
“Additionally, the Financial Action Task Force and local
regulatory bodies have significantly tightened oversight
related to anti-money laundering and counterterrorism
financing … This means compliance is not just a boxticking exercise. It needs to be deeply embedded into
day-to-day operations and decision-making.”
VIETNAM
OVERVIEW
An impressive economic expansion of over
7 per cent GDP growth in 2024, driven by
powerful performances in manufacturing trade,
agriculture and services, demonstrates the
optimism around the Vietnamese economy.
The same year, imports increased 16.7 per cent
to US$380.7 billion (A$592.5 billion) and exports
by 14.3 per cent to US$405.5 billion (A$631 billion).
FDI was up 3.35 per cent YOY in 2023, to
US$18.5 billion (A$28.7 billion). Vietnam’s
digital economy accounted for 12 per cent
of GDP.
SKILLS IN DEMAND
1. Data analysis
2. Cloud computing skills
3. Logistics management
CPA AUSTRALIA
MEMBERS
1315
LOCAL INSIGHT
Kelly Wong FCPA, CEO
of the VNG Corporation,
says the strongest
business sectors right
now are in technology.
“I may be a little
biased,” he says, “but
I see a lot of opportunity
in this sector given the
government initiatives
to digitise the economy.
“We also have a
fundamentally strong tech
culture driven by a young
and eager population that is
tech-savvy and literate. We have
a strong education base creating
a growing workforce in the tech
industry that is now able to serve
companies beyond Vietnam.”
Ho Chi Minh City,
In terms of the cultural side of doing business
Vietnam
in Vietnam, Wong says there are not many issues to
look out for as the Vietnamese people are “generally
very open and understanding”. Business visitors
are more likely to find a challenge while crossing
a street, as opposed to in a business meeting.
“At first sight, the traffic seems chaotic with the
mix of cars and motorbikes,” he says. “But I liken
them to a school of fish. If you move steadily and
slowly, you’ll manage to make it across the street
safely. It’s like how a large school of fish moves
fluidly and steadily navigates obstacles and
swims around them. So, be steady in pace,
and commit!”
GLOBAL GAME CHANGERS intheblack.cpaaustralia.com.au 23
