Singapore serves as a springboard for Vietnamese small and medium enterprises (SMEs)
Vietnamese small and medium-sized enterprises (SMEs) are now poised to make a significant leap into Southeast Asia's lucrative markets and global commerce, thanks to a recent collaboration between VietCham Singapore and global payments platform Payoneer. This partnership offers a 'one-stop launchpad' for Vietnamese SMEs, providing a direct pathway to the region's thriving markets. The platform, supported by both government and industry associations, enables free transactions, unlimited product listings, and online contract signing. Traditional cross-border banking has long been a barrier for Vietnamese businesses, with high transaction fees and settlement delays. Payoneer offers financial solutions that allow SMEs to accept multiple global currencies at low cost, manage cross-border cash flow, and access global markets without establishing a foreign entity. The cost of doing business is the top barrier to expansion for Vietnamese businesses, with 44% pointing to it as their biggest challenge. Accessing capital remains difficult, with 46% struggling with inconsistent financial performance, 40% with high debt-to-income ratios, and 37% with limited personal or professional networks. VietCham Singapore provides one-on-one consultations, legal incorporation support, market navigation advice, access to investment and startup resources, and initial public offering advisory. The organisation offers a secure business environment where companies can engage with reliable partners. As trade ties deepen, more targeted support is expected for Vietnamese SMEs, including sector-specific financing and tailored advisory services. Singaporean funds are increasing their investments in Vietnam to capitalise on the country's growth potential and emerging industries. The regional economic momentum and growing institutional support make it an opportune time for Vietnamese SMEs to expand beyond domestic borders. In fact, the Comprehensive Strategic Partnership between Vietnam and Singapore, established earlier this year, has led to a 28.5% increase in bilateral trade in the first half of 2025. The Vietnam-Singapore business-to-business (B2B) marketplace platform, Vietnamsgp.arobid.com, was launched in Singapore with the goal of building a comprehensive digital ecosystem for global B2B trade. Danang, Vietnam's third-largest city, is also making efforts to become a city similar to Singapore, focusing on attracting human capital to develop into a city to live, work, and play. However, establishing a legal entity in a foreign market can be complex for Vietnamese SMEs, with regulations and incorporation requirements that are difficult to navigate. Compliance risks across multiple jurisdictions can be daunting for small teams with limited legal expertise. Despite these challenges, the future looks bright for Vietnamese SMEs. 200 Vietnamese businesses were named for Vietnam National Pavilion 2025 by Vietrade and Alibaba.com, signalling a strong commitment to supporting domestic businesses on the global stage. Business chambers and financial service providers are stepping up with new programs to guide entrepreneurs through cross-border growth. With the right support, Vietnamese SMEs are well-positioned to take advantage of the opportunities presented by the regional economic momentum.
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