Tax, economy, and demographics

Dimension	Singapore	Vietnam
Corporate income tax	17%Moderate	20%High
Corporate tax basis	Modified remittance basisModified remittance basis	WorldwideWorldwide
Personal income tax (marginal)	24%Low	35%Moderate
Personal tax basis	TerritorialTerritorial	WorldwideWorldwide
Population	6.1 M	102.2 M×17
Area	735 km²	331,212 km²×451
Population density	8,313 /km²	308 /km²
Capital	Singapore	Hanoi
Currency	SGD (Singapore dollar)	VND (Vietnamese dong)
Main airport	SIN (Singapore Changi Airport)	SGN (Tan Son Nhat International Airport)
Phone code	+65	+84
Internet TLD	.sg	.vn

Visa access controls

Your access

Pick your nationality above to see how long you can stay in each country and whether you need a visa.

Passport power

Mobility strength of each country's passport, useful if you are weighing it as a future citizenship.

Singapore passport

#1

Henley rank

192

Visa-free destinations

• Schengen visa-free
• UK visa-free
• US ESTA
• Canada eTA
• Australia eTA

Vietnam passport

#85

Henley rank

48

Visa-free destinations

Verdict

For professionals who prioritize banking index, Singapore leads with 9.5 / 10 versus 5.0 / 10 for Vietnam. On flight index, Singapore is at 8.9 / 10 compared with 4.6 / 10 for Vietnam.

Frequently asked questions

• Singapore

  Can foreign residents open bank accounts and deploy capital in Singapore without friction?

  The financial regulator is the Monetary Authority of Singapore (MAS), which combines central-bank, banking-supervision, securities-regulation, and insurance-supervision functions. Singapore is a top-tier banking jurisdiction with the three local incumbents (DBS, OCBC, UOB) plus the Singapore branches of HSBC, Standard Chartered, Citibank, and a deep roster of private-bank platforms (Bank of Singapore, J. Safra Sarasin, Pictet, Lombard Odier, Julius Baer, UBS Wealth, BNP Paribas Wealth Management). Account opening for foreign residents is straightforward for retail accounts (1 to 3 weeks with valid pass and proof of address) but rigorous for non-resident or HNWI accounts (4 to 12 weeks, often requiring an in-person meeting). All Singapore institutions apply enhanced source-of-funds verification and full FATCA and CRS reporting under the Income Tax (International Tax Compliance Agreements) Order. Singapore is a FATF member with a strong technical compliance profile (compliant on 20 of 40 FATF Recommendations and largely compliant on 17 of 40 per the most recent enhanced follow-up report) and applies the AMLD-equivalent Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act and the Terrorism (Suppression of Financing) Act. There are no foreign exchange controls and the SGD is fully convertible. Foreign nationals can purchase non-landed private residential property freely (apartments, condominiums) but face a 60 percent Additional Buyer Stamp Duty (ABSD) on residential purchases, with Singapore Permanent Residents paying a reduced 5 percent ABSD on their first residential property and 30 percent on the second (and 35 percent on third and subsequent). Singapore citizens are exempt on their first property and pay 20 percent on the second and 30 percent on the third and subsequent. Landed residential property and vacant residential land require Land Dealings Approval Unit consent and are typically restricted to citizens. Singapore tolerates regulated cryptocurrency activity under the Payment Services Act 2019 administered by MAS, with Digital Payment Token Service Provider licensing required for exchanges and custody.

• Vietnam

  Can foreign residents open bank accounts and deploy capital in Vietnam without friction?

  The State Bank of Vietnam (SBV) regulates the banking sector under the Law on Credit Institutions 2024 (Law No. 32/2024/QH15). Major domestic retail banks include Vietcombank (Joint Stock Commercial Bank for Foreign Trade), VietinBank, BIDV, Agribank, MB Bank, Techcombank, VPBank, and ACB. Foreign-incorporated banks operate through licensed subsidiaries or branches, with HSBC Vietnam, Standard Chartered, Shinhan Bank Vietnam, and United Overseas Bank (UOB) active in retail. ANZ exited retail banking in Vietnam after selling its retail business to Shinhan Bank Vietnam in 2017 and now maintains only an institutional and corporate presence. The baseline account-opening requirement for a foreign individual is a valid passport together with a valid visa or residence document such as a Temporary Residence Card (TRC). Banks may additionally request a local address, proof of income, source-of-funds documentation, and in-person biometric verification depending on the account type, residency status, and anti-money laundering risk profile. Account-opening lead times are bank-specific rather than set by regulation and vary widely between institutions and customer segments. Vietnam implements the United States Foreign Account Tax Compliance Act (FATCA) through a Model 1 Intergovernmental Agreement (IGA) signed on April 1, 2016 and in force since July 7, 2016, under which Vietnamese financial institutions report United States account holders to the local authority for onward exchange. Vietnam is not a participating jurisdiction under the Common Reporting Standard (CRS) and has not commenced automatic exchange of individual financial account information, although it joined the Multilateral Convention on Mutual Administrative Assistance in Tax Matters in 2023 and signed the country-by-country reporting Multilateral Competent Authority Agreement in January 2025 for corporate group reporting. The Financial Action Task Force (FATF) placed Vietnam on its list of jurisdictions under increased monitoring, commonly called the grey list, in June 2023 over anti-money laundering deficiencies, and Vietnam remained listed at the February 2026 FATF plenary, with remediation under the Anti-Money Laundering Law 2022 (Law No. 14/2022/QH15) ongoing. Vietnam maintains active foreign exchange controls under Ordinance 28/2005/PL-UBTVQH11 as amended. The Vietnamese dong is not freely convertible, and foreign currency may be held in onshore accounts but used within Vietnam only in permitted cases. Foreign residents may operate foreign-currency accounts and remit lawful post-tax income abroad through licensed banks against supporting documents, while foreign investors may repatriate lawful profits and recovered capital from direct investment through dedicated capital accounts. Circular 20/2022/TT-NHNN governs one-way outward transfers and current-account payments, but its personal transfer categories such as study, medical treatment, support for relatives, inheritance, and settlement abroad are framed under Article 7.2 of Decree 70/2014/ND-CP around residents who are Vietnamese citizens rather than foreign residents generally, so it should not be read as the universal outbound regime for all foreign individuals. The International Financial Center (IFC) regime under Resolution 222/2025/QH15 adds a targeted carve-out for IFC members, including freer use of foreign currencies between IFC members and simplified capital flows, which is not a general liberalization of the capital account for all foreign residents. Foreign investors face restrictions on real estate. Foreign individuals may purchase apartment units in eligible commercial housing developments capped at 30 percent of any one building and 250 landed houses per ward-equivalent area, with ownership rights generally limited to 50 years and renewable once for up to 50 more years subject to provincial People's Committee approval rather than automatic renewal. Land remains under all-people ownership administered by the State and cannot be held freehold by foreigners, and agricultural land is closed to foreign ownership. On digital assets, Law No. 71/2025/QH15 on Digital Technology Industry, effective January 1, 2026, recognizes crypto assets as property that can be owned, traded, and inherited, ending years of legal ambiguity, while cryptocurrency remains barred as a means of payment and is not legal tender. A controlled five-year pilot under Resolution 05/2025/NQ-CP running from 2025 to 2030 governs issuance, trading, and supervision, with all crypto trading and settlement denominated in Vietnamese dong, and the Ministry of Finance began accepting licence applications from Vietnamese crypto service providers in January 2026.

• Singapore

  How does taxation apply to residents and foreign-source income in Singapore?

  Singapore operates a territorial-with-remittance corporate tax system at a flat 17 percent headline rate on Singapore-sourced income and on foreign income received in Singapore (Section 10 of the Income Tax Act 1947), with broad foreign-source exemption under Section 13(8) for dividends, branch profits, and service income meeting the subject-to-tax and headline-rate (15 percent) tests. Tax residency for individuals is established by the 183-day rule under Section 2 of the Income Tax Act, with administrative concessions for two-year and three-year continuous employment. For individuals, progressive rates run from 0 percent (first SGD 20,000) to a top marginal of 24 percent on chargeable income above SGD 1,000,000, raised from 22 percent effective Year of Assessment 2024. Foreign-source income received in Singapore by resident individuals in their personal capacity is generally not taxable as a matter of administrative practice consistent with the territorial principle (the Comptroller of Income Tax exempts such income where the exemption is beneficial to the recipient), while income received through a Singapore partnership falls within the Foreign-Sourced Income Exemption (FSIE) scheme under Sections 13(7A) to 13(11) of the Income Tax Act 1947 subject to subject-to-tax and 15 percent foreign headline rate conditions. Combined with the absence of capital gains tax, dividend tax, inheritance tax, and wealth tax, this produces a de facto territorial regime for individual taxpayers. Non-residents pay a flat 24 percent on most income except employment income, taxed at the higher of 15 percent flat or progressive resident rates. The Section 10L rule introduced in Budget 2024 may tax certain foreign-asset gains received in Singapore by entities lacking economic substance. For corporates, several concessionary regimes lower the effective rate well below 17 percent. The Pioneer Certificate Incentive (PC) and Development and Expansion Incentive (DEI) administered by EDB grant 5 percent, 10 percent, or 15 percent on qualifying headquarter or high-value-added manufacturing income, with the 15 percent tier introduced in Budget 2024 (effective 17 February 2024) to align with the OECD Pillar Two minimum effective tax rate. The Financial Sector Incentive (FSI) administered by the Monetary Authority of Singapore offers 5 percent, 10 percent, 13.5 percent, or 15 percent rates across sub-categories including FSI-Standard Tier, FSI-Headquarter Services, FSI-Trustee Company, and FSI-Fund Management (with a 5 percent rate for newly listed Singapore fund managers under Budget 2025), with the 15 percent tier added in Budget 2025 effective 19 February 2025 to align with Pillar Two. The Intellectual Property Development Incentive (IDI) grants 5, 10, or 15 percent on a percentage of qualifying IP income determined by the OECD modified nexus approach (BEPS Action 5). The Finance and Treasury Centre (FTC) regime grants 8 or 10 percent on approved corporate treasury income. The Global Trader Programme (GTP) administered by Enterprise Singapore grants 5, 10, or 15 percent on international physical commodity trading income. The Refundable Investment Credit (RIC) introduced in Budget 2024 is a Pillar Two-compliant Qualifying Refundable Tax Credit awarded by EDB or Enterprise Singapore on an approval basis with up to 50 percent of qualifying expenditure supported and a 4-year cash-refundable balance. Section 13W of the Income Tax Act provides a statutory safe harbour exempting gains from disposal of ordinary shares (and, since Budget 2025, qualifying preference shares accounted for as equity by the investee) where the divesting company has held at least 20 percent of the investee continuously for at least 24 months prior to disposal, with the previous 31 December 2027 sunset removed under Budget 2025 making the safe harbour permanent. Family offices use Section 13O (Singapore Resident Fund Scheme) and Section 13U (Enhanced-Tier Fund Scheme) of the Income Tax Act, both materially tightened by MAS Circular FDD Cir 10/2024 effective 1 January 2025. Section 13O requires minimum AUM of SGD 20 million in designated investments at application (no grace period), at least two investment professionals with at least one non-family member (12-month grace for the second), tiered local business spending starting at SGD 200,000, and mandatory local-investment deployment of at least 10 percent of AUM or SGD 10 million whichever is lower. Section 13U requires SGD 50 million minimum AUM at application and at end of each basis period, three investment professionals (one non-family member for SFO structures), and tiered local business spending of SGD 200,000, SGD 500,000, or SGD 1,000,000 depending on AUM band. Both regimes have required a screening report from MAS-approved providers since October 2024. Beyond 13O and 13U, Section 13D of the Income Tax Act provides tax exemption to non-Singapore tax-resident offshore funds managed from Singapore with no AUM minimum (one Singapore-based investment professional required from Year of Assessment 2028 onwards), and the new Section 13OA effective 1 January 2025 extends the resident fund regime to Singapore-registered limited partnerships with a SGD 5 million minimum AUM and tiered local business spending starting at SGD 200,000. Singapore has signed over 90 comprehensive Avoidance of Double Taxation Agreements covering all major OECD economies, China, India, and most ASEAN states. Singapore has enacted the Multinational Enterprise (Minimum Tax) Act 2024 implementing the OECD Pillar Two Income Inclusion Rule and Domestic Top-up Tax for in-scope multinational groups (consolidated revenue above EUR 750 million), with IRAS registration opening in May 2026.

• Vietnam

  How does taxation apply to residents and foreign-source income in Vietnam?

  Vietnam taxes individual tax residents on their worldwide income, while non-residents are taxed only on Vietnam-source income. Tax residency for individuals arises after 183 days of presence in a calendar year, or with a permanent residence in Vietnam, or with a leased accommodation for at least 183 days under Circular 111/2013/TT-BTC. Residents are taxed on worldwide employment income at a progressive scale topping at 35%. The current 7-bracket schedule (5/10/15/20/25/30/35%) triggers the top rate above VND 80 million per month. Personal Income Tax (PIT) Law No. 109/2025/QH15, passed December 10, 2025 and effective July 1, 2026 with employment provisions applying from tax year 2026, simplifies the schedule to 5 brackets (5/10/20/30/35%) and raises the top-rate threshold to VND 100 million per month. The same law raises the personal deduction from VND 11 million to VND 15.5 million per month and the dependent deduction from VND 4.4 million to VND 6.2 million per month. Non-residents pay a flat 20% on Vietnam-source employment income only. Securities transfers such as shares are taxed at 0.1% of the transfer price, while transfers of capital contributions are taxed at 20% on the net gain, or 2% of the transfer price where the acquisition cost and related expenses cannot be determined. Vietnam levies no net wealth tax and has no separate estate or inheritance tax, but inheritances and gifts of covered assets are taxable under personal income tax at a flat 10% on the portion above VND 10 million, rising to VND 20 million under the new law, with transfers between close family members exempt. The double tax treaty network covers approximately 80 jurisdictions including most OECD members and major Asian economies. Vietnamese-incorporated enterprises are subject to corporate income tax (CIT) on their worldwide income, with a credit for foreign tax paid, while foreign enterprises are taxed on Vietnam-source income. The standard CIT rate is 20% under Article 10 of Law No. 67/2025/QH15 on Corporate Income Tax (effective October 1, 2025), with two reduced tiers for smaller companies of 15% (annual revenue under VND 3 billion) and 17% (revenue VND 3 to 50 billion). Article 13 grants a preferential 10% CIT rate for 15 years to new investment projects in priority sectors (high technology, research and development, software production, renewable energy, supporting industries, education, healthcare, environmental services, infrastructure, press agencies) or in extremely difficult socio-economic areas, hi-tech parks, high-tech agricultural zones, and centralized information technology zones. The 17% rate for 10 years applies to qualifying projects in standard difficult areas and selected manufacturing. Article 14 layers a 4-year exemption plus 50% reduction over 9 years on top of the 10% rate, producing 0% effective in years 1 to 4 and 5% in years 5 to 13. The Prime Minister may extend the preferential period by up to 15 additional years for strategic projects. Standard industrial parks are no longer incentivized locations in their own right under the 2025 Law, so a new project located in one qualifies for CIT incentives only if it independently meets a sector-based, project-based, or preferential-area criterion. The Vietnam International Financial Center (IFC), established under Resolution No. 222/2025/QH15 effective September 1, 2025 and detailed by Decree No. 323/2025/ND-CP on establishment and Decree No. 324/2025/ND-CP on financial policies (both dated December 18, 2025), offers IFC members in Ho Chi Minh City and Da Nang a 10% CIT rate for 30 years with the same 4-year exemption plus 9-year reduction architecture. It also provides a personal income tax exemption through end of 2030 on salaries and wages earned from work performed in the IFC by qualifying managers, experts, scientists, and highly skilled professionals, both Vietnamese and foreign, subject to prescribed conditions, plus a personal income tax exemption on income from transfers of shares, capital contributions, or capital contribution rights in IFC members through end of 2030, excluding transfers of stocks or warrants of public companies or listed or trading-registering organizations. Eligible sectors include capital markets, banking, asset and fund management, fintech, green finance, digital assets, insurance, family offices, and aviation finance. Resolution No. 107/2023/QH15 implements the OECD Pillar Two Qualified Domestic Minimum Top-up Tax (QDMTT) effective January 1, 2024, which can materially reduce the benefit of Vietnam's 10% headline incentive rates for in-scope multinational enterprise (MNE) groups with consolidated revenues above EUR 750 million in 2 of 4 preceding years, because a domestic top-up tax applies where the Vietnam effective tax rate falls below 15%.

• Singapore

  What long-term residence options exist in Singapore for internationally mobile individuals?

  Singapore offers a tightly engineered ladder of work passes and a single direct route to Permanent Residence through the Global Investor Programme, all administered with significant discretion by either the Ministry of Manpower (MOM) or the Economic Development Board (EDB). The Employment Pass (EP) is the standard route for foreign professionals earning a fixed monthly salary of at least SGD 5,600 in general sectors and SGD 6,200 in financial services as of 1 January 2026, rising to SGD 6,000 and SGD 6,600 respectively from 1 January 2027. EP candidates must also score at least 40 points on the COMPASS framework introduced in September 2023, which assesses salary against peer median, qualifications, employer nationality diversity, local PMET hiring record, shortage occupation list bonus, and strategic economic priorities. The S Pass covers mid-skilled associate professionals at SGD 3,300 (general) and SGD 3,800 (financial) and remains subject to a sector dependency-ratio quota of 10 to 15 percent. For top-tier individuals the Overseas Networks and Expertise Pass (ONE Pass) issued since 1 January 2023 grants a renewable 5-year personalised pass to applicants earning a fixed monthly salary of at least SGD 30,000 over 12 consecutive months at an established company (market capitalisation USD 500 million or annual revenue USD 200 million), or to outstanding-achievement candidates in arts, culture, sports, science, technology, or academia who meet no salary floor. The Tech.Pass, administered uniquely by EDB since January 2021, will be replaced from 1 January 2027 by a new ONE Pass (AI and Tech) track announced at the Committee of Supply on 3 March 2026, with five-year validity and acceptance of vested equity toward the salary threshold. Foreign founders use the EntrePass, requiring 30 percent ownership of an ACRA-registered private limited company plus an innovation criterion such as venture-capital funding, intellectual property, recognised entrepreneurial track record, A*STAR collaboration, or government incubator participation. The Personalised Employment Pass (PEP) for high earners requires a current EP earning at least SGD 22,500 fixed monthly salary (or comparable last drawn salary for non-residents), allows up to 6 months between jobs, and is non-renewable and capped at three years with an annual fixed salary minimum of SGD 270,000 to be maintained. The only direct investment route to Singapore Permanent Residence is the Global Investor Programme administered by Contact Singapore (EDB). Three options exist. Option A requires investing at least SGD 10 million in a new or existing Singapore-based business in an EDB Annex B sector, with applicants demonstrating either three years of business track record (turnover SGD 200 million), new-generation family-business profile (turnover SGD 500 million), or a tech-founder profile (company valuation SGD 500 million backed by reputable VC or PE). For 5-year Re-Entry Permit renewal under Option A the business must employ at least 30 staff with 10 incremental hires (half being Singapore Citizens) and SGD 1 million annual business expenditure, or the residency condition must be met. Option B requires SGD 25 million committed to a single GIP-select fund that itself invests in Singapore-based companies. Option C requires a Singapore-based Single Family Office with at least SGD 200 million in Assets Under Management and at least SGD 50 million deployed within 12 months in EDB-specified investments (listed equities, qualifying debt securities, approved funds, or Singapore-based private equity), plus 5 incremental professionals (3 Singapore Citizens) for renewal. The GIP application fee is SGD 20,000 effective 5 May 2025, processing takes 6 to 12 months, and approval grants immediate PR with a 5-year REP. Singapore citizenship may be applied for after a minimum of two years as PR (subject to ICA discretion) and requires renunciation of all foreign nationalities. Singapore does not allow dual citizenship for adults. Family scope across all routes covers legally married spouse and unmarried children under 21 via the Dependant's Pass (requiring the principal to earn at least SGD 6,000 fixed monthly salary), with parents and adult unmarried children eligible for Long-Term Visit Passes (parents require the principal to earn at least SGD 12,000 fixed monthly salary). Male children obtaining PR through GIP become liable for National Service.

• Vietnam

  What long-term residence options exist in Vietnam for internationally mobile individuals?

  Vietnam offers a tiered investor visa system under Law No. 47/2014/QH13 (as amended by Law No. 51/2019/QH14 and Law No. 23/2023/QH15) with four DT categories indexed on capital contribution. The DT1 visa (capital of VND 100 billion or more) carries a 5-year visa term and a Temporary Residence Card (TRC) up to 10 years. DT2 (VND 50 billion to under 100 billion) grants a 5-year visa and a TRC up to 5 years. DT3 (VND 3 billion to under 50 billion) grants a 3-year visa and a TRC up to 3 years. The DT4 tier (under VND 3 billion) is limited to a 12-month visa with no investor TRC eligibility and no family sponsorship rights. DT1, DT2, and DT3 holders may sponsor spouses and minor children under 18 for TT (Tham Than) dependent visas under Article 8 of the Immigration Law, while common-law partners and adult children are excluded. Work-based pathways include the LD1 visa (work permit exempt) and the LD2 visa (work permit holders), both valid up to 2 years and convertible to a TRC up to 2 years. The governing framework is now Decree 219/2025/ND-CP, effective August 7, 2025, which replaced Decree 152/2020/ND-CP and Decree 70/2023/ND-CP, merged the foreign labour demand approval and the work permit application into a single online dossier, decentralized approval to provincial People's Committees, and shortened the statutory work permit timeline to 10 working days. It did not merge the work permit with the visa application, which remain separate steps. Foreign lawyers practicing in Vietnam under the Law on Lawyers obtain the LS visa with a 5-year term. The Special Visa Exemption Card (SVEC) under Decree 221/2025/ND-CP, in force from August 15, 2025, is a multi-entry waiver of up to 5 years capped at 90 days per stay per entry, reserved for international elites including executives of the world top 100 enterprises by market capitalization, holders of prestigious international science and technology awards, and globally top-ranked athletes. From July 1, 2026, under Law No. 118/2025/QH15, two preferential visa symbols become available, the UD1 for high-quality digital technology industry personnel and other persons eligible for incentives under a law or a National Assembly resolution, and the UD2 for their spouses and children under 18. Under the general regime, amended Article 9 caps the UD1 and UD2 visa at 5 years, while amended Article 38 sets the matching UD1 and UD2 Temporary Residence Card at up to 10 years, the same ceiling as the DT1 investor card. Within the Vietnam International Financial Centre (IFC), Decree 327/2025/ND-CP lets the UD1 visa itself reach 10 years rather than the general 5-year visa cap, with a UD1 TRC up to 10 years and a matching UD2 for spouses and children under 18, for key investors, experts, managers, and highly skilled staff of IFC-headquartered organizations. Outside the IFC framework, Vietnam offers no general DT investor pathway to permanent residence. The Permanent Residence Card (PRC) under Article 39 of Law 47/2014 is restricted to four narrow categories, namely meritorious persons recognized by State decoration, scientists or experts sponsored by ministerial-level authority, spouses or children or parents of Vietnamese citizens with at least 3 years of continuous residence, and stateless persons resident since 2000, with a 10-year renewable validity. Decree 327/2025/ND-CP introduces a separate IFC-specific permanent residence route for key investors, experts, scientists, persons of special talent and senior managers who have worked continuously for at least 3 years at an organization headquartered in the IFC. On nationality, Law No. 79/2025/QH15, effective July 1, 2025, broadened the dual citizenship exceptions beyond the prior near-total prohibition. Retention of foreign nationality on naturalization is now possible for applicants with a Vietnamese spouse, child, parent or grandparent, for those making meritorious contributions or whose naturalization is deemed beneficial to Vietnam, and for minors naturalizing alongside a parent, in each case subject to Presidential approval and compliance with the law of the foreign country. A separate 10-year Investor Golden Visa announced in May 2025 remains under government review and is not yet enacted as of May 2026, with no draft law published and no application channel open.

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