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Finance & Economics

Briefing

1. Introduction2. Macroeconomy3. Currency & Banking4. Trade & Exposure5. Domestic Market6. Investment Climate
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Aerial view of Ho Chi Minh City and the Saigon River at night

Section 1 of 6

Introduction

Singapore sells stability; Ho Chi Minh City sells growth. The numbers to know before you commit, and what each one costs a company.

Next: Macroeconomy

Does the current financial and economic environment support an investment in Singapore or Ho Chi Minh City?

Questions for each city, and the parts of this briefing that answer them.

  1. Question 1

    What are the historical and current economic trends in each country?

    Macroeconomy Trade & Exposure Domestic Market

  2. Question 2

    How stable are the currency and the banking sector?

    Currency & Banking Investment Climate

Covering: growth, inflation, jobs, public debt and credit ratings; exchange rates, interest rates, banks and foreign exchange controls; trade partners and tariffs; incomes, prices and credit; and where investors are putting money.

At a glance

Singapore is steadier. Ho Chi Minh City grows faster, at a price.

SingaporeVietnam
Growth
Singapore: 6.1%First half of 2026
Vietnam: 8.55%Ho Chi Minh City, first half of 2026
Inflation
Singapore: 2.2%July 2026
Vietnam: 4.89%August 2026
Credit rating
Singapore: AAAS&P, Moody's and Fitch
Vietnam: BB+Below investment grade; Moody's outlook positive
Currency
Singapore: RisingMAS tightened twice in 2026
Vietnam: ₫26,300Per US dollar, July 2026; expected to weaken

Five things to know before you commit

The numbers that most change the cost, risk or timing of an investment.

Office towers at Raffles Place, Singapore's financial district

Singapore

  1. Stability, not speed. Long-run growth of 2 to 3% a year.
  2. The dollar is set to rise. Budget for increases in local payroll and leases.
  3. Money moves freely. No exchange controls on capital or profits.
  4. No longer low-tax. Large multinationals pay at least 15%.
  5. Watch the US tariff. 12.5% on about a third of domestic exports to the US.
Ho Chi Minh City skyline beside the Saigon River

Vietnam

  1. Fast, but short of target. 8.55% growth against a 10.2% goal.
  2. Currency devaluation. Price in another 2.5 to 3% fall.
  3. Profits leave once a year. After audited accounts and tax finalisation.
  4. Bank buffers are thin. 5.3% bad loans, lending above deposits.
  5. Power is the bottleneck. A 4,200 MW shortfall expected in 2027.

How this briefing is organised

Five parts, from the big picture down to what it means for an investor.

  1. Part 1 · Garett Brownlee

    Macroeconomy

    Rich and AAA-rated against fast-growing and one notch below investment grade.

  2. Part 2 · Jeff Daskam

    Currency & Banking

    A firm currency and strong banks against cheap credit and thinner buffers.

  3. Part 3 · Brian Friedman

    Trade & Exposure

    A diversified hub against a US-reliant export base exposed to tariffs.

  4. Part 4 · Mel Swayne

    Domestic Market

    High incomes and high prices against a fast-growing market of essentials.

  5. Part 5 · Justin Alexander

    Investment Climate

    Singapore a GO, Ho Chi Minh City a conditional GO: hub and spoke.