Doing Business in Vietnam 2026: The Factory Takes a Year. The Team Takes Longer.

Updated: October 2026

Doing business in Vietnam in 2026 comes with a timing problem. One foreign manufacturer in Bac Ninh said building a factory takes about a year, but building a capable team of engineers and supervisors takes three to five, The Investor reported.

That is one company's view, not a survey result. But it matches what the wider data says: the money and the growth arrive fast, and experienced people arrive slowly.

Why Vietnam keeps winning in 2026

Vietnam's economy grew 9.01% in the first nine months of 2026 and 9.95% in Q3, according to the National Statistics Office, reported by VietnamPlus.

In October the World Bank raised its 2026 forecast for Vietnam to 7.4%, reported by Việt Nam News.

Foreign investors disbursed US$21.07 billion in January–September 2026, the most for the period in five years, according to official data. We break down where that money goes in our guide on why invest in Vietnam.

Investors want to stay, and grow

In JETRO's survey of Japanese companies, fielded in August–September 2025, 56.9% of those in Vietnam planned to expand within one to two years, the highest share in ASEAN, The Investor reported.

Only 0.7% were considering a move to a third country. And 67.5% expected a profit in 2025, the best result since 2009.

The catch: hiring managers in Vietnam

Expansion needs people to run it. In the same survey, 48.2% of Japanese firms in Vietnam said recruiting had become harder over two years, with engineers and factory managers the hardest to find.

Experts quoted in the report drew a useful line: Vietnam has enough workers, but not enough with the right skills and experience.

Official data points the same way. We look at the numbers behind that gap in our guide to the Vietnam labor market in 2026.

What this means for your Vietnam plan

If the team takes longer than the building, start hiring leaders alongside the site and the licences, not after them. That is our recommendation, based on the timeline above.

No independent survey we found measures the shortage of senior executives in Vietnam. In our experience, country managers, plant directors and finance heads with international experience are usually employed and not looking.

That is why we use Retained Search for leadership roles. Each search starts with a discovery brief, then market mapping and a discreet approach to passive candidates, with written progress reports.

On average, a search takes 6–10 weeks. We follow each placement for 90 days, and a replacement guarantee applies.

Hiring a country manager or plant director in Vietnam? Request a Confidential Brief to start the conversation in confidence.

The risks worth weighing

Growth brings pressure. The World Bank expects average inflation of 4.2% in Vietnam in 2026.

Trade policy is the bigger change. Since 24 July 2026, the US has charged an extra 12.5% tariff on Vietnamese goods after a Section 301 forced-labour finding, covering about 37% of Vietnam's current US-bound exports, Vietnam Economic News reported, citing the US Trade Representative.

Even before that, 33.8% of Japanese firms exporting to the US were worried about extra tariffs, in JETRO's Aug–Sep 2025 survey.

FAQ

Is doing business in Vietnam still attractive in 2026? The economy grew 9.01% in the first nine months of 2026, according to the National Statistics Office, and the World Bank forecasts 7.4% for the full year.

Do foreign investors plan to expand in Vietnam? In JETRO's Aug–Sep 2025 survey, 56.9% of Japanese firms in Vietnam planned to expand within one to two years, the highest share in ASEAN.

What new trade risk should investors know about? Since 24 July 2026 the US has applied an extra 12.5% tariff on Vietnamese goods under a Section 301 finding, covering about 37% of Vietnam's US-bound exports.

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Plan your leadership team with your Vietnam site Tell us about the role in confidence. Our searches start with discovery and a brief, then market mapping. Request a Confidential Brief