Google has officially confirmed the establishment of Google Vietnam, marking a significant step in supporting the country’s digital transformation efforts.
The updated Google website now states that local advertisers in Vietnam will process tax-related procedures through Google Vietnam Company Limited instead of Google Asia Pacific, as was previously the case. This transition will be effective from April 1. Additionally, partners in Vietnam will adhere to a 10% tax rate in compliance with local regulations, starting March 1.
“We now have a local team dedicated to better serving advertising customers in Vietnam and advancing the country’s digital transformation initiatives,” a Google spokesperson said, confirming the company’s presence in Vietnam on the morning of December 6.
According to Vietnam’s tax code lookup system, Google Vietnam was registered in May 2023 under Tax Code 0317860332 and is headquartered in Ho Chi Minh City.
Marc Woo, Google’s CEO for Vietnam and the Asia-Pacific region, has also relocated from Singapore to Ho Chi Minh City. An office bearing the Google logo has been established in District 1, Ho Chi Minh City, and the company is actively recruiting for various roles related to Google Cloud, Apps, and Games.
Vietnam is recognized by Google as a vibrant digital economy, ranking among the strongest in Southeast Asia. Both users and the government are showing heightened interest in artificial intelligence (AI) in 2024.
According to the e-Conomy SEA 2024 report, jointly published by Google, Temasek, and Bain & Company in November, Vietnam’s gross merchandise value (GMV) is projected to grow at a compound annual growth rate (CAGR) of 16%, reaching $36 billion in 2024. The country’s online media sector alone is expected to hit $6 billion, with a 14% CAGR compared to last year, and is on track to reach $11 billion by 2030.
“Vietnam’s digital economy continues to grow at a double-digit pace, despite global economic uncertainties,” Marc Woo stated. He added that Vietnam’s online media sector is currently the fastest-growing in Southeast Asia, with an increasing number of Vietnamese developers creating globally popular apps.