In a recent development, Google has established a legal entity in Vietnam, named Google Vietnam Company Limited, with a chartered capital of VND 140 billion, wholly owned by Google Apac Technology Pte. Ltd., based in Singapore. This new entity is effective as of May 31, 2023.
The company has set up its office in M-Building, District 7, Ho Chi Minh City. Google Vietnam’s primary registered business line is advertising, alongside various other fields, including management consulting, advertising, market research, and general wholesale.
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Notably, Google has appointed a female entrepreneur from Hai Phong as the leader of this entity. Ms. Hoang Thi Ngoc Diep, born in 1982, former Chairman of the Board of Directors of ABR Holdings Joint Stock Company (HOSE: ABR), has been named the General Director of Google Vietnam. She is also a Lawyer-Member and Chairman of DILINH Law Company Limited, along with being involved in several other businesses operating in management consulting and logistics.
Ms. Diep served as the Chairman of the Board of Directors of ABR from April 2021. At that time, she was also the General Director of Quang Thai Development Joint Stock Company, and Quang Thai held 39.07% of ABR‘s capital (equivalent to more than 7.9 million shares). Prior to the establishment of Google Vietnam, she stepped down from her position as Chairman of the Board of Directors of ABR on April 26, 2023, and left her role as General Director of Quang Thai in March 2023. Subsequently, Quang Thai also divested its entire stake in ABR.
A Significant Move
Google’s establishment of a local entity in Vietnam marks an important shift in its business operations. From April 1, 2025, Google Vietnam will officially take over all management and advertising services from Google Asia Pacific Pte. Ltd., as per a notification from Google.
Consequently, local clients and partners will be directly served by a local team, with invoices issued in VND and subject to the full 10% VAT rate in accordance with Vietnamese law.
This development comes at a time when the business prospects in Vietnam are highly promising. According to the e-Conomy SEA 2024 report published by Google, Temasek, and Bain & Company in November, Vietnam’s total goods value (GMV) is expected to reach a compound annual growth rate of 16%, hitting $36 billion by 2024.
Additionally, in July 2024, Google collaborated with the National Innovation Center (NIC) in the program “Shaping the Future with AI in Vietnam.”
Mr. Marc Woo, CEO of Google Asia – Pacific, believes that Vietnam’s digital economy has the potential to grow elevenfold by 2030, reaching $220 billion – almost half of the country’s current GDP, with AI playing a pivotal role in this development.
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