Expand into Vietnam with the Singapore MRA Grant
Vietnam is one of the most dynamic and rapidly growing economies in Southeast Asia, making it an increasingly attractive destination for Singaporean businesses seeking international expansion. With its young population, rising middle class, and deepening trade ties with Singapore, Vietnam offers strong business opportunities in a wide range of sectors.
The Market Readiness Assistance (MRA) Grant, administered by Enterprise Singapore, is a strategic resource for SMEs looking to enter or expand in Vietnam. This grant helps Singapore companies defray costs associated with overseas market entry and gives your business a head start in navigating the Vietnamese market.
This page serves as a comprehensive guide for leveraging the MRA Grant for Vietnam, including what it covers, how to apply, and how to maximise your chances of success.
Why Expand to Vietnam?
Vietnam offers immense opportunities for Singaporean companies due to several key advantages:
- A fast-growing economy with an average GDP growth of over 6% pre-pandemic
- A large and youthful population of over 100 million
- An increasingly urbanised society with a rising middle class
- Proximity to Singapore with well-established air and sea links
- Strong demand for high-quality foreign goods, services, and technology
Whether you’re in manufacturing, tech, retail, education, healthcare, or F&B, Vietnam’s evolving landscape provides plenty of room for Singapore businesses to thrive.
What is the MRA Grant?
The Market Readiness Assistance (MRA) Grant is a government support scheme designed to help Singapore SMEs enter new overseas markets. For each eligible market — like Vietnam — the MRA Grant provides up to 70% funding support, capped at S$100,000 per market per fiscal year, across three key areas:
- Overseas Market Promotion
- Overseas Business Development
- Overseas Market Setup
The aim is to reduce the financial barriers and help Singapore companies succeed in overseas ventures like Vietnam.
What Does the MRA Grant for Vietnam Cover?
Here’s a breakdown of the eligible activities you can claim under the grant for Vietnam market entry:
1. Overseas Market Promotion
- Advertising on Vietnamese platforms such as Zalo, Facebook Vietnam, Google Ads (Vietnam-specific)
- Digital and social media campaigns targeted at Vietnamese consumers
- Participation in Vietnam trade fairs and exhibitions such as Vietnam Expo, Food & Hotel Vietnam, or Techfest
2. Overseas Business Development
- Hiring an in-market consultant to identify distributors, partners, or customers
- Conducting detailed market entry studies for Vietnam’s competitive landscape
- Business matching services and networking facilitation
3. Overseas Market Setup
- Trademark registration with Vietnam’s National Office of Intellectual Property (NOIP)
- Legal, tax, and compliance advisory for setting up a Vietnamese branch or subsidiary
- Incorporation and licensing costs related to registering a local presence
MRA Grant Eligibility Criteria
To be eligible for the MRA Grant, your company must:
- Be registered and operating in Singapore
- Have at least 30% local shareholding
- Have a group annual sales turnover of not more than S$100 million, OR group employment size of not more than 200 employees
- Not have previously claimed MRA for the same activity in Vietnam
The MRA Grant is aimed at supporting SMEs that are in the early stages of overseas expansion.
How to Use the MRA Grant for Vietnam Expansion
If you’re planning to enter the Vietnamese market, here are some practical ways the MRA Grant can help:
- Run social media campaigns tailored for the Vietnamese market (using Vietnamese language and cultural context)
- Participate in Ho Chi Minh City or Hanoi-based trade shows to meet partners and distributors
- Engage consultants to find and vet potential business partners in Vietnam
- Register your brand or product trademark in Vietnam
- Get expert help on business incorporation, tax laws, and labour policies in Vietnam
These activities, supported by the MRA Grant, can significantly de-risk your market entry into Vietnam.
Application Process: Step-by-Step
Here’s how to apply for the MRA Grant for your Vietnam expansion plans:
- Pre-Planning
- Identify Vietnam as your target market.
- Outline your business goals, timelines, and required services.
- Collect Quotations
- Obtain detailed quotations from third-party vendors for services you intend to claim.
- Ensure they are itemised and aligned with MRA’s claimable activities.
- Submit Application
- Apply through the Business Grants Portal (BGP).
- Upload all supporting documents such as ACRA records, vendor quotes, and project proposals.
- Wait for Approval
- Enterprise Singapore will evaluate the application.
- If successful, a Letter of Offer (LOF) will be issued.
- Project Execution
- Only commence the project after receiving the LOF.
- Maintain full documentation (invoices, reports, contracts) during the project period.
- Claim Submission
- Submit a claims report with all necessary documentation for reimbursement.
- Claims must be submitted within the validity period stated in the LOF.
Industries Poised for Growth in Vietnam
The Vietnamese market is open to a wide variety of Singaporean industries:
- Technology & Software: High demand for B2B SaaS and IT services
- Education: Strong interest in private education and training services
- Consumer Goods: Interest in Singaporean F&B, skincare, and household products
- Healthcare: Growing need for medical devices and private healthcare services
- Green & Sustainability: Opportunities in energy, waste management, and ESG consulting
No matter your industry, Vietnam presents a wealth of potential — especially with the right funding support from the MRA Grant.
Why Vietnam, Why Now?
There’s never been a better time to expand into Vietnam. Here’s why:
- Vietnam is one of ASEAN’s most promising consumer markets
- Rapid digitalisation and e-commerce growth offer online-first entry points
- The Singapore-Vietnam Enhanced Economic Connectivity Agreement fosters even stronger bilateral trade
- Labour costs remain affordable, providing options for operational scaling
- Vietnam’s improving infrastructure and business environment make it more investor-friendly
The earlier your business enters Vietnam, the stronger your foothold will be in this vibrant market.
Best Practices for Succeeding in Vietnam
To increase your success rate in Vietnam, follow these tips:
- Localise your messaging: Translate and culturally adapt your campaigns and materials
- Partner with trusted locals: Work with reputable Vietnamese agents, consultants, or distributors
- Be aware of bureaucracy: Vietnam’s legal and tax systems can be complex — get expert help
- Focus on relationship building: Personal trust and rapport matter greatly in Vietnamese business culture
These practical steps, supported by the MRA Grant, can help you establish long-term success in Vietnam.
Ready to Expand to Vietnam?
If you’re serious about growing your business overseas, Vietnam is a strong contender for your next market — and the MRA Grant for Vietnam can make that leap more affordable and less risky.
From strategic planning to execution, support is available for every step of your journey. Whether you are venturing into Vietnam for the first time or scaling existing operations, the MRA Grant is designed to empower Singapore SMEs with the confidence and financial means to go global.