Vietnam has rapidly become one of the most promising markets in Southeast Asia for Singaporean businesses looking to expand abroad. With its young population, fast-growing economy, and strategic location, Vietnam offers abundant opportunities for SMEs across a variety of sectors—from manufacturing and F&B to fintech and logistics. To support such expansion, the Singapore government offers the Market Readiness Assistance (MRA) Grant, which can significantly subsidize your Vietnam market entry costs.

In this guide, we explore how your company can fully utilise the Market Readiness Assistance (MRA) Grant for Vietnam, what activities are eligible, and how to maximise your chances of success.

Why Expand to Vietnam?

Before diving into the grant mechanics, it’s important to understand why Vietnam is an attractive target for internationalisation.

1. Economic Growth

Vietnam’s GDP has grown consistently over the past decade. Even in turbulent times, the Vietnamese economy has remained resilient, driven by strong domestic consumption and foreign investment.

2. Rising Middle Class

With an emerging middle class and increasing urbanisation, Vietnamese consumers are spending more on lifestyle products, education, healthcare, and digital services.

3. Strategic Manufacturing Hub

Vietnam is a key manufacturing and export hub, making it ideal for Singapore companies looking to outsource production or enter the supply chain ecosystem.

4. ASEAN Trade Ties

As both Singapore and Vietnam are ASEAN members, businesses benefit from regional trade agreements, reduced tariffs, and strong diplomatic relations.

5. Young, Tech-Savvy Population

Vietnam has a digitally engaged population, making it a good fit for tech companies, e-commerce, mobile apps, and digital service providers.

Overview of the MRA Grant for Vietnam

The Market Readiness Assistance (MRA) Grant is administered by Enterprise Singapore to help Singapore SMEs expand into overseas markets like Vietnam.

Grant Coverage:

• Funding Support: Up to 70% of eligible costs

• Cap per New Market: S$100,000 per company per fiscal year

• Categories Covered:

  • Overseas Market Promotion

  • Overseas Business Development

  • Overseas Market Setup

New Market Definition:

Vietnam must be considered a new market, which means the applicant company must have generated less than S$100,000 in revenue from Vietnam in the last 3 years.

Who Is Eligible?

To qualify for the Market Readiness Assistance (MRA) Grant for Vietnam, your company must:

1. Be registered and based in Singapore

2. Have at least 30% local shareholding

3. Belong to a group with annual sales turnover not exceeding S$100 million, or less than 200 employees

4. Not have significant business activities or past revenue in Vietnam (below S$100,000 in the past 3 years)

If your company already has significant presence or revenue in Vietnam, you may no longer be eligible for MRA support for that market.

Eligible Activities Under MRA for Vietnam

Here’s a breakdown of grant-supportable activities that are specific and practical for companies expanding into Vietnam:

1. Overseas Market Promotion

You can claim support for:

• Advertising and digital marketing on Vietnam platforms (Google VN, Zalo, Facebook)

• Participating in Vietnam trade fairs and exhibitions (e.g., Vietfood & Beverage, Vietnam Expo)

• Creating Vietnam-specific brochures, social media campaigns, and landing pages

2. Overseas Business Development

This includes:

• Hiring a Vietnamese market entry consultant

• Engaging a business matching firm to connect you with distributors, agents, or B2B clients

• Conducting market feasibility studies for Vietnam

• Employing local temporary BD personnel (via third-party service providers)

3. Overseas Market Setup

Includes:

• Incorporating a representative office or foreign-invested company in Vietnam

• Legal and tax advisory services for business setup

• Drafting commercial agreements with Vietnamese partners

• Trademark or IP registration in Vietnam

Non-Supportable Costs

Certain items will not be reimbursed under the MRA Grant:

• Salary of in-house staff

• Travel and accommodation

• Cost of goods sold

• Retrospective claims (activities started before approval)

Make sure all eligible work only begins after receiving Enterprise Singapore’s approval.

Step-by-Step Application Process

Step 1: Determine Your Readiness

Ensure Vietnam is a suitable new market for your product or service. Define your objectives, whether it’s to secure a distributor, build brand awareness, or incorporate a legal entity.

Step 2: Prepare Required Documents

You will need:

• ACRA Bizfile

• Detailed project proposal

• Quotation from third-party service providers (Vietnam-based or Singapore-based)

• CVs and company profiles of consultants

Step 3: Submit via Business Grants Portal (BGP)

• Access https://www.businessgrants.gov.sg

• Apply under MRA Grant

• Select Vietnam as the target market

• Upload your documents and await assessment (usually takes 6–8 weeks)

Step 4: Project Execution

Upon approval, engage your vendors and carry out the planned activities in Vietnam.

Step 5: Claims Submission

Once completed, submit your final report, invoices, receipts, and proof of deliverables to get your reimbursement.

How Our Consulting Firm Can Help

As experienced management consultants, we specialise in helping Singapore SMEs successfully obtain and maximise their MRA Grant for Vietnam. We offer:

• Tailored market entry strategy for Vietnam

• Identification of eligible vendors and service providers in Vietnam

• Preparation and submission of your MRA Grant application

• End-to-end project and budget planning

• Post-project claim assistance and reporting

Our goal is to reduce your administrative burden while ensuring you remain fully compliant with Enterprise Singapore’s guidelines.

Industries We’ve Helped Enter Vietnam

We’ve supported companies from various sectors to expand into Vietnam, including:

• F&B Brands entering Ho Chi Minh City with franchising models

• Software and SaaS Firms localising solutions for Vietnamese SMEs

• Retailers launching e-commerce operations via Tiki, Shopee VN, and Lazada

• Education & Training Providers building B2B partnerships in Hanoi

• Health & Wellness Startups securing distributors and setting up clinics

Case Study: Singapore Fintech Firm Expands to Vietnam

One of our clients, a fintech startup offering digital payment solutions, sought to test the Vietnamese market. We helped them with:

• Localisation of product brochures into Vietnamese

• Business matching with 5 Vietnamese banks and wallet providers

• Setting up a representative office in Ho Chi Minh City

• Trademark filing and legal documentation

Their MRA Grant covered approximately 68% of the costs. Within 12 months, they secured two partnerships and began pilot operations in Vietnam.

Key Timeline Overview

Tips for a Successful MRA Application (Vietnam)

• Do Not Start Work Before Approval: Pre-approved activity is a key requirement.

• Select Eligible Vendors: Only third-party, unrelated service providers qualify.

• Provide Specific Market Objectives: Explain how Vietnam fits your strategic roadmap.

• Use Clear and Detailed Quotations: Vague quotations often delay the approval process.

Conclusion

The Market Readiness Assistance (MRA) Grant for Vietnam is a powerful tool to help your Singapore-based SME lower the cost and risk of market expansion into Vietnam. From market entry planning and business matching to legal incorporation and promotional campaigns, the grant supports every major touchpoint in your overseas journey.

With the right strategy, experienced consultants, and careful documentation, your business can make a smooth, well-funded transition into one of Southeast Asia’s most dynamic economies.

Need help applying for the MRA Grant for Vietnam? Our consultancy has assisted dozens of companies across various industries—get in touch today and start your Vietnam expansion the right way.