Vietnam to Switzerland: A New Trade Deal Is Only the Beginning

In Vietnam, the Swiss-born physician Alexandre Yersin is remembered as Ông Năm. Long before technology partnerships and international investment, the two countries were connected through medicine and a person whose work crossed borders.

The Swiss Embassy’s account of that relationship offers a useful reminder: the strongest international connections usually begin with something more substantial than a tax calculation.

A new commercial chapter opened on 18 October 2026, when Vietnam and the European Free Trade Association signed their free trade agreement. For Vietnamese entrepreneurs considering Switzerland, the opportunity deserves attention—but so do the practical rules.

Vietnamese individuals and companies can generally own 100% of a Swiss AG or GmbH. Incorporation, transferring investment capital, opening a bank account and obtaining Swiss residence are nevertheless separate matters.

This guide to Swiss company formation for Vietnamese entrepreneurs explains how those decisions fit together—and when a Swiss company genuinely adds value.

What does the new EFTA–Vietnam trade agreement change?

The EFTA–Vietnam Free Trade Agreement was signed on 18 October 2026. As of 20 October 2026, its entry into force remained pending.

That distinction matters. A signed agreement is not the same as an agreement whose preferential treatment businesses can already claim.

The agreement covers areas including goods, services, investment, intellectual property and public procurement. Businesses should examine their particular products and activities against the final provisions, implementation dates and origin requirements.

Vietnam’s separate agreement with the European Union should not be treated as automatically covering Switzerland. Nor does a Swiss company’s invoice, by itself, change where goods originate.

For an exporter, the commercial question is therefore specific: would Switzerland provide customers, distribution, technical expertise, investment or management capabilities that the business does not already have?

Three ways Vietnamese businesses work with Switzerland

Not every successful Swiss connection begins with a wholly owned subsidiary.

Partnerships, investment and licensed expertise can serve different purposes. Three documented examples illustrate the distinction.

FPT and Squirro: combining technology and delivery capabilities

In April 2022, FPT Software announced a partnership with Switzerland-based Squirro concerning augmented-intelligence solutions.

The arrangement connected enterprise software and data capabilities with implementation expertise.

For a Vietnamese technology business, the lesson is that a Swiss commercial relationship can begin with a complementary product or delivery partnership. Establishing a local entity may become appropriate as contracts, staffing and responsibilities develop, but the partnership and the incorporation decision are not the same thing.

VinaCapital Ventures and Sygnum: investing in an established business

In January 2022, VinaCapital Ventures announced its participation in Sygnum’s Series B financing.

This was an equity-investment route into an existing Swiss–Singapore financial-services business, rather than the creation of a new Vietnamese-owned Swiss operating company.

The practical lesson is different from FPT’s partnership: an investor may seek participation in an established platform, with its existing organisation and regulatory position.

However, buying shares in a regulated business does not give the investor an independent licence to conduct the same activities.

Cityland Education and EHL: bringing Swiss expertise to Vietnam

In 2021, Cityland Education announced a partnership with EHL Advisory Services for vocational hospitality education in Vietnam under the VET by EHL model.

Here, Swiss educational expertise supported an activity located in Vietnam.

This was not a relocation of the Vietnamese business to Switzerland. It was a licensed education model connecting Swiss know-how with Vietnamese operations.

The distinction is commercially useful: sometimes the right Swiss relationship is a contract, not a company.

Business connections also have a personal dimension. Vietnam-born former German vice-chancellor Philipp Rösler is president of the Swiss-Viet Economic Forum, illustrating the international networks linking the two economies.

Can a Vietnamese citizen own a Swiss company without living there?

Yes. A Vietnamese citizen resident in Hanoi, Ho Chi Minh City or elsewhere can generally own a Swiss GmbH or AG. A Vietnamese company can also be the shareholder.

The Swiss entity nevertheless needs a registered office and legally sufficient Swiss-resident representation. The detailed signing arrangements must meet the requirements of its legal form.

A Swiss shareholder is not ordinarily required. Appropriate Swiss-resident representation is.

The Swiss government’s guidance on establishing a company as a third-country national should be read together with the distinction between ownership and permission to work in Switzerland.

A professional representative must perform genuine duties. An entry in the Commercial Register is not, by itself, proof that the company’s effective management takes place in Switzerland.

Vietnamese company forms, Swiss GmbH and Swiss AG

Vietnamese entrepreneurs should not assume that familiar domestic company rules carry across unchanged.

The Vietnamese starting point

Vietnam’s official investment portal distinguishes single-member limited-liability companies, multi-member limited-liability companies with two to fifty members, and joint-stock companies with at least three shareholders.

Those ownership requirements do not map directly onto Swiss law. A Swiss AG, for example, may have a single shareholder.

Swiss GmbH: suitable for a closely held operating business

A Swiss GmbH requires CHF 20,000 of share capital, fully paid in at incorporation.

Its shareholders are identified in the public Commercial Register. Ownership transfers involve formal requirements and generally shareholder approval, subject to the applicable rules and articles.

A GmbH can be appropriate for an owner-managed consultancy, trading business or subsidiary with a relatively stable ownership structure.

Swiss AG: a structure for investment and ownership flexibility

A Swiss AG requires CHF 100,000 nominal capital. At formation, at least 20% of each share’s nominal value and at least CHF 50,000 in total must be paid in.

An AG may suit businesses anticipating outside investors, acquisitions or changes in share ownership.

Its shareholders do not ordinarily appear in the public Commercial Register in the same way as GmbH shareholders. That does not create anonymous ownership: company records, banks and beneficial-ownership requirements remain relevant.

The appropriate choice depends on governance and future ownership—not simply the initial funding requirement. Alpine Capital’s AG versus GmbH comparison explains the practical differences.

Can investment capital be transferred from Vietnam to Switzerland?

The transfer must follow the applicable Vietnamese outward-investment and foreign-exchange rules. Swiss incorporation does not replace that process.

Vietnam’s Decree 103/2026/ND-CP provides an important distinction:

Projects with outward-investment capital of less than VND 7 billion, outside sectors subject to special outward-investment conditions, can be exempt from obtaining an outward Investment Registration Certificate.

Foreign-exchange transaction registration is still required.

Projects at or above that threshold, or within conditional sectors, generally require the certificate through the Ministry of Finance, subject to other statutory exemptions.

Before moving funds, have the Vietnamese adviser and authorised bank confirm the investor’s position, the project classification, the account and remittance procedure, and the supporting documents.

Assess the project’s outward-investment capital, not merely the minimum capital required for a Swiss GmbH or AG.

The practical sequence is important: establish the lawful funding route before committing to an incorporation timetable.

Will a Swiss bank accept a Vietnamese-owned company?

A Vietnamese-owned Swiss company can apply for banking services. Acceptance depends on the institution’s assessment of the particular ownership, business and funding profile.

The bank needs a coherent explanation of who owns the company, how the capital was generated, what the business will do and which transactions are expected.

For an established Vietnamese entrepreneur, useful evidence may include financial statements, ownership records, contracts, tax documentation and a clear trail for the incorporation funds.

Understand the compliance context without overstating it

Vietnam appears in FATF’s June 2026 statement on jurisdictions under increased monitoring.

This is not a sanctions designation or a blanket prohibition on business with Vietnamese clients. FATF does not call for indiscriminate enhanced due diligence against every client connected with a listed jurisdiction; institutions must apply their own risk-based assessments.

For the entrepreneur, the useful response is preparation—not an assumption that nationality either guarantees acceptance or makes banking impossible.

Separate the accounts and obligations

The capital contribution account used during incorporation, the company’s operating account and any private investment account are different banking relationships.

Alpine Capital’s banking support for foreign-owned Swiss companies addresses preparation and institution selection without guaranteeing approval.

Corporate reporting also sits alongside bank checks. Switzerland’s transparency framework entered into force on 1 October 2026, with transitional periods rather than a single filing deadline for every existing company.

The Swiss Transparency Register guide explains why reporting ultimate ownership is a separate responsibility from completing bank KYC.

How does corporate tax in Vietnam compare with Switzerland?

The answer depends on the company’s eligibility, the location of its real activity and the taxation of its owner.

Vietnam: the standard rate is not the only rate

Vietnam’s corporate income-tax framework provides:

• A standard rate of 20%.
• A 15% rate for qualifying enterprises with annual revenue not exceeding VND 3 billion.
• A 17% rate for qualifying enterprises with revenue above VND 3 billion and not exceeding VND 50 billion.

Eligibility, the relevant revenue period, associated-enterprise restrictions and preferential regimes need individual review.

Comparing every Vietnamese business at 20% can therefore overstate a potential Swiss advantage.

Switzerland: the canton and municipality matter

Swiss profit tax combines federal, cantonal and municipal taxation. The federal statutory rate is 8.5% of taxable profit after tax—not the total Swiss rate.

For an ordinarily taxed company in Wollerau, Canton Schwyz, the combined effective profit-tax burden in 2026 is approximately 11.6% of profit before tax.

That is an indicative ordinary profit-tax rate, not an all-inclusive calculation. Other levies, adjustments and special rules—including minimum-tax rules for qualifying large groups—may matter.

Alpine Capital’s 2026 corporate-tax comparison by canton and municipality explains why the precise location belongs in the analysis.

The Swiss rate may not be the final group burden

Vietnam’s Corporate Income Tax Law also addresses overseas business income and foreign-tax credits. The credit is subject to statutory limits, and the reduced small-enterprise rates do not extend generally to overseas business income.

A Vietnamese corporate investor should therefore model the treatment of foreign profits and distributions rather than assume that the Swiss entity’s tax bill completes the calculation.

The commercial allocation matters too. A Swiss company should have identifiable functions, responsibilities and decision-making. Intercompany prices must reflect the activities performed and risks borne.

For example, a Swiss sales company and a Vietnamese production or software-delivery company may perform different roles. The tax analysis must follow those roles, not simply the company appearing on the customer invoice.

Dividends require a separate calculation

Swiss dividends ordinarily attract 35% domestic withholding tax before applicable relief.

The Switzerland–Vietnam tax treaty may provide relief for qualifying recipients, subject to entitlement and procedure. The Swiss Federal Tax Administration’s Vietnam page provides relevant information and forms.

Treaty relief should be examined before distributions are made—not assumed from the existence of a foreign shareholder.

VAT and customs: do not confuse a Swiss invoice with Swiss origin

Vietnam’s standard VAT rate is 10%, with a temporary reduction to 8% for qualifying supplies through 31 December 2026. Exclusions apply.

Switzerland’s standard VAT rate is 8.1%.

Those figures do not determine a cross-border transaction on their own. Product classification, import arrangements, delivery terms and place-of-supply rules also need review.

For a Vietnamese exporter, the new trade agreement is a reason to examine the supply chain—not a reason to assume immediate duty-free treatment or that routing invoices through Switzerland changes the origin of goods.

Moving from Vietnam to Switzerland: what happens to personal tax?

A relocation must be assessed independently of company ownership.

The Vietnamese position

For 2026, Vietnam’s resident employment-income rules use five progressive tax bands ranging from 5% to 35%.

Investment income and disposals should not automatically be assessed using the employment-income scale.

Vietnamese residence tests include day-count rules and regular-residence criteria. The relevant 183-day analysis can involve a calendar year or a consecutive twelve-month period.

A Swiss permit alone does not establish that Vietnamese tax residence has ended. Vietnamese residents can also have obligations concerning foreign income, as explained in the tax authority’s filing guidance.

The Swiss position

Under Switzerland’s ordinary system, personal income taxation involves federal, cantonal and municipal levels. Cantonal and municipal wealth taxes also matter.

For an entrepreneur, a valuable holding in a Vietnamese private company may affect Swiss wealth taxation even when it pays few dividends. Valuation deserves attention.

Private gains on qualifying movable assets are generally tax-free, but business assets and professional securities trading can be treated differently. Dividends are not private capital gains.

The Swiss Federal Tax Administration’s tax-system overview explains the framework.

A meaningful comparison between Zurich and Wollerau should therefore consider company shares, other assets, income and family circumstances—not just salary.

Keeping a Vietnamese company after relocation is possible, but directing it from a Swiss home office can raise separate management, employment and taxable-presence questions.

Can a Vietnamese entrepreneur obtain Swiss residence?

Potentially, but company ownership does not create an automatic entitlement.

Vietnamese citizens fall under Switzerland’s third-country immigration framework, rather than the EU/EFTA free-movement route.

Establishing an active business

Applications involving entrepreneurial activity require a credible business case and satisfaction of the applicable admission conditions.

The State Secretariat for Migration’s admission framework considers matters including economic interests and professional qualifications. Quotas and other requirements can also apply.

A plan involving investment, identifiable customers and sustainable economic activity is different from registering a company with no meaningful operations.

Relocating without Swiss employment

For some financially independent applicants, discretionary admission provisions may be relevant, including cases involving substantial cantonal fiscal interests.

The SEM’s guidance on foreign-national residence makes clear that these are conditional decisions, not a general entitlement.

A proposed tax arrangement is not, by itself, an immigration approval. Nor is a Swiss company a fixed-price residence product.

The intended activity, family situation and genuine place of residence should be considered before committing to the move.

Can Vietnamese nationals qualify for Swiss lump-sum taxation?

Potentially, where both the tax conditions and a lawful basis for residence are satisfied.

Swiss expenditure-based taxation, commonly called Pauschalbesteuerung or lump-sum taxation, is a lawful regime for qualifying foreign nationals.

Broad conditions include taking up Swiss tax residence for the first time, or returning after the required ten-year absence, not holding Swiss citizenship and not exercising gainful activity in Switzerland. Both spouses must satisfy the relevant conditions when jointly assessed.

The Federal Department of Finance’s explanation outlines the regime.

Schwyz and Zurich take different approaches

Canton Schwyz retains expenditure-based taxation. Canton Zurich has abolished it.

According to the official 2026 Schwyz tax overview, the cantonal minimum income-assessment base is CHF 600,000.

Worldwide living expenditure and statutory comparison amounts can require a higher base, including seven times annual rent or rental value in relevant cases. The cantonal wealth-assessment base is generally at least twenty times the relevant income-assessment base.

CHF 600,000 is a minimum taxable income base—not an annual tax bill.

Federal requirements and control calculations apply separately.

An investor and an active manager may have different outcomes

An entrepreneur who has sold an operating business and holds private investments may have a different eligibility position from someone directing a Vietnamese company daily from Switzerland.

Being paid abroad does not automatically mean the work is performed abroad.

The Schwyz expenditure-tax guidance also addresses control calculations. Foreign income for which treaty relief is claimed can be relevant.

The appropriate sequence is to clarify eligibility, immigration and the intended activities before relocation—not to choose an address and assume the regime follows.

Three mistakes Vietnamese entrepreneurs should avoid

1. Treating incorporation as permission to transfer money

Swiss company law and Vietnamese outward-investment rules answer different questions.

Confirm the funding route before setting a notarial appointment or promising a bank that capital will arrive on a particular date.

2. Treating a Swiss address as a complete tax strategy

An address does not move manufacturing, software development or management decisions.

For a company using office space in Wollerau, the arrangement should match actual requirements: meetings, personnel, management work or regular workspace.

Document the real activity, not a theoretical use of the premises.

3. Confusing ownership, banking and immigration approval

A person may be entitled to own a company without having permission to work in Switzerland. A properly incorporated company may still need to satisfy a bank’s acceptance criteria.

Plan these as connected but independent decisions.

Practical questions from Vietnamese entrepreneurs

Do I need a Swiss company simply to sell to Swiss customers?

Not necessarily. Depending on the activity, cross-border sales or a distribution relationship may be appropriate.

A subsidiary is a separate legal entity; a branch remains part of its foreign parent. Compare liability, staffing, contracts and administration before choosing either.

Can I establish the company while remaining in Vietnam?

Yes, foreign ownership does not generally require personal relocation. The company must still meet its Swiss representation requirements.

Remote execution, document authentication and bank identification should be confirmed with the professionals handling the transaction; do not assume every step is automatically online.

How much should I budget?

Separate share capital from formation fees and ongoing costs. The capital belongs to the company; it is not the incorporation adviser’s fee.

Budget for representation, premises, banking preparation, accounting and any licences. The Swiss company formation calculator provides an initial framework.

Is buying an existing Swiss company easier?

It may serve a commercial purpose, but it is not a shortcut around funding rules, due diligence or bank review.

Historical liabilities and a reassessment of the banking relationship can matter. Review the risks of buying an existing Swiss company before choosing that route.

Can I keep my Vietnamese business after moving?

Potentially, yes. Review how it will be managed, how you will be remunerated and where work will take place.

The shareholder’s relocation does not automatically relocate the company or remove its Vietnamese obligations.

Plan the structure before registering it

Begin with three decisions:

• Commercial purpose: What will the Swiss business actually do, and who will perform and manage that activity?
• Funding and banking: Who will invest, how can the capital lawfully reach Switzerland, and what evidence will the bank require?
• Personal position: Will the entrepreneur remain in Vietnam, relocate, sell a business or transfer shares within the family?

These answers determine the appropriate legal form, representation, premises and tax analysis.

Alpine Capital GmbH in Wollerau, Canton Schwyz, assists with the Swiss side: company formation, resident representation, banking preparation, registered-office and workspace arrangements, and ongoing corporate administration. Vietnamese investment, foreign-exchange and tax questions should be coordinated with qualified advisers in Vietnam.

A useful initial enquiry describes the proposed activity, ownership, funding source and any relocation plans.

The new trade agreement may broaden the commercial opportunity. The company still needs a reason to exist—and an operating model that stands up to scrutiny in both countries.

Information reviewed: 20 October 2026. This guide provides general information and does not replace individual legal, tax, banking or immigration advice.

Sources and further reading

• EFTA — Vietnam agreement, signature and entry-into-force status.
• Vietnamese Government — Outward-investment requirements under Decree 103/2026/ND-CP.
• Vietnamese Government — Corporate Income Tax Law.
• Canton Schwyz — Official municipal tax multipliers for 2026.
• Swiss Federal Office of Justice — Transparency framework effective from 1 October 2026.