Skip to content
Home » MRA Grant for Vietnam

MRA Grant for Vietnam

Introduction to the MRA Grant

The Market Readiness Assistance (MRA) Grant by Enterprise Singapore is a funding scheme designed to help local small and medium-sized enterprises (SMEs) expand their operations internationally. With growing demand for Singaporean products and services in the region, many SMEs are looking to tap into nearby emerging economies, and Vietnam is rapidly becoming a top choice.

The MRA Grant supports a wide range of overseas expansion activities including market setup, business development, and promotional efforts. It provides up to 50% funding for eligible costs, capped at S$100,000 per company per fiscal year. For Singapore businesses eyeing growth in Southeast Asia, Vietnam represents a high-potential, strategic market—and the MRA Grant can play a crucial role in reducing the risks of entering this vibrant market.

Why Companies Expand to Vietnam

Vietnam has emerged as one of Southeast Asia’s fastest-growing economies. With a youthful population of nearly 100 million, increasing disposable income, and strong GDP growth, it offers an ideal environment for Singapore companies aiming to expand abroad. Vietnam’s government has also encouraged foreign investment through liberalised trade policies and participation in regional trade agreements like the CPTPP, RCEP, and ASEAN Free Trade Area.

For Singapore SMEs, Vietnam presents opportunities in multiple sectors, including consumer goods, education, healthcare, logistics, fintech, agribusiness, and e-commerce. Cities such as Ho Chi Minh City, Hanoi, and Da Nang are increasingly open to foreign businesses, and a growing middle class is fueling demand for international brands, digital services, and high-quality products.

Vietnam’s relatively lower costs, skilled workforce, and improving infrastructure add to its appeal. It’s also seen as a complementary market for Singapore firms looking to diversify beyond the more mature regional economies.

Eligible Activities under the MRA Grant

The MRA Grant covers a wide array of business activities that aid in international expansion to Vietnam, including:

  1. Overseas Market Promotion
    • Participation in trade shows and business missions held in Vietnam
    • Digital and offline advertising targeting the Vietnamese market
    • Social media campaigns and influencer collaborations in Vietnam
  2. Overseas Business Development
    • Engaging market consultants or lead generation specialists in Vietnam
    • Short-term hiring of in-market representatives or interpreters
    • Business matching and partnership exploration with Vietnamese firms
  3. Overseas Market Setup
    • Legal and tax advisory services related to setting up a presence in Vietnam
    • Incorporation of a local entity or joint venture
    • Trademark registration and IP protection

By focusing on these three categories, companies can design a comprehensive expansion plan with MRA support at every stage of market entry.

Expenses Supported for Vietnam Expansion

Common expenses supported under the MRA Grant for Vietnam include:

  • Airfare and lodging for participating in Vietnamese trade exhibitions or business delegations
  • Media buying costs for Facebook, Google, or Zalo ads targeting Vietnamese users
  • Professional fees paid to market researchers or consulting firms for competitive analysis
  • Legal incorporation fees for registering a business in Vietnam
  • Translation services for marketing materials, websites, or legal contracts
  • Localised packaging or product adaptation for compliance with Vietnamese standards

These expenses are only claimable if they are directly linked to the proposed internationalisation project and are approved in advance.

Common Use Cases in Vietnam

Vietnam is an attractive destination across various industries. Examples of how Singaporean businesses use the MRA Grant in Vietnam include:

  • A digital marketing agency launching a joint venture in Ho Chi Minh City
  • A health food brand setting up local distribution and retail partnerships
  • A private education centre expanding into Hanoi with a new branch campus
  • An e-commerce company running an influencer campaign on Vietnamese social platforms
  • A software developer localising its app for the Vietnamese market and onboarding a reseller

These examples demonstrate the diverse potential of the Vietnamese market and the MRA Grant’s role in facilitating such strategic moves.

Challenges Faced During Expansion and How MRA Helps

While Vietnam offers rich opportunities, expanding there is not without its challenges. Key concerns often include:

  • Regulatory Environment: Vietnam’s business laws are still evolving and may be unfamiliar to Singapore companies.
  • Language Barriers: Most business dealings are conducted in Vietnamese, which may require translation or interpreter support.
  • Different Business Culture: Vietnamese business etiquette and negotiation styles differ from Singapore’s, making local insight crucial.
  • Operational Issues: Issues such as supply chain logistics, tax systems, and licensing processes can slow down expansion.

With the MRA Grant, SMEs can better manage these challenges by funding the hiring of experienced consultants, translators, and legal advisors. It also enables a more confident and informed approach to market setup and brand building in Vietnam.

Eligibility Criteria

To qualify for the MRA Grant, your company must meet the following criteria:

  1. Be a Singapore-registered company with at least 30% local shareholding
  2. Have group annual sales of not more than S$100 million or group employment size of no more than 200 employees
  3. Have intentions to expand overseas, with no significant business presence in Vietnam yet
  4. Ensure all overseas expansion activities are not yet commenced at the time of application

Note: Projects that have already started or where payment has been made are not eligible for funding.

Required Documentation

In preparing an application for MRA support for Vietnam, you’ll need to compile and submit the following:

  • ACRA business profile of your company
  • Detailed project plan with expansion strategy
  • Official quotations from service providers (e.g., marketing agency, legal firm)
  • Company financial statements
  • Description of expected deliverables and KPIs
  • Any supporting credentials from your overseas partners or consultants

To secure your grant, it is essential to submit a well-prepared and complete application through the official Business Grants Portal.

Application Process

The application process for the MRA Grant to support your Vietnam expansion is relatively straightforward:

  1. Plan the Expansion Project
    • Define goals, partners, and activities to be supported by the grant
    • Collect cost estimates and vendor proposals
  2. Submit the Application on the Business Grants Portal (BGP)
    • Log in using your company’s CorpPass
    • Attach required documentation and fill in project details
  3. Wait for Approval
    • Enterprise Singapore will assess your application
    • Processing time usually takes between 4 to 8 weeks
  4. Receive Letter of Offer
    • Only begin activities upon receiving this official document
    • Adhere strictly to the approved scope and budget
  5. Implement the Project
    • Carry out the activities (e.g., attend trade shows, engage consultants)
  6. Submit Claims
    • Provide invoices, receipts, bank transfers, photos, reports
    • File all claims before the deadline to avoid forfeiture
  7. Complete Post-Project Report
    • Outline key outcomes and business impact

Adhering to this process ensures compliance and maximises your chances of reimbursement.

Conclusion

Vietnam stands out as one of the most promising markets for Singapore SMEs seeking overseas expansion. Its young population, dynamic business environment, and ongoing reforms make it an attractive frontier for growth. However, its unique challenges necessitate thoughtful planning, local insight, and adequate financial support.

The MRA Grant acts as a vital enabler, helping businesses offset expansion costs and approach the Vietnamese market strategically. Whether you’re setting up a legal entity, promoting your brand, or forging partnerships, the grant provides critical support for a smoother and more cost-effective entry.

With clear eligibility criteria and a well-defined application process, the MRA Grant for Vietnam is an opportunity that businesses should consider seriously. For companies ready to explore Southeast Asia’s emerging economies, Vietnam is not just an option—it’s a smart move.