Crowe at HCMC Business Summit 2025: Enabling Vietnamese Firms to Thrive in Singapore

Crowe Singapore was honoured to participate in the Ho Chi Minh City (HCMC Business Summit 2025: “Rising Together”, organised by VietCham Singapore and HCMC Young Businesspeople Association on 25 September 2025. The event drew more than 500 C-suite executives from Vietnamese enterprises, and featured insights from SGX, Kardinal Advisors, and Crowe on the road to setting up in Singapore. 

SGX: Listing Options in Singapore

During SGX’s presentation, Ms. Alice Gwee outlined the key differences and criteria between the Catalist and Mainboard listing routes:

1. Mainboard: Requires strong profitability or market capitalisation - e.g. pre-tax profit of S$30 million, or market cap thresholds - along with a robust operating history, corporate governance, and working capital adequacy.
2. Catalist: A sponsor-supervised board tailored for growth companies. It does not mandate fixed profit or market cap thresholds, but requires a sponsor’s endorsement and continued compliance on governance and disclosure standards.

SGX also emphasised the importance of adopting globally recognised accounting standards (e.g. IFRS / SFRS(I)) ahead of listing, to align with investor expectations and regulatory norms.

Mr. Duncan Kow, our Audit Partner, provided an in-depth analysis of the key GAAP differences between Vietnam and Singapore, underscoring how Vietnam’s VAS - being closely tied to local tax reporting - contrasts with Singapore’s IFRS-aligned SFRS(I), which is principles-based and emphasizes fair value measurement and comprehensive disclosures. He highlighted the need for Vietnamese enterprises to transition towards IFRS/SFRS(I) compliance and integrate ESG (Environmental, Social, Governance) frameworks as foundational requirements for successful market entry into Singapore.

Mr. Kow went on to share some of Crowe’s many accolades including World Tax Recognised Firm, and Achiever Award by Cybersecurity Agency of Singapore, both received in 2024. His presentation embodied some of Crowe’s extensive service offerings for corporates including:

1. Integrated professional services: audit, tax, advisory, corporate finance, regulatory compliance, transfer pricing, corporate services, valuation, risk advisory, outsourcing and global mobility.
2. Sustainability & climate services: reporting aligned with GRI, TCFD, and ISSB, climate strategy development, emissions planning, ESG due diligence & risk assessment.

The unified message from SGX, Kardinal, and Crowe at the Summit was clear: for Vietnamese companies aiming to establish or list in Singapore, early alignment with international reporting standards, strong governance, and strategic advisory support are essential. Crowe Singapore, being a top-10 professional services firm globally, stands ready as a trusted partner to guide and deliver a one-stop integrated support for firms expanding regionally.