Mastering Financial Due Diligence: A Guide for Belgian Market Entry into Vietnam

Belgium is home to sophisticated financial advisory capabilities, delivering services such as corporate finance, M&A, and restructuring to exacting EU standards. This expertise also extends to critical modern needs, including risk and compliance and innovative ESG advisory. 

The cornerstone of these services is a meticulous financial due diligence process. Meanwhile, Vietnam stands out as a high-growth economy with accelerating capital needs, making a thorough due diligence essential for any acquiring company.

This alignment is more than just economic compatibility. As noted by VietnamPlus (2025), “Vietnam and Belgium have deepened cooperation across finance, energy, and digital sectors under EU frameworks, paving the way for cross-border advisory expansion.” 

The purpose of this guide is to help Belgian advisors navigate Vietnam’s unique due diligence landscape, turning strategic opportunities into successful ventures through a comprehensive financial due diligence process. This entire process is designed to lead to an informed decision.

Vietnam’s Financial Ecosystem: A Foundation for the Due Diligence Process

Vietnam's dynamic financial market presents a compelling landscape for financial advisors. Sustained foreign direct investment is driving significant needs for M&A advisory where financial due diligence is paramount. 

At the same time, the nation's capital markets are maturing and corporate governance standards are tightening, which increases the value of a rigorous diligence process. Understanding the financial health of a target company is no longer optional.

The establishment of Vietnam’s International Financial Centres further signals its ambition to become a hub for foreign financial services.

With projected GDP growth in 2025, the rising need for independent advisory and detailed financial due diligence is clear. This development, combined with strong EU–Vietnam trade alignment, creates a “trusted corridor” for Belgian expertise in financial advisory and due diligence.

The EU-Grade Diligence Process: Financial Due Diligence and ESG as a Competitive Edge

Belgian firms possess a distinct advantage through their deep expertise in robust sustainability frameworks and their approach to financial due diligence. This is no longer a niche skill but a core requirement for assessing a company's financial health. 

According to Vietnam Briefing (2023), “The EU’s Corporate Sustainability Due Diligence Directive requires companies to evaluate environmental and social risks.” This regulation positions EU-grade due diligence as a critical market differentiator, often requiring specific diligence audits.

Belgian advisors can help Vietnamese firms integrate these EU-level ESG controls and meet green bond criteria through a detailed financial review. By doing so, they build trust. Accurate and verified due diligence, which includes a thorough review of the balance sheet and income statement, is essential to protecting financial stability and securing investor confidence. 

This level of financial due diligence helps to uncover hidden risks and assess the company's future potential.

Strategic Opportunity Zones for the Financial Due Diligence Process

1. Infrastructure & Energy: A Focus for Due Diligence
Vietnam’s development pipeline demands rigorous project structuring, backed by solid financial due diligence. VIS Rating (2025) notes that “Vietnam will require about USD 245 billion in infrastructure investment by 2030,” creating significant demand for structured project finance where the diligence process is key to securing funding. Belgium’s experience in designing bankability models relies heavily on a robust due diligence process.

2. PPP & Municipal Programs: Diligence Checklist and Risk Assessment
Provincial authorities are accelerating PPPs in transport and social infrastructure. The advisory value here lies in early-stage screening and analysis, a critical part of the initial financial due diligence checklist. A proper due diligence ensures the long-term viability of these large-scale projects and helps attract credible potential buyers.

3. Capital Markets: Analyzing Financial Data and Balance Sheets
As Vietnamese issuers explore corporate bonds, execution discipline, informed by financial due diligence, becomes decisive. Belgian firms can guide clients through issuance readiness, helping to prepare the necessary financial records and financial statements for scrutiny. This due diligence also enhances the company's financial reporting standards.

4. M&A and Restructuring: The Role of Buy Side Financial Due Diligence
Cross-border deal flow is active, where both buy side financial and sell side due diligence are critical. Many deals fail due to an inadequate diligence process. Advisors run tight processes, providing valuations and leading turnarounds informed by a deep financial due diligence that examines everything from working capital to operating expenses. The due diligence report is a key deliverable in this process.

5. Financial Institutions & Fintech: Conducting Financial Reviews
Banks and insurers are modernizing their risk frameworks, a task that requires extensive internal audit and financial due diligence. Belgian expertise in stress testing can help institutions strengthen their financial footing, which is verified through a detailed due diligence process.

Challenges in the Diligence Process: Key Financial Due Diligence Imperatives

Navigating the Vietnamese market requires a thorough understanding of its unique challenges, which a proper diligence strategy can mitigate. Regulatory complexity and data limitations are significant hurdles. 

The due diligence must be designed to address these potential risks. This is where a structured diligence checklist becomes critical for identifying potential risks. A thorough financial review must analyze financial statements, including balance sheets and income statements, to avoid hidden liabilities. 

Effective financial due diligence in Vietnam must also incorporate currency hedging, local tax filings review, and soft due diligence to align with regulatory realities. This detailed diligence financial review provides data driven insights into the target's financial health and past performance.

Compliance-First Entry and Local Execution with External Advisors like Viettonkin

Our role is to establish and maintain your compliant operating base so your advisory team can execute mandates effectively. The financial due diligence process can be complex, and our team helps manage it. We can assist with:

• Company Incorporation and ensuring compliance with local financial regulations.
• Legal & Regulatory Compliance, mapping regulations for financial advisory activities.
• HR & Payroll, a key part of soft due diligence concerning human resources.
• Accounting, providing bookkeeping and support for reviewing financial records.

A bilingual team ensures smoother execution. As a signal of our commitment: “Viettonkin advisors combine on-ground experience with EU-level financial compliance insight, ensuring trust through each due diligence cycle.” This support is crucial for external advisors conducting financial reviews.

Conclusion - Mastering Cross-Border Trust

Vietnam’s vast financial needs create a sustained opportunity. Belgian firms bring EU-grade rigor in M&A and project finance, where methodical financial due diligence is a core capability. The diligence process is what maps these capabilities to Vietnam’s maturing market and ensures informed decision making.

The key takeaways are clear: EU due diligence standards are a market advantage, and a partner like Viettonkin provides the compliance foundation. A robust financial due diligence is the key to unlocking the growth potential of any investment and making sound strategic decisions.

Explore how EU-grade due diligence can elevate your Vietnam expansion strategy.

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