MinistryofForeignAffairs

DepartmentofEconomicDiplomacy

DoingBusinessin

VietNam2025-2026

DoingBusinessinVietNam2025-2026

02

DoingBusinessinVietNam2025-2026

03

Abbreviations

ABV

AlcoholByVolume

HI

HeathInsurance

AEO

AuthorisedEconomicOperator

HS

HarmonisedCommodityDescriptionAndCodingSystem

APA

AdvancePricingAgreement

IAS

InternationalAccountingStandards

APEC

Asia-PacificEconomicCo-operation

IFRS

InternationalFinancialReportingStandards

ASEAN

AssociationOfSoutheastAsianNations

IMF

InternationalMonetaryFund

BCC

BusinessCooperationContract

IP

IndustrialPark

BLT

Build-Lease-Transfer

IRC

InvestmentRegistrationCertificate

BOO

Build-Own-Operate

JSC

JointStockCompany

BOT

Build-Operate-Transfer

M&A

MergersAndAcquisitions

BT

Build-Transfer

MFN

MostFavouredNation

BTL

Build-Transfer-Lease

MOF

MinistryOfFinance

BTO

Build-Transfer-Operate

MPI

MinistryOfPlanningAndInvestment

BTU

BritishThermalUnit

O&M

Operate&Manage

CAGR

CompoundAnnualGrowthRate

OECD

OrganisationForEconomicCo-operationAndDevelopment

CIT

CorporateIncomeTax

PCA

PostClearanceAudit

CPTPP

ComprehensiveandProgressiveAgreementForTrans-PacificPartnership

PE

PermanentEstablishment

DTA

DoubleTaxationAvoidanceAgreement

PIT

PersonalIncomeTax

EBITDA

EarningBeforeInterest,Taxes,DepreciationAndAmortisation

PPP

Public-PrivatePartnership

EIU

EconomistIntelligenceUnit

R&D

ResearchAndDevelopment

EPE

ExportProcessingEnterprise

RCEP

RegionalComprehensiveEconomicPartnership

EPT

EnvironmentalProtectionTax

RO

RepresentativeOffice

EPZ

ExportProcessingZone

SEA

SoutheastAsia

ERC

EnterpriseRegistrationCertificate

SHUI

Social,HealthAndUnemploymentInsurance

EU

EuropeanUnion

SI

SocialInsurance

EZ

EconomicZone

SST

SpecialSalesTax

FCWT

ForeignContractorWithholdingTax

UI

UnemploymentInsurance

FDI

ForeignDirectInvestment

USD

USDollar

FIE

ForeignInvestedEnterprise

VAS

VietnameseAccountingStandards

FTA

FreeTradeAgreement

VAT

ValueAddedTax

GDP

GrossDomesticProduct

VND

VietnameseDong

GSO

GeneralStatisticsOffice

WCO

WorldCustomsOrganisation

HCFC

Hydro-Chloro-Fluoro-Carbon

WTO

WorldTradeOrganisation

DoingBusinessinVietNam2025-2026

04

Introduction

VietNamisbecominganincreasinglyattractivedestinationforforeigninvestorswitharapidlygrowing

economy,alargepopulationofover100millionanditsstrategiclocation.Thecountry'seconomyis

increasinglydiversified,withmanufacturing,electronics,textiles,andagricultureservingaskeydriversofGDPandisnowattractingforeigndirectinvestmentinhigh-techindustries.Basedonasolidfoundation,VietNamhassuccessfullynavigatedeconomicheadwindsandgeopoliticalinstabilitytobeoneofthe

countrieswithhigheconomicgrowth,achievingaGDPgrowthrateof7.1%in2024.Buildingonthemomentum,GDPambitiousgrowthtargetisraised8.3-8.5%in2025.

VietNam'seconomyhasdemonstratedremarkableresiliencethroughuncertaintiesandcrisestoachievesubstantialsocio-economicprogress.TheDoiMoi(Renewal)reformsin1986markedaturningpoint,

transformingVietNamfromacentrallyplannedeconomytoasocialist-orientedmarketeconomy.Thispolicyenabledthecountrytoattainlower-middle-incomestatusin2010,markingasignificantmilestoneinitsdevelopmenttrajectory.Thecountrytargetstoachieveupper-middle-incomestatusby2030andbecomeahigh-incomeeconomyby2045.Inaddition,VietNamaimstobeamongthetop30largest

economiesintheworldby2030andtoachievenet-zeroemissionsby2050.Thisforward-lookingvisionreflectsVietNam'sunwaveringcommitmenttoeconomicgrowthandsustainability.

VietNamisundergoingsignificantregulatorychangesin2025,primarilydrivenbyapushfor

streamlinedgovernance,enhancedeconomicefficiency,andinternationalintegration.Keyreforms

includeamajoradministrativerestructuringthatreducesthenumberofprovincial-levelunitsand

abolishesthedistrictlevel,creatingatwo-tiersystemtoimproveefficiencyandlocalautonomy.Viet

Namisalsoimplementingasweepingoverhaulofitslegalregulationsin2025,primarilyaimedat

streamlininggovernanceandenhancingeconomiccompetitiveness.Therefore,therearemanychangeshappeningwhilewewritethisguidebook.ThisguidebookhasbeenpreparedbyDeloitteVietNamin

collaborationwiththeMinistryofForeignAffairstoprovidereaderswithanoverviewoftheinvestmentclimate,formsofbusinessorganisation,taxation,andbusiness&accountingpracticesinVietNam.

Althoughwedoourbesttoensurethatinformationcontainedinthisbookiscurrentatthetimeof

writing*,therapidchangesinVietNammeanthatlawsandregulationsmaychangetoreflectthenewconditions.Therefore,forspecifictransactions,definitiveadviceshouldbesought.

WehopethatyoufindthisbookusefulinyourendeavourtoexpandyourbusinessinVietNam.

*Theinformationisbasedontheregulationsandpractice

asof30June2025.

DoingBusinessinVietNam2025-2026

05

Messagefrom

DeputyMinisterofForeignAffairs

NguyenMinhHang

DearReaders,

TheDoiMoireformhasbroughtabout

tremendousandhistoricachievementsoverthepast38years,positioningVietNamasaconsistentoutperformerinsocio-economicdevelopmentacrossAsia.Despiteglobal

economicuncertaintiesandgeopolitical

shifts,VietNamhasdemonstrated

remarkableresilience-achievingastrong

reboundin2024withagrowthrateof

7.09%,drivenbyrobustexportsandforeigninvestment.

Emergingasabrightspotinachallenging

globallandscape,ASEANisprojectedto

growby4.7%thisyear-wellabovethe

globalaverage.Suchgrowthhasbeen

drivenbythreemajorfactors,whichhave

beentransformedintodynamicmomentumtowardsinclusivenessandsustainabilityfortheregionandespeciallyVietNaminthe

future.

First,geopoliticalshifts.Risinglabour

costs,globaltensions,andthedemandforsupplychainresilienceanddiversificationarepromptingmultinationalcompanies

tostrategicallyrelocatemanufacturingtoVietNamandotherASEANcountries.

VietNamstandsoutthankstoits

competitivelabourcosts,politicalstability,andsocialandculturaladvantages.

Second,tradeandeconomicdynamism.Withanextensivetradenetworkcomprising17bilateral,multilateral,andnext-generationfreetradeagreements,VietNamisdeeply

integratedintotheglobaleconomy,

significantlyexpandinginternationalmarketaccessforbothdomesticandforeign-

investedenterprises.Inaddition,rapid

digitalisation,technologicaladvancement,agrowingconsumerclass,andthetransitiontowardsdecarbonisationarefosteringa

dynamicbusinessecosystemthatfurtherstimulatesinnovationandgreengrowthinthefuture.

Third,transitiontoanewgrowthmodel.The13thPartyCongresshassetoutthe

ambitiousvisionsofachievingtheupper

middle-incomedevelopingcountrystatusby2030andhigh-incomedevelopedcountry

by2045.TheParty,theGovernment,the

NationalAssemblyandthelocalauthoritiesaredeterminedtodevotetirelesseffortstorealisesuchstrategicgoals.Inthisprocess,VietNam’stoppolicyprioritiesinclude

facilitatingafavourableenvironmentforforeigncompaniestooperateanddo

businessinVietNam.

UndertheguidelineofthePartyand

GovernmentofVietNam,theMinistryof

ForeignAffairsattachesgreatimportancetoeconomicdiplomacy,consideringitasa

centralandfundamentalroleofthe

Vietnamesediplomacyandasanimportantdriverforthecountry’srapidandsustainablegrowth.

Diplomaticeffortshasyieldedremarkable

results,includingtheenhancementof

bilateralrelations.Asaresult,thecountry

nowboastscomprehensivestrategic

partnershipwith13countriesasofMay2025.Notably,thesigningoftheComprehensive

EconomicPartnershipAgreement(CEPA)betweenVietNamandtheUAEhaspavedthewayfordeeperintegrationintothe

MiddleEasternmarket.

Overthepastyear,diplomacyfocusedon

technology,semiconductors,andinnovationhasbeenespeciallyprominent,resulting

innumerousagreementswithkeyglobal

partnersandmajorcorporations.Leading

techfirmshaveoutlinedspecificplans

torelocatesupplychainstoVietNam,

establishresearchcentres,andexpand

theirinvestment,business,andproduction

operations.Bytheendof2024,VietNamhadhosted174FDIprojectsinthesemiconductorsector,withatotalregisteredcapitalofnearlyUSD11.6billion,accordingtotheMinistryofPlanningandInvestmentandtheMinistryofFinance.Thissubstantialinflowofinvestmentreflectsthecountry’sconcertedeffortsin

recentyearstoattracthigh-techindustry,

therebyenhancingourpositionwithinglobalsupplychains.

Theseeffortshavelaidthestrategic

foundationandcontributedtoVietNam’s

capabilitytoeffectivelyadvanceitslong-termvisionofpromotingscience,technology,andinnovation,whileengaginginproactiveand

comprehensiveinternationalintegration-inalignmentwiththestrategicobjectives

outlinedintherecentlyissuedResolution

No.57-NQ/TWandResolutionNo.59-NQ/TW.

TogetherwithResolutionNo.66-NQ/TW

onthedevelopmentofatransparent,

modernlegalframework,andResolution

No.68-NQ/TWonacceleratingprivatesectordevelopment,theselandmarkpolicies

constitutefourpillarsthatcollectivelyserveasapowerfulenginepropellingVietNamforward.

Wewelcomebusinesspartnerstodiscoverandseizeopportunitiestogrowwith

VietNamandjoinhandstoturnVietNam

intoahigh-qualityhubfortheregionaland

globalsupplychains,particularlyforstrategicandtechnologicalproducts.Ihopethis

publicationwillofferreadersmoreinsightsintoVietNam’seconomicprospectswithaclearandstrongmessage:VietNamis

readyforanewchapterofgrowth!

Contents

Chapter1:EconomyProfileofVietNam07

I.VietNamattheGlance08

1.Countrysnapshot08

2.Strategiclocation08

II.APre-eminentInternationalDestination09

III.MacroeconomicPerformance13

1.Growtheconomicenvironment13

2.Strongexportsdespiteglobalheadwinds16

3.Economictransformation18

4.Investmentclimateforforeigndirectinvestment20

Chapter2:FormsofForeignDirectInvestmentinVietNam23

I.TypesofInvestmentinVietNam24

II.FormsofForeignDirectInvestmentinVietNam25

III.KeyProceduresForEstablishmentofaPresenceinVietNam28

Chapter3:Accounting&AuditRequirements30

Chapter4:TaxationandCustoms34

I.Taxation35

1.CorporateIncomeTax(CIT)36

2.BaseErosionandProfitshifting(BEPS)44ActionPlaninVietNam

3.PersonalIncomeTax(PIT)46

4.Social,healthandunemploymentinsurance(SHUI)50

5.Value-AddedTax(VAT)51

6.ForeignContractorWithholdingTax(FCWT)55

7.Othertaxes58

II.CustomsDutiesandProcedures60

Chapter5:ForeignExchangeControl65

DoingBusinessinVietNam2025-2026

Chapter1

Economy

ProfileofVietNam

07

DoingBusinessinVietNam2025-2026

08

I.VietNamataGlance

1.Countrysnapshot

Landsize

331,338km2

Population

101.3million

Coastline

3,260km

GDPGrowth(2024)

7.09%

GDPpercapita(2024)

USD4,700

Averageinflation(2024)

3.63%

Minimumwage(2024)

VND4,960,000

PoliticalstabilityandAbsenceofViolence/Terrorism(PercentileRanking)(2023)

45/100

Economicmilestoneswithvisionto2050

1986

2010

2025

2030

2045

2050

DoiMoi(Renewal)

Lower-middle-incomestatus

33rdlargesteconomyglobally

UpperMiddle-IncomeCountry

High-Incomeeconomy

Net-zeroemissions

Source:GSO,WorldBank

VietNamisrecognisedasoneoftheASEANeconomieslistedamong

theworld'sfastest-growingeconomiesandanattractiveinvestment

destination.Itseconomicgrowthisfuelledbyinvestments,robust

domesticconsumption,arisingmiddleclass,andexport-drivenindustry.

ThisrapideconomictransformationcanbelargelyattributedtotheDoiMoi(Renewal)policywhichwasintroducedatthesixthNationalParty

Congressin1986.ThepolicyhasplayedapivotalroleinVietNam’s

historicprogress,fosteringhigheconomicgrowth,improvingliving

standards,ensuringsocialandpoliticalstability,expanding

internationalrelations,andenhancingthecountry'spositioningaroundtheworld.

Despiteongoinggeopoliticalandeconomicuncertainties,VietNam’seconomyhasdemonstratedremarkableresilienceovertheyears.

GDPgrowthacceleratedto7.09%in2024andisontracktoreach

thetargetofatleast8.0%in2025.In2024,FitchRatingsaffirmedthecountry’sLong-TermForeign-CurrencyIssuerDefaultRatingat'BB+'withastableoutlook1.

Lookingforward,intheshortterm,VietNam’sprioritieswilllikely

focusonboostingincomes,advancingupthevaluechain,improvingaccesstoqualityhealthcareandeducation,andenhancingurban

environments.Inthelongrun,theVietnamesegovernmenthas

setambitiousgoalsofachievinguppermiddle-incomestatusby

2035,high-incomestatusby2045,andachievingnet-zerocarbonemissionsby2050byreducingitscarbonfootprintandoptimisingenergymixforsustainabledevelopment.

VietNam’sbusinessenvironmenthasalsowitnessedimprovements.

AccordingtotheEconomistIntelligenceUnit’sstudyofBusiness

EnvironmentRankings,thecountryrecordedthegreatest

enhancementinbusinessconditionsamong82economiesfrom

2003to2023.VietNamisexpectedtomaintainitsleadinbusinessenvironmentimprovementsduringthe2023–2028period2.

1."FitchAffirmsVietNamat'BB+';OutlookStable".FitchRatings28Jun2024.

2."VietNamisthemostimprovedplacetodobusiness,accordingtoEIU’sBusinessEnvironmentRankings".TheEconomistGroup.10Oct2024.

DoingBusinessinVietNam2025-2026

09

II.APreeminent

InternationalDestination

VietNam'seconomyisoneofthefastest-growingandmoststableinSoutheastAsia.Keymacroeconomicindicators–suchasstrongGDPgrowthprojections,arapidlyexpandingmiddleclass,highprivate

consumption–alongwithstrategiccompetitivenessmakeVietNamanattractiveandsustainabledestinationforinvestment.Therise

inforeigndirectinvestment(FDI)inflowsoveryearsreflectsthecountry'ssolidbusinessfundamentals.

ThispartfocusesontheanalysisofVietNam’skeyadvantages

includingpoliticalstability,strategiclocation&evolvinginfrastructure,ahubwithanextensivenetworkofFTAsandamarketwithdynamicconsumption&competitivelabourforce.

2.1.Politicalstability

VietNam'senduringpoliticalstabilityhasbeenakeydriverofits

economicgrowthandattractivenesstoforeigninvestors.AccordingtotheWorldBank,intermsofthePoliticalStabilityandAbsence

ofViolence/TerrorismIndex,VietNamranksinthe45thpercentilein2023,indicatingamoderatelevelofstability.Whilerecent

leadershipchangesandanti-corruptionmeasureshaveintroducednewdynamics,theGovernmentremainscommittedtomaintainingstabilityandenhancingitsattractivenesstoinvestors.

AnotablerecentdevelopmentistheVietnamesegovernment’sefforttostreamlineoperations,eliminateadministrative

redundancies,andimproveefficiencywhilemaintainingkeystatefunctions.InFebruary2025,theNationalAssemblyapproved

ResolutionNo.176/2025/QH15,definingthegovernment’s

organisationalstructureforthe2021-2026term.Underthis

resolution,theGovernmentcomprises14ministriesandthreeministerial-levelagencies,reducedfrom18ministriesandfour

ministerial-levelagencies.Thenewlyrestructuredministriesand

agenciesofficiallyhavecommencedoperationssince01March2025.Inadditiontothemergingandeliminationofgovernmentministries,thetotalnumberofprovincesandcentrallymanagedcitieshasbeenalsowitnessedadecreasefrom63to34.

DoingBusinessinVietNam2025-2026

10

2.2.Strategiclocation&evolvinginfrastructure

LocatedinSoutheastAsia,VietNam’scoastlineistraversedby

importantmarineroutesfromEuropeandtheIndianOceanto

NortheastAsia.With3,260kilometresofcoastlineclosetonumerousinternationalshippingroutes,VietNamisanidealhubformaritimecommerce,offeringbusinessesaccesstoglobaltransportnetworks.

AccordingtotheLogisticsReport2024publishedbytheMinistry

ofIndustryandTrade,90%ofVietNam’simportandexportgoodsaretransportedbysea3.ThecountryranksthirdinASEANintermsofcargothroughput,followingMalaysiaandSingapore.Theport

infrastructurecontinuestoreceivesubstantialinvestment,withtheinvestmentdemandfortheseaportsystemestimatedatVND313trillionby2030,asoutlinedintheApprovedMasterPlanforthe

DevelopmentofVietNam’sSeaportSystemforthe2021–2030Period,withaVisionto2050.Notably,oneofhighlightsinthe

country’sseaportdevelopmentstrategyistheCanGioInternationalTransshipmentPort,whichisexpectedtoboostHoChiMinhCity’spositionasaglobalmaritimehub.

VietNamcontinuestoenhanceinvestmentinvarioustransportation

infrastructuresystems,includingroads,railways,andaviation,

fosteringamoremodernandintegratednetworkthatdrivesoveralleconomicgrowth.By2050,VietNam’sgoalistoestablishanetworkof41expresswaystotaling9,014kilometresforroadtransport,

25railwayroutescovering6,354kilometres,and33airports.

GeographiclocationandnaturalcharacteristicssupportinvestmentinVietNamforagriculture,forestryandfisheriesenterprises.The

countryisbecomingapopularmanufacturingandserviceslocation.ThischangehasincreasedVietNam'sconsumptionandwealth

creation,whichattractsinvestorstothecountry.

VietNam’sInfrastructure

AIRPORTINFRASTRUCTURE

22airports

ROADINFRASTRUCTURE

Totallengthofnationalroadsandexpress:26,484km

By2030:

30airports(16domestic,14international)

By2050:

33airports(19domestic,14international)

Source:Masterplanondevelopmentofthe

nationalsystemofairportsandaerodromesinthe2021-2030period,withavisionto2050

By2030:

?Thetotallengthofnationalroadsto29,795kilometres

?Thelengthofcoastalroadsto3,034kilometres

?Thetotallengthofexpresswaysto5,004kilometres

By2050:

Anetworkof41expresswaystotaling9,014kilometres

Source:RoadTransportationDevelopmentPlanby2030andvisionto2050

INFRASTRUCTURE

-

RAILINFRASTRUCTURE

3,143km

By2030:

Modernisationofcurrentnetworkand

constructionof9newrailroutes,withtotallengthof4,802kilometres

By2050:

25railroutes,running6,354km

Source:Masterplanonrailwaydevelopmentthrough2030withavisionto2050

3.VietNamLogisticsReport2024.MinistryofIndustryandTrade.

DoingBusinessinVietNam2025-2026

11

2.3.AhubwithanextensivenetworkofFTAs

VietNamhasstrategicallyleverageditsgeographicpositionto

establishitselfasakeyhubinglobalvaluechainsbyactively

pursuingamultilateralforeignpolicy,witheconomicdiplomacyasonepillar.

Overtheyears,thecountryhasdeepeneditsintegrationinto

regionalandglobalmarkets,achievingsignificantmilestonesin

internationaltrade.VietNamjoinedASEANin1995,APECin1998,andtheWTOin2007—demonstratingitsstrongcommitmenttotradeliberalisationandeconomicexpansion.

VietNamhasalsofurtherreinforceditsroleininternationaltrade

throughproactiveFreeTradeAgreement(FTA)negotiationsand

implementation.AsofJune2025,VietNamhassigned17FTAs,in

which,16FTAshavealreadyineffect.Amongthese,new-generationFTAssuchastheComprehensiveandProgressiveAgreementfor

Trans-PacificPartnership(CPTPP),theEuropeanUnion-VietNamFreeTradeAgreement(EVFTA),theUnitedKingdom-VietNam

FreeTradeAgreement(UKVFTA),andtheRegionalComprehensiveEconomicPartnership(RCEP)playacrucialroleindeepeningVietNam’straderelationshipswithkeyglobalpartners.Furthermore,thecountryisactivelyengagedinnegotiationsfortwoadditional

FTAs:VietNam-EFTAFTA,involvingSwitzerland,Norway,Iceland,andLiechtenstein,andtheASEAN-CanadaFTA.

CommitmentsunderFTAsvaryandcoverabroadspectrumof

issues,includingtariffreductions–someimmediate,othersphasedinoverseveralyears–acrossabroadrangeofgoodsandgovernedbyasetofqualifyingtests.Inrespectoftradeingoods,FTAsgrantVietNamanditspartnerspreferentialmarketaccesscompared

tonon-FTAcountries.Additionally,VietNam’sFTAsalsoincludecommitmentstoenhancemarketaccessfortradeinservices,

foreigndirectinvestmentconcessions,technicalbarrierstotradelimitations,andothermeasurestofostertradeandinvestment

betweenthepartiestotheagreement.

VietNam'sFTAnetworkcovers87percent

oftheglobaleconomy

UKVFT

VEUFTA

A

UK

USVBTA

AIFT

A

Indi

a

KyrgyzstanArmenia

Kazakhstan

Belarus

UnitedStates

ASEA

Russia

N

Indonesia

PhillipinesThailand

Cambodia

China

VCFTA

VKFT

A

VietNamSingapore

Malaysia

Chile

Mexico

(w)

Brunei

Lao

s

VJEPA

Sout

h

Kore

a

Japa

NewAustrali

\Zealana

PeruCanada

CPTPP

n

d

RCEPVIFTA

Myanmar

Israel

EVFT

A

Source:WorldBank,VietNam2045TradingUpinaChangingWorld

2.4.Dynamicconsumermarketsandcompetitivelabourforces

VietNam'spopulationstandsatapproximately101.3millionasof2024.Thecountryiscurrentlybenefitingfroma"goldenpopulationstructure",withindividualsaged15to64comprisingmorethan

two-thirdsofthetotalpopulation.Thisdemographicadvantage

isexpectedtolastuntil2040,offeringVietNambothasizable

consumermarketandarobustlabourforce.Thisfavourable

populationdynamicenhancesthecountry’sappealasaprime

destinationforinvestment,manufacturing,andeconomicgrowth.

Privateconsumption(%GDP)

Formanyyears,privateconsumptionhasaccountedformore

thanhalfofVietNam'sGDPandisexpectedtoremainstrong.The

improvementinthecountry'slabourmarketwillbethefundamentalfactorsupportingprivatespendinggrowth.

Privateconsumption(%GDP)

ActualEstimateForecast

57

Privateconsumption(%ofGDP)

55.97

5655.52

54.68

53.253.5-----""-----53..------4

5553.9253.953.954

52.7

54

53

52

20202021202220232024202520262027202820292030

Source:EIU,Deloitte’sanalysis.

DoingBusinessinVietNam2025-2026

12

VietNam’sgoldenpopulationstructurecoupledwiththeacceleratingurbanisation,issettocontributetoeconomicdevelopment.Asof

December2024,VietNam’surbanisationratereached44.3%,ontracktoreach45%by2025andsurpass50%by2030—akeythreshold

formostofcountriestransitioningtofullmiddle-incomestatus.Reinforcingtheirroleaseconomicengines,urbanareasareexpectedto

contribute75%ofGDPby2025andupto85%by2030.WhilemajorcitieslikeHanoiandHoChiMinhCityhavetraditionallydominated

urbangrowth,urbanexpansionisexpectedtoextendtosmallercitiessuchasCanTho,DaNang,andHaiPhong,wherearisingmiddleclasswillfuelconsumption.

VietNamhasanabundanceofincubators,accelerators,andinnovationlaboratoriescomp