Link: https://links.sgx.com/1.0.0/corporate-announcements/MGGTWN8Y8VNV2SBK/267a0bf6fe9b0302ec757ac05d2cb2719e43999c66cbb05d07d3228d0361f654

Summary:

• HRnetGroup has established its first wholly-owned Vietnam subsidiary, AllwaysFirst Vietnam Co., Ltd., in Ho Chi Minh City (HCMC), marking its 18th city of operation.

• This move is a strategic expansion into one of Asia’s fastest-growing economies, with Vietnam’s 2024 GDP at US$476.3 billion (growth rate: 7.09%) and a 2025 forecast of 6.8%, led by robust exports and foreign investment.

• Vietnam is a regional hub for IT and computer science: 37 universities, 57,000 annual tech graduates, 4,000 software/IT firms, and a strong focus on recruitment in IT engineering, data science, and product development—especially in finance, tech, healthcare, and government.

• AllwaysFirst will initially focus on professional recruitment for these growth sectors, especially IT/tech specializations.

• Immediate profitability may not be material, but HRnetGroup aims to build depth and broaden reach in this key market for long-term growth.

• Expansion aligns with HRnetGroup’s regional growth ambitions and sector specialization.