Press Release 2 minute read

TMF Group acquires NVM Group’s payroll portfolio in Vietnam

14 May 2019

Vietnam, 30 April 2019 – TMF Group, a leading provider of high value business services to clients operating and investing globally, has completed the acquisition of NVM Group’s payroll portfolio in Vietnam. NVM Group is an award-winning HR and Payroll firm in Vietnam.

NVM Group was set up in 2003 to provide tailored HR administration and payroll services to small and medium sized companies in Vietnam. The team of 12 professionals specializing in HR and Payroll has earned a reputation for excellent service delivery in the local market.

“As a professional business service provider, TMF Group has a global footprint to help clients in cross border business expansion,” Huynh Minh Quan, President and CEO of NVM Group, said. “This acquisition marks an exciting milestone for our HR business and our expansion of business to other countries in the region. NVM Group’s expertise in HR and Payroll further enhances TMF Group’s offer in the sector where TMF Group has significant experience, which will help us continue to grow and better serve our customers in Vietnam.”

Paolo Tavolato, Head of Asia Pacific at TMF Group, said: “Vietnam is one of the fastest growing HR and Payroll markets in South East Asia. With the acquisition of NVM’s payroll portfolio, TMF Group is now one of the largest payroll service providers in Vietnam. NVM Group is highly complementary to TMF Group’s existing operations in Vietnam. NVM Group will enhance TMF Group’s ability to serve Vietnam based SMEs, and their clients will also benefit from the broader accounting, payroll and tax compliance expertise of TMF Group.”


About TMF Group 
TMF Group helps its clients operate internationally and ‘belong’ wherever they are in the world. We do this by making sure they are properly set up to do business in any country and compliant with local and international regulations. Our work includes helping companies of all sizes with business services such as HR and payroll, accounting and tax, corporate secretarial, global governance and administration and fiduciary services for capital markets, private clients, private equity and real estate investments. We have more than 7,000 in-country experts in over 90 jurisdictions worldwide. 

About NVM Group:
NVM Group is the top and award-winning HR management service and solution provider based in Vietnam established in 2003. It manages approximately USD500,000 a year for a niche customer base operating in Vietnam. NVM Group enables its customers to achieve their business strategy and takes away part of the intensive workforce management demands and transactions which include payroll, leave, time and attendance, employee reimbursements and maintenance of HR and Payroll systems.

For further information, please contact:
Mavis Fan
Communications Executive (APAC) / TMF Group

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