What is the difference between setting up our branch in Vietnam and setting up a purely local company in Vietnam?

①A branch is a subordinate unit of an enterprise and is responsible for performing all or part of the enterprise’s functions, including the functions of an authorized representative, and the branch’s scope of operation must be consistent with the enterprise’s scope of operation. The branch is allowed to engage in the company has been registered within the scope of business activities, but the branch shall not engage in any business activities without authorization, but under the authority of the company in accordance with the needs and conditions of business activities, the branch does not have legal personality, no registered capital, no independent tax ID.
 ②Newly established company has relatively large freedom