The most profitable way is to sell people their dreams...
Words from a successful entrepreneur
Over the past 3 months, more than 10 businesses have been opened on Phu Quoc Island. Many of the owners are vaguely familiar with the chief editor of FI, while others applied for promotion of their startup to social networks the liveliest portal about Fukuoka.
Fukuoka story: Our team for creating a pleasant and productive business community, therefore, we always consider interesting options for collaborations
3 locations where Russian businessmen open a business
Mui Ne village
Phu Quoc Island
Nha Trang city
Mui Ne village is 4 hours drive from Nha Trang. Direct flights fly to Phu Quoc Island from Ho Chi Minh City every hour, from Nha Trang, with a transfer in the southern capital.
The main tourist flows are directed to the city of Nha Trang. 25 minutes drive away, located international airport Cam Ranh, from which tourist buses depart for Nha Trang and Mui Ne. The village of Mui Ne is located south of Nha Trang.
Business story: Russian entrepreneurs are one of the strongest business diasporas in Nha Trang
How to open a business in Vietnam for Russians: Popular niches
We identify target niches for opening and developing a business. To begin with, we follow the beaten path, considering highly competitive niches, and then analyze insider ideas for the development of unique and less popular concepts.
TOP 5 small business formats in Vietnam
- cafes, restaurants, hookahs
- street travel agencies
- massage and spa
- diving and surfing, transport rental
- shops: pharmacies, coffee, cosmetics, leather
Many friends have opened shops and restaurants. There is very dense, yet inept competition in these segments.
The Nya Trang business slogan: I’ll make it cheaper, then things will definitely go uphill
Deliberate dumping that killed the tourism market in Nha Trang. For the first time in my career I saw a $9 excursion to the Southern Islands. And this comes with a meal! I hope these entrepreneurs themselves have something to eat.
The main message is, be prepared to face it. Many begin to move to Phu Quoc to expand their business, entering the dumping market. Funny characters.
As Buffett says, your business must have a moat around it.
* ditch - competitive advantage and clear positioning
In 2018, the FI team boosted 4 business segments and 3 of them were offline. To open a business in Nha Trang, on average you need $20-25,000. Retail and catering segment. On the island of Phu Quoc, add +20% to Nha Trang budgets. In Mui Ne -15%. Rental prices in the village are lower.
Step-by-step instructions: opening a business in Vietnam
7 first steps when starting a business in Vietnam:
- what makes you unique (concept development)
- what is your position (detailed portrait of the target audience)
- budget calculation (how much and where)
- selection of a Vietnamese advisor (difficult without him)
- searching for premises (this is an interesting experience)
- personal lawyer (conclude an agreement with a law firm)
- search for suppliers (for a restaurant, store, travel agency)
The fastest business construction project in our lifetime was completed in 27 days. Budget of $15,000. After a whole year of investing and debugging work processes. It's difficult, but interesting. The main thing is to understand what your passion is.
As Robert Kiyosaki says: I start to wince when they ask me to open new business. He's an investor. He's not interested. You - by sensations;
Opening a business on Phu Quoc Island is much more difficult than in Nha Trang and Mui Ne. At the same time, the market is less competitive, if you do not take the catering segment. The challenge is delivery. building materials, finding suppliers and lawyers. Much needs to be done on the mainland.
Investment sizes
Please note that we are looking at the small business niche in Vietnam. Investments in serious and long-term objects are described in other articles on the Fukuoka Stories portal ( abbreviated FI)
The entry point to the small business market is written above, note that this amount will require +150/200% of additional cash flow. This is a fact.
Least expensive business- opening a travel agency. Profits corresponding to investments. Once you start developing, your cash flow will increase and free funds will go into expansion. 100% history.
Business rating by budget volume for opening:
1. Travel agency (3 – 5,000$)
2. Massage or spa salon ($5 – 10,000)
3. Shop ($10 - 15,000)
4. Restaurant ($15 - 20,000)
* minimum 50 people boarding
5. Hotel or apartments ($100 - 500,000)
I feel the experienced gaze of Vietnamese entrepreneurs shouting: yes, it turned out less than what this scribbler allows himself!
Friends, this is the average market indicator. You have the opportunity to spend $50,000 on a travel agency and send photos to the editor, we will definitely publish them.
We buy a ready-made business in Vietnam
The practice of European and CIS countries is poorly applied in Vietnam. About what if ready business sold, in 90% of cases it failed on the market. Don't shout. We know that the situation is similar in the CIS, but still you are in home country and you can make inquiries very quickly. In Vietnam everything is different. Be careful!
A common situation is when the owner wants to return the money invested and still make money. The practice of selling used vehicles and electronics is familiar to you. It is with these mediocre habits that businessmen come to Vietnam. Below is an example of a banal calculation of business value, which is used by investors.
Buy a ready-made business in Vietnam: cost calculation technology
Let’s simulate a situation where you saw online a store selling coffee products for $20,000. Send a letter to the owner and request financial statements for the last 6 months of business operation.
Important: at resorts it is more correct to take reports from the high tourist season
The report will indicate the company's net profit, so multiply this figure by an average of 6.
Example: $2000 (net profit) x 6 (usually months) = $12,000
The cost of your future business is $12,000. Got the point. Fukuoka stories do not give out professional consultations; they themselves are still in training.
Let's sum it up
Collect information, analyze and take action. It’s easy to open a business in Vietnam, but it’s difficult to earn a lot.
P.S. See you at the business conference about your brainchild.
More and more Russians are moving to Vietnam for permanent residence, and many are faced with logical question: But how can you make money and run a business here?
Some people manage to get a job Vietnamese companies(such as Coc Coc), some go to work in the tourism sector (tour operators Pegasus and Anex Tour), but there are also many who open their own business.
Considering that the Vietnamese themselves have a rather weak understanding of marketing and good service and not everyone speaks Russian or English, then starting a business in Vietnam is not difficult for an enterprising person.
Advantages and Disadvantages
Combined with exotic nature and pleasant climate, Vietnam is an ideal place to live. But, as they say, “in every barrel of honey there is a fly in the ointment”:
- underdeveloped economic infrastructure;
- heavy, pervasive government bureaucracy;
- embryonic legal system.
Vietnam Business Infrastructure
Vietnam has the third largest population in Southeast Asia after Indonesia and the Philippines. The population is quite young. 80 percent of its 73 million people are under 40 years of age. They are usually well educated. The country's literacy rate is approaching 90 percent. Additionally, despite two decades of communist “socialism,” the Vietnamese have retained a strong work ethic and entrepreneurial spirit.
Add to these facts the country's low labor costs (average annual per capita income is about $500) and you can see why foreign companies and investors are flocking here.
To successfully compete with local companies, you will have to make an effort to adapt to the Vietnamese culture. You need to treat her with understanding and respect. This article will give some insight into doing business and interpersonal communications in Vietnam.
How to invest in Vietnam
Features of investing in Vietnam
Vietnam has policies that encourage investment in various economic sectors and geographic regions. This is reflected in the following government actions:
- corporate income tax exemption or reduction for several years;
- reduction in land rent;
- exemption from import duties on capital goods;
- deferred VAT payment.
The investment license is valid for up to fifty years with the possibility of extension. The Foreign Investment Agency fia.mpi.gov.vn is the central authority for licensing investors. Its departments are located throughout the country - in 63 provinces - and are ready to assist foreign investors. In some cases, an investment license must be approved by the Prime Minister. Investments in Vietnam can be made by purchasing shares. You can contact the Vietnam Chamber of Commerce and Industry or business consultants. They will help you choose an investment object, taking into account the best geographical location for your industry, as well as raw material and labor requirements.
Communication Differences
How to communicate correctly with business partners in Vietnam
For successful international business relations It is important to be mindful of cultural differences. Most commercial disputes arise from misunderstandings between the business partner. For example, while in our society it is customary to look your interlocutor closely in the eyes during a conversation, in Asia, including Vietnam, this is considered impolite. To express your respect, you need to keep your gaze lowered until your counterpart finishes his speech. In Asian culture, the meeting place and nonverbal behavior are often more important than spoken words.
Smiles and nods do not always mean a yes to your proposal.
Vietnamese people believe information that is passed on by word of mouth. Therefore, if you are recommended by an influential expert in this industry, your chances of winning will increase many times over. There are still prejudices among the people, for example:
- Made in Japan - means reliability and durability;
- in the UK - quality and high cost;
- Germany is associated with excellent technology;
- France, Italy - this is gloss, fashion, cosmetics.
Dispute Resolution
In Vietnam, it is extremely important to save “face”, i.e. good reputation. Therefore, if disagreements arise between you and the Vietnamese side, it is better to settle everything peacefully. Bringing the case to trial will be the end commercial relations, and the dispute resolution process itself is very scrupulous and pedantic.
Transparency and personal relationships
How to greet partners correctly
It is very difficult to obtain information in the country. If you can find out about something officially, publicly, this means that the information is not particularly valuable. Truly important data can only be obtained through personal relationships.
Key areas for business
In which area to open a business in Vietnam
Ho Chi Minh City is the largest commercial center with a population of over 7 million people. There are entire industrial parks around Ho Chi Minh City and Hanoi. Russian companies can approach the Vietnamese market in several ways:
- direct export;
- creation of an agency;
- distribution;
- opening a representative office;
- creation of a joint venture;
- creation of a 100% Russian company;
- conclusion of a cooperation agreement;
- creation of an “assembly-operation-transfer” contract;
- franchise/licensing.
Internet and correspondence
Vietnamese people are active Internet users, so online advertising is very effective. Most companies have websites, but not all of them invest in technical support, updates and functionality. It is not customary here to respond to emails without first getting to know each other in person. Vietnamese people prefer to do business with people they know. If you are unable to meet in person, please call after sending your email. This way, your email will not be perceived as spam, and the recipient will understand how valuable your cooperation is to you.
Rules business communication in Vietnam
Try to get direct contacts of the person you need. Start the conversation by asking for a meeting. If they answer yes, then you are interesting from a business point of view. Although email is widely used, face-to-face meetings and paper correspondence still predominate. Government agencies especially like to do this. For the Vietnamese, a real signature and an ink stamp are very important.
Customs
There is a wide network of brokers and forwarders in the country who can help with customs clearance. Most imported goods are subject to import duties and VAT. The cost varies depending on what exactly is being imported.
Vietnam currency, taxes and customs
Currency
The State Bank of Vietnam strictly controls foreign exchange transactions. State-owned enterprises and Vietnamese private companies, as well as foreign ones operating in import-substituting and other important industries, are allowed to buy currency from commercial banks. They are usually included in the so-called investment license. Please be aware that currency conversion eligibility does not guarantee availability. Transfer of foreign currency from Vietnam is only permitted in the following cases:
- when a licensed importer makes payment for goods and services;
- carries out transactions with foreign documents (sale and purchase agreement, invoice, customs declaration, etc.);
- to repay foreign loans and interest;
- for payment wages, bonuses and benefits for foreign workers.
Taxes
Vietnam has a complex tax system:
- corporate income tax;
- value added tax;
- special sales tax;
- income tax;
- capital gains tax;
- national resource tax;
- property tax;
- environmental protection tax;
- personal income tax, etc.
You may be able to get tax benefits.
Tenders
The Vietnamese government does not have a monopoly in procurement, giving preference to local companies and open tenders. There are many competitive bids that are governed by international tender rules.
What documents are required to start a business in Vietnam
Documentation
Your company's local representative will take care of the documents required to import goods. By visiting the website of the Vietnam Customs Committee www.customs.gov.vn, you can familiarize yourself with their list.
Transportation of goods
Sea and air are acceptable options for delivering goods to Vietnam. The most suitable for these purposes are the international seaports of Haiphong, Da Nang and Saigon and the airports of Noi Bai and Tan San Nhat.
Main type of delivery from Vietnam
Standards
Vietnam has its own standards and technical requirements(including labeling). Simplification or complete exemption from them occurs by mutual agreement between countries. Please ensure that you have the necessary technical licenses before exporting.
Intellectual Property Rights
Vietnam has laws protecting intellectual property. If you encounter violations in this area, help:
- market surveillance inspectors;
- customs investigators;
- economic police.
Meetings and presentations
Features of business relations in Vietnam
When making an introduction, hand over your business card with both hands. Greet the person you are talking to by name - take the trouble to find out how to pronounce it correctly. To break the ice during communication, start a conversation about football match Premier League. Most Vietnamese support Manchester United.
Many business relationships begin after recommendations from more established business partners.
Unlike Western business relationships, where it is not customary to cross the line professional communication, in Vietnam they become close and even related. The more partners share personal life events, hobbies, political views and goals, the stronger the connections between them.
Subordination
In Vietnam, position and chain of command are very important, especially if you are dealing with a government agency or official. Instead of addressing yourself as “Mr” or “Madam”, use your position, for example: chairman, director, manager, etc. When presenting a business card or brochure with information about your company, start with the most senior and work your way down. Similarly, according to rank, arrange seating in the conference room or at the dining table. The person who is senior in age and position always enters the room first.
Business etiquette in Vietnam, chain of command
Whenever you meet a Vietnamese friend or potential business partner, try to smile sincerely. In a group of people, say hello to everyone, including children. Following the Confucian tradition, greet the oldest person first. Use a handshake when meeting and parting with members of the same sex. Many Vietnamese people use the so-called two-handed shaking, holding left hand on the right wrist. A woman always takes the initiative herself. If she doesn't, bow your head slightly. At the first meeting there is an exchange business cards, they are usually presented with both hands. Don't put them in your pocket right away, be careful.
Business lunch and dinner
Most business lunches and dinners are organized in hotels, restaurants or government agencies. If a potential partner invites you to dinner, then as a sign of gratitude, they expect the same from you. Business issues can be raised over lunch, but they are not discussed during dinner. Exchanging toasts is a tradition. The organizer of the feast speaks first. At this time, you should stand up, pointing your glass with both hands as a sign of respect towards the oldest person at the table by age or position. During a toast, you can, for example, say how beautiful and picturesque landscapes in Vietnam, about friendship and prospects for joint business.
Business lunch or dinner in Vietnam
It is not customary to come to Vietnamese business parties with your spouses. In case you don't know how to eat with chopsticks, most good restaurants have Western cutlery. At the end of dinner they bring a tray of fruit and confectionery products. After this, the guest should be the first to say goodbye, do not keep yourself waiting. Before leaving, be sure to shake the hand of everyone who was at the table with you, and eloquently thank the organizer (if it was not you).
Business dinner or lunch. How to behave at the table
Table manners
- Respect age and remember that the oldest person sits first at the table.
- Use both hands while eating.
- Please note that finishing the contents of the plate is good manners.
- Do not stick chopsticks vertically into a plate of rice. It reminds Vietnamese people of funerals and the dead. In addition, you should not roughly press the chopsticks on the bottom of the plate - in the old days, beggars did this.
- Make as little sound and noise as possible while eating.
- If you want to know more about what's on the table, don't hesitate to ask your colleagues. A polite guest will always be given an answer.
If you are a business woman in Vietnam
If you are a businesswoman and planning a business lunch with a Vietnamese man, choose a restaurant with a lot of customers. If you are the initiator of this lunch, you must insist in every possible way on payment for it.
Peculiarities of behavior of a business woman in Vietnam
Business gifts
In Vietnam, it is quite common to give each other business gifts during a business lunch or at the end of a meeting. They should be small and inexpensive. For example, a souvenir representing a country or with your company logo. Remember that this is not a required gesture. But, if you want to give something, avoid sharp objects (a symbol of discord) and handkerchiefs (a symbol of farewell in Vietnam).
Body language
Even if you feel very well received, avoid hugging or kissing someone in public. You rarely see this on the streets of Vietnam. Avoid touching the other person's shoulders or head. In Asian culture the head is considered symbolic highest point person, and touching a person of the opposite sex is considered impolite. Remember that Vietnam is a conservative country whose traditions and customs are sacred. Listen to your mind and constantly observe what is happening around you.
Some tips on how to gain a good reputation in Vietnam:
- Give sincere compliments.
- Distract attention from your person, transfer all praise to mentors and partners. Vietnamese people value modesty.
- A business meeting can be scheduled several weeks in advance.
- Hire a local representative for your company. He will be able to act as an assistant and translator.
- Vietnamese people are punctual and expect the same from others.
- Dress conservatively.
- If your friend gets into an awkward situation, find a way to help him get out of the situation without losing face.
- Don't make promises you can't keep.
- Know how to be silent. This is a fairly common practice in Vietnamese culture. Silence can occur during negotiations as one side expresses its disagreement with the other.
- Your business partner should feel valued around you.
- Never lose your calm, avoid shouting and arguing, and especially don’t resort to insults.
Company formation in Vietnam
Depending on the industry you want to do business in, you can create the appropriate type of company:
- Society with limited liability. Most suitable for small and medium-sized businesses. It has a simple corporate structure. Instead of shareholders, an LLC has members who can own different percentages of the company.
- Open joint stock company. This type will be optimal for medium and big business, since it has a more complex corporate structure. OJSC is a subject entrepreneurial activity and is referred to in Vietnamese law as a joint stock company whose shares are owned by several original shareholders.
- Branch. Suitable for foreign investors who want to carry out commercial activities and receive income in Vietnam without creating a separate legal entity.
- Representation. Office of the main company without any business operations. Is the most simple option, If foreign company does not plan to earn any income in Vietnam.
Starting capital requirements in Vietnam
For most enterprises entering the market, no mandatory starting amounts are prescribed; they can be anything. As practice shows, this is usually 10,000 US dollars. This principle opens up wide opportunities for budding entrepreneurs. Based on the Business Law, the capital must be paid ninety days after receiving the business registration certificate. This procedure is carried out by the Planning and Investment Department.
Starting a Small Business in Vietnam
How to start a small business in Vietnam
If the capital is less than 10,000 US dollars, you can also get permission to invest in the Vietnamese economy. The main thing is that the field of activity is not very expensive. Below are examples of business lines for such conditions:
- web design;
- management and consulting;
- marketing research.
Registration of rights to distribute goods
Enterprises with foreign capital that have an import license and have not received the right to distribute:
- can sell their products to Vietnamese sellers;
- do not have the right to organize a distribution network for goods.
In other words, they can trade in the local market with the help of agencies, which entails additional costs. Why are there barriers to registering distribution rights? Vietnam wants to prevent excessive imports of goods by protecting the domestic market. On the other hand, the country encourages foreign investment in domestic production and technology. Such companies automatically receive the right to sell products.
Business etiquette, presentation, contract conclusion
What you need to do to register your business
- It is necessary to indicate which products will be introduced to the Vietnamese market.
- Since Vietnam is a member of international trade organizations, documents must comply not only with internal but also with external regulations.
- It takes thirty business days to register distribution rights.
- All documents provided by foreign management must be original in the country of which the investor is a citizen.
Nothing is impossible
Don't take the first "yes" too optimistically and don't get discouraged when you hear the word "impossible." This usually means you have to work harder to get your business partner interested. Or he hasn't yet decided on a final answer. Always try to dig deeper. What is hidden behind the word “impossible” is precisely the solution to the problem.
Additional sources
- How to open a restaurant: https://duan.asia/ru/art/restaurant-cafe-bar-1
- Rules for opening a company in Vietnam:
The economically rapidly growing Asian region attracts those wishing to start a business in Vietnam. Guarantees for legal entities prescribed in national legislation, stability of legal and tax systems, low susceptibility local residents To various forms corruption - all this is strong point Vietnam. In order to open his own business here, a foreigner must fulfill a number of requirements and meet certain criteria.
Subtleties of the national legislative system
Unlike the countries of the European Union, where it is necessary to prove the significance of a legal entity created on the territory of the EU, this is not required in Vietnam. As part of the country's prevailing communist ideology, the ruling party reserves the right to control all companies of strategic importance. At the same time, all other legal entities wishing to do business in Vietnam have complete freedom.
This does not mean, of course, the ability to act entirely at your own discretion. Government bodies, within reason, monitor the financial and economic activities of the company. The main thing is that the initial capital used to create a legal entity is legal. Otherwise, sanctions from local authorities will be severe.
The process of opening a business in Vietnam for Russians begins with finding a place in the market. Since 2009, the country has become a full member of the World Trade Organization. As a result of the policy open market in the Asian country trade flows from different corners planets. According to official statistics from the National Labor and Economic Administration, increased demand for foreign investment is observed in the following sectors:
- catering;
- tourism;
- transport;
- service personnel;
- medicine;
- science and technology.
This list does not mean a ban on foreigners trying their hand at other industries. The main thing is to study the market situation before starting the registration procedure. In this case, doing business in Vietnam will be truly profitable.
Preparation of necessary documents
The foreigner’s further actions depend on the region where he plans to open his business. Depending on the number of founders, you will need to pay about $1 thousand in equivalent to obtain a license. Obtaining an official work permit will add about $300 to this figure. Completing this list is obtaining a residence permit. To do this, you must constantly stay in the country for 1 to 3 years.
Minimum authorized capital is defined by local legislation at the level of $5,000, and for companies with the prospect of international cooperation - at least $100,000. Depending on the region legal entity You will need to issue a certificate from the bank confirming the availability of these funds. You can simplify this procedure as follows:
- open an account in one of the country’s banks;
- deposit the required amount;
- issue a certificate of the established form;
- withdraw all money;
- close the account.
This will be quite enough for local authorities. Those wishing to open a business in Vietnam must then complete a number of other papers along with the received document. To begin with, an English name is created and a location for the office is searched. shopping center or a future cafe. In the form, which will have to be filled out at the local administrative authority, the applicant indicates the exact address of the future company. You must also show the original rental agreement.
When concluding such an agreement, it is mandatory to agree only to a long-term lease with the right to lessors to index its cost by no more than 5% per year. Otherwise, a business in Vietnam that has not yet started will literally be left without money. Local entrepreneurs They consider it a norm of behavior to abuse the trust of foreigners. There are cases when the cost of rent increases 10 times in just 3 months.
Despite its communist ideology, Vietnam joined the WTO and its economy began to move forward.
This gave Russians the opportunity to open their own businesses there. But before doing this, it is better to familiarize yourself with all the intricacies and understand how best to open a business in Vietnam.
Despite the fact that this state has become open to various investments, doing business in Vietnam requires a cautious approach. First of all, you need to become familiar with some restrictions.
Foreigners are prohibited from engaging in economic areas that are strategically important for this country:
- pearl cultivation;
- rice cultivation and processing;
- participation in government innovation projects (for example, construction of power plants).
The next feature is that the registration of companies and enterprises consisting entirely of foreign capital can take several months, or even six months.
If at least one percent of the shares are owned by a Vietnamese, then its registration will take no more than one week.
The last feature is that before deciding to invest money, a businessman must carefully study the market of this state, and then choose the niche that suits him.
Various law firms, which employ lawyers from Russia, offer to buy an existing business. Such proposals must be treated carefully, since in this country there is no such rule as the official state translation of documents from Vietnamese into Russian.
Therefore, business in Vietnam is open to everyone, and anyone who decides to do it can do so freely, subject to the above restrictions.
Russians doing business in Vietnam
IN lately the number of people wishing to do business in this state has increased. Residents of our country are no exception to the rule. Now a sufficient number of our compatriots are doing business in Vietnam.
In order for Russians to have a safe and profitable business in Vietnam, they need to adhere to certain rules.
- The very first thing is to conduct careful market research. Avoid doing the most common activities. It is worth paying attention to such niches as innovative technologies or the service sector. For example, you can open a small restaurant where the cuisine will be originally Russian (dumplings, cheburek), or invest money in building a small solar power plant.
- The second feature that you need to think about is the authorized capital. If the founder is one person, then he must contribute an amount of at least 5 thousand dollars. If there are several owners, then they must also contribute an amount similar to that deposited into the bank account by the first founder.
- The authorities of this country are careful about paying taxes, so immediately after opening a company you need to hire an accountant to manage all affairs and submit reports to the tax office. You will need to obtain a special work permit. If the director is a founder (investor), then he receives a work permit automatically with the registration of the enterprise.
- There is still corruption in this state. Therefore, you need to be prepared for the fact that it may be necessary to give “thank you” to officials of various ranks in order for the business to start working faster.
- The last thing you need to pay attention to is recruitment. Each new employee must obtain a personal permit. But if you take your relatives or friends with you and make them co-founders, then you can avoid additional expenses.
Many compatriots who successfully do business in Vietnam advise you to treat everything carefully and not try to enter into conflicts with Vietnamese competitors. This is due to the fact that the courts will mainly take the side of their compatriots.
It follows from this that before starting a business, it is better to enlist the support of a local law firm that can accompany the business and protect it from possible competitive wars with local businessmen.
The main difference between this country is that there is no such thing as racketeering. The police strictly enforce the law. But the only reason The reason why you can lose your business is ignorance of local laws.
It is important to know that the state of Vietnam is trying in every possible way to protect its citizens from various illegal attacks. If a Russian conducts business there, then he automatically falls under the protection and guardianship of the state.
Buying a business
For those people who do not want to think and work out various strategies, study niches, and wait some time for the company to be registered, you can buy a business in Vietnam. This is not a complicated procedure, and it is mainly done by law firms.
But despite this, it is better to approach this with caution. The first thing you need to pay attention to is whether the law firm or other firms specializing in this matter have documents. A ready-made business must be registered and have an authorized capital.
Its sellers can be both Vietnamese and foreigners. Therefore, you can’t trust anyone right away; it’s better to find compatriots and try to get full advice from them on all issues of interest.
There are no restrictions on the sale of an existing business in Vietnam. It can be purchased by both native residents and foreigners; the only problem will be obtaining special work permits for the persons hired. And of course, you won’t be able to engage in those activities that are considered strategic.
Currently, business related to innovative technologies is very popular in this country.
Under such a business plan, you can receive preferential loans, as well as full approval from the authorities local authorities. Innovative technologies can be used for any production, the main thing is that they are environmentally friendly.
Conclusion
It is important to know that Vietnam is a developing state with a communist system. Despite this, private property rights are protected in this country, which is why there are many businessmen from the USA, Germany and Russia in this country. The taxation system is simple and the tax burden is minimal.
In order to open your own enterprise in Vietnam, you must first find a niche that is not developed and is of interest to the residents of this country.
You also need to take into account such restrictions as a ban on engaging in activities that are of strategic importance (for example, growing and processing rice, pearls). The country has a minimal tax burden and full support for entrepreneurship.