Vietnam is a popular place to do business due to the fact that it offers many benefits for businesses seeking to expand in a growing economy. With a growing and prosperous population and low labor costs, an open-minded culture towards foreign entrepreneurs and investors, and an enduring government this country is an ideal location for businesses to invest in and expand their business.
Although it’s fairly simple to start your own business in Vietnam but you should take into consideration several factors before making your decision. These factors include the laws governing corporations and regulations of the country, the tax incentives offered to businesses and the cost structure of doing business in Vietnam.
Companies who are looking to set up an operation in Vietnam must be aware of the country’s unique cultural norms. Vietnam places the importance on building connections and relationships, which is often accomplished through social events such as dinners. When meeting potential clients and partners, it’s important that companies keep this in mind to build relationships which will result in future opportunities.
There are a variety of ways to do business in Vietnam that include a fully owned foreign enterprise (FIE), a joint venture partnership or representative office. In general, setting up a FIE will take between 3-4 months while a representative office can be established in a half-time. Each type of business comes with its own advantages and drawbacks. It is essential to understand the differences before deciding which is the best option for your company.
useful info for startuppers in Vietnam
