Prospects Starting A Business In Vietnam

Vietnam has a jump to become a potential market for businesses. Abundant labor resources, government support policies and diversity in social resources are the advantages that we want to mention in the following content - For businesses who want to start a business in Vietnam.

start a business in Vietnam with many development prospects

“Vietnam probably has the best premise to rank up to the economic standards in Thailand and Malaysia”

That is the opinion of Professor Ian Eddie an expert in private equity investment research at RMIT Vietnam University. The prospect of economic investment in Vietnam is so great that foreign investment has exceeded 100% of the country's GDP.

Ho Chi Minh City and Hanoi are the top two dynamic economic centers with extensive investment opportunities, especially in the small and medium business segment. All signs show the positive development of the Vietnam economy in 2019. This brings a big prospect for entrepreneurs to start their own businesses in Vietnam.

Vietnam has full potential for economic development on par with many other countries

How to start a business in Vietnam?

In order to start working in Vietnam, we think it is most important that you learn about the types of companies in that market:

• Single Member LLC

• Multiple Member LLC

To start a business in the most convenient way, The single member LLC is suitable for you. This means that your company will have only 1 founder. If you are the owner of a Simple member LLC, you will have the right to make decisions about your company and be responsible for the investment of the company.

However, this legal entity is only suitable for a few business areas. You need to research carefully before making an investment to see if the investment sectors are regulated to be fully open to foreigners.

Foreign company's tax problem in Vietnam

The good news is that simple members LLC will not pay any tax on dividends payments. However, you still need to learn about tax legal procedures to see if your company is tax exempt.

Top business opportunities for foreigners in Vietnam

1. Furniture Making

Vietnam has about 90 million people with housing needs as one of their essential needs. This makes the interior market strong with available natural materials and abundant labor.

Furniture business with many prospects in Vietnam

2. Garment and Textile Products

Textile products exported in Vietnam are very popular in the international market. Textile and apparel business is also a sector with low investment capital, high profit, making use of available human resources.

3. Construction and Building Materials

Do you know? Vietnam owns the tallest building in Southeast Asia and numerous other large and small construction projects. And most of all, projects in Vietnam need leading builders.

4. Restaurant and Bar

Relax with entertainment service the need to never decrease in developing countries, and Vietnamese people always like food and drink. Restaurant and bar business is always a safe choice for you, especially in the famous tourist markets.

5. cosmetics

The cosmetic retail market in Vietnam is small in terms of spatial scope but has great potential for development. The demand for beauty in Vietnam, like many other developing countries, is one of the most potential markets.

Vietnam has always been a potential market for foreign businesses with numerous investment sectors. But there are still issues that are not only legal but also socio-economic factors that you need to learn to manage risk more effectively.