In these times, doing investment business in countries other than residential is entirely normal and even more lucrative if you know the country where you want to invest. This includes its rules, the currency, and so on. For this reason, we will discuss Vietnam as an excellent destination for investment needs.
##What should you consider when investing in Vietnam?
Usually, the Vietnamese business culture is Western. However, social inclusion, personal interest, reputation, and dignity are important to Vietnamese culture. It is also essential that business is done face to face so that the Vietnamese can meet their partner and trust him.
Sharing personal information, hobbies, and even about your family is crucial to starting or maintaining working relationships in Asian cultures. This will help build positive business relations with Vietnamese partners.
You should always count on a local interpreter who can accurately express what you want to say, thus avoiding misinterpretations that may hinder business relations. With this, you will be able to communicate your commercial goals correctly.
##Vietnam is a land of opportunities for investors
Vietnam has gained strength in business in recent years, drawing the attention of local and foreign investors seeking new opportunities in the business sector.
Low costs, free trade agreements, government support, and young talent, among others, have been instrumental in attracting new investors. In addition, this is a country where tourism grows every day to satisfy the needs of adventurers. These attractions make Vietnam one of the premier destinations for doing business in Asia.
If you are a foreigner and want to invest, you can choose two types of companies to do business with:
* The Limited Liability Companies or wholly foreign-owned LLC business have the same legal recognition, rights, and responsibilities as domestic businesses in Vietnam.
* A foreign-owned joint venture or LLC requires foreign investors to collaborate with at least one domestic company. For such companies, foreign investors can establish their business through partnership agreements.
For any of these companies, you need to comply with the following legal requirements:
* Verify the company name you propose, obtain the certificates of business registration and taxes, and publish the registration content on the National Portal of Business Registration.
* Make a company seal
* Submit an online notification of the seal sample;
* Open a bank account
* Approve pre-printed VAT invoices with the Municipal Tax Department
* Pay the business license tax;
* Register at the local labor office to declare the use of labor;
* Enroll employees in the Social Security Fund to receive health insurance and social insurance benefits.
##What is the best business to invest in or start in Vietnam?
It depends on what you want or your experience. Here are some of the most profitable businesses to start in this country.
###Restaurants and bars
You know that Vietnamese cuisine is one of the most popular in the world, and its popularity has no end. So if you want to delight tourists and locals with its traditional cuisine, this is a worthwhile option.
###Textile industry
Vietnam is one of the world’s largest textile exporting countries. This business is lucrative, so it can export garments and materials to other parts of the world. Its quality and price are welcomed by those interested in this industry.
###Exporting Industry
In export topics, you can find rice, coffee, crude oil, seafood, and electronic products, among others. This is an opportunity to sell in other countries, taking advantage of the Vietnam FTA.
###E-Commerce Business
E-commerce is attractive to foreigners who want to invest and save money, since there is no specific amount of capital to finance an online business or create one.
Interesting? To decide what is best for you in this beautiful country, we recommend you first see how Vietnam suits you. For this, it is necessary to obtain a [Vietnam Tourist e-Visa]. You can find all the information you need to apply stress-free by clicking here.
