How do I start a small business in Vietnam?

How much does it cost to start a small business in Vietnam?

Fees

Different Vietnam entity types Cost Draft Invoice
Professional services LLC US$20,740 View invoice PDF
Trading and distribution LLC US$25,740 View invoice PDF
Manufacturing LLC US$37,275 View invoice PDF
Locally-owned LLC US$13,860 View invoice PDF

How much money do you need to start a business in Vietnam?

#2 Minimum capital requirement

A lot of businesses set capital of USD 10,000. However, from our experience, it is possible to open a business service company with USD 3,000. Note that there are some business lines with minimum capital requirements.

Can foreigners own businesses in Vietnam?

Foreigners are permitted to own and operate their own businesses in Vietnam, either through indirect or direct foreign investment. … Businesses that are wholly foreign-owned or are participating in joint ventures with a Vietnamese business are considered to be direct foreign investments.

What is the most profitable type of business to open in Vietnam?

1. Textile and Garment. Garment and textile items production is one of the most lucrative businesses in Vietnam. Foreigners or investors are likely to make a profitable gain out of this sector because it is considered one of the active sector in its exported items.

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How much is business license in Vietnam?

The fee for registering your business as of 2011 is VND 100,000. Make sure that all non-Vietnamese documents are fully translated and notarized before submitting your application.

Is Vietnam a good place to start a business?

Being one of the fastest-growing economies in the world, Vietnam becomes a strategic place for many foreign entrepreneurs to invest. Its relatively cheap but highly qualified population is not the only reason attracting businessmen from all over the world to set up a company in Vietnam.

Is it easy to start a business in Vietnam?

The process of starting a business in Vietnam is simple and relatively easy. This makes the country a good place to open a small business like a restaurant or consulting firm.

Is it easy to do business in Vietnam?

Vietnam is home to quite a stable credit environment, and obtaining capital is a relatively smooth process for businesses. However, the lack of a private credit bureau can make the process a little trickier for overseas firms. Investor protection is an area in which Vietnam fails miserably.

What business can I start in Vietnam?

Then, Vietnam National Law will introduce about top 10 business that smart investors can do in Vietnam.

  • Furniture Making and Remodeling.
  • Garment and Textile Products.
  • Construction and building Materials.
  • Detergents and cosmetics.
  • Agricultural Products Processing.
  • Exportation.
  • Real Estate.
  • Restaurant and Bar.

How do I get a business license in Vietnam?

Step 1: Claim for the Certificate of Investment Registration; Step 2: Claim for the Certificate of Business Registration; Step 3: Claim for the Business License. Issuance of the Business License is regulated in Decree No.

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Can foreigners buy land in Vietnam?

The law on land ownership in Vietnam is valid for all types of property. A foreign owner can purchase an apartment, house, villa or land. Foreign individuals and foreign entities cannot hold more than 30% of the shares of a building or more than 250 properties in the same district.

What are the risks of doing business in Vietnam?

Challenges and risks when doing business with Vietnam

  • corruption.
  • bureaucracy.
  • grey areas of Vietnamese law.
  • lack of Intellectual Property Rights (IPR) enforcement.
  • inadequate infrastructure.
  • lack of skills.
  • language barrier (so translators and interpreters are often needed)