Success tips when doing business in Vietnam

doing business in Vietnam

Tips when setting up your business

  • It is imperative that you are well versed with all the requirements pertaining to registration and licensing applicable to your business;
  • Multiple Vietnamese Government agencies handle registration and licensing of business and navigation of these processes can be taxing;
  • In this regard, we encourage our Clients to consistently use and sign contracts of service with suppliers when setting up;
  • The level of bureaucracy in Vietnam can be challenging and processing of official documents and permits can take quite a long time;
  • Always make sure to appoint a nominee partner knowledgeable in your field of business and its challenges in Vietnam.

Tips when doing business with Vietnamese

  • Negotiations can be prolonged since most decisions must go through group consultation, it is therefore vital to maintain patience;
  • Make sure to invest time in building solid relationships as this is crucial to successful business partnership;
  • It is important to engage the services of a local firm to help you understand the ever-changing laws and regulations in Vietnam;
  • When a Vietnamese disagrees with you during a business argument, they are likely to remain silent to help the involved parties “save face”;
  • Seniority is very significant in Vietnam, it is important to address the other party by his designation, for instance Director or Chairman is preferred to Mr or Mrs.

Interesting facts about Vietnam

History and culture

  • Vietnam is a Southeast Asian nation on the South China Sea bordering China, Cambodia, Laos and the Gulf of Thailand;
  • The country is the world’s 14th most populated country with a populous of 95million inhabitants with 13.5% of the population living below the poverty line;
  • The Vietnamese language is quite difficult to learn; it contains six different tones and a change in tone can completely change the meaning of the word;
  • The most common surname in Vietnam is Nguyen and almost 40% of the country’s population share the name;
  • The traditional Vietnamese culture evolves around core values of community, humanity, family and harmony.

Current events and economy

  • Vietnam is the second largest exporter of rice and world’s largest exporter of cashew nuts;
  • Although still a developing country, Vietnam has a high literacy rate of 94%;
  • The country also has one of the lowest unemployment rates of just 2.06% among developing economies;
  • The most popular mode of transport in Vietnam is motorbikes with at least 10 million bikes on the road daily;
  • According to Save the Elephants Organization, Vietnam has one of the biggest illegal ivory markets in the world.

Frequently asked questions

Contact us

For additional information on our company registration services in Vietnam, please contact our in-house country expert, Mr. Simon Guidecoq, directly:
client relationship officer - Simon