Success tips when doing business in Vietnam in 2024
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
Business success depends on personal relationships. As a result, it is important to invest time in establishing good working relationships and building trust with Vietnamese business people;
Preparing presentations, minimising the use of words and maximising graphs, charts and visuals eases communication with Vietnamese-speaking businesspeople;
Negotiations in Vietnam can be prolonged, since most decisions are made by group consultation. Maintaining patience is vital;
Great respect is placed on authority and seniority in Vietnam. To be taken seriously, a high ranking representative of your company should be present in all important meetings with Vietnamese suppliers and Clients;
Ideally, the most senior person in the team should enter the room first and greet the most senior Vietnamese representative;
The aim of initial meetings is usually to get to know one another. Do not expect business negotiations to begin immediately;
Allow your counterpart plenty of time to express his/her opinion. Avoid dominating the conversation but try to listen to and understand what your counterpart is thinking.
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;
What are the problems of setting up a 100% foreign owned company?
A foreign owned company is prohibited from operating 100% foreign-owned entities for the distribution of imported and domestically-produced goods, investment in the securities businesses, warehouse services and freight transport agency services, and maintenance and repair services of household equipment.
Am I required to visit Vietnam to incorporate a company there?
No. Healy Consultants can legally incorporate your Vietnam company without you needing to travel.
What is the minimum number of directors required for a Vietnam company?
Under statutory regulations, a Vietnam company requires a minimum of one director.
Can my company be 100% foreign-owned?
Yes, a company in Vietnam can be 100% foreign-owned in selected sectors.
What is the minimum number of shareholders required for a Vietnam company?
A Vietnam company requires a minimum of two shareholders.
Are shareholder/director details available for public viewing?
Is a Vietnam company required to submit an annual tax return and/or financial statements?
All foreign companies in Vietnam are obliged to submit an annual return and are required to have their financial statements audited annually.
For additional information on our company registration services in Vietnam, please contact our in-house country expert, , directly: