Vietnam is a true emerging market, offering ground floor and growing opportunities for new businesses and investors. Vietnam’s economic growth rate has been among the highest in the world in recent years, expanding at an average about 7.2 percent per year, while industrial production grew at an average of about 12 percent per year. Expanding gross domestic product (GDP), modern infrastructure and a dramatic increase in foreign direct investment (FDI) are signs that Vietnam has transformed into an attractive investment destination, but there are still barriers to doing business which are best navigated with local help on board.
- Trading Across Borders 40%
Given its strong manufacturing base and reliance on inter connectivity, trading across borders is a cheap endeavor. However, that isn’t to say the process is not complicated, and the stream of documentation required for both importing and exporting highlights that cross-border trade can be difficult at the best of times.
- Dealing with Construction Permits 90%
It takes 110 days and 11 procedures to get permits for construction in Vietnam, once again requiring interaction with several official departments. Inspections must be carried out by the Department of Construction and the municipality, and certificates should be obtained from the Firefighters Prevention Department, the Department of Construction and the Department of Natural Resources and Environment.
- Starting a Business 75%
There are 10 procedures to undertake when starting a business in Vietnam, making it among the most complex start-up environments in the world. What’s more, many tasks facing new corporate entities may be unfamiliar to overseas companies, making the task far more rigorous. Registration of the seal-sample at the Police Department, for example.
- Paying Taxes 50%
There are a massive 32 corporate tax payments to be made each year which takes an average of 872 company hours to complete. Compared to the OECD norm of 176 and the East Asia and Pacific average of 209, taxation is one of the most burdensome processes of doing business in Vietnam.
- Culture 30%
The Vietnamese believe in the teachings of the early Chinese philosopher Confucius which emphasis the importance of relationships, responsibility and obligation. Vietnam is also a collectivist country and community concerns will almost always come before business or individual needs.
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Management experience including marketing and business development professional with extensive experience in developing a new market and market penetration strategies, international experience, negotiations, acquisition and recruiting exposed to business and legal environments especially in the project management, telecom, security, agriculture, industry and energy industry. Since 2005, I was exposed, among others, to the Asian market.
My knowledge of the Asian culture and local customs as well as my close relationship with a governmental level and the professional skills, contributed to the development of business relations of foreign entities in the Asian market.