Vietnam is a wonderful country. However, if you want to start a business in Vietnam you will find it is extremely complex with a number of procedures that have to be undertaken.
Westerners need to be aware of cultural differences and I wonder if it is not easier for a Vietnamese person to start-up a business in a western culture rather than the other way around.
I found this excellent article on starting a business in Vietnam and I wanted to share it with you.
Here are the key points I picked up from this article.
- Starting a business in Vietnam is extremely complex.
- Construction Permits take 2 and a half months and 11 different permits.
- Getting electricity can take almost 3 months and costs a significant amount of money.
- Registering property takes around 2 months.
- Getting credit is more difficult for overseas firms but the credit environment is stable.
- Investor protection is poor.
- Taxation is extremly burdonsome in terms of the number of tax payments and the time to complete.
- Trading across borders is cheap but complicated.
- In regards to culture, country and community concerns generally come before business.
If you are considering doing business in Vietnam it is important that you do your due diligence. I highly recommend you start by reading this article.