Vietnam is a favored place to conduct business as it has numerous advantages for companies looking to expand their operations in a developing economy. The country offers a growing and wealthy consumer base with low-cost labour, an open-minded culture for foreign investors and entrepreneurs and an established government.

While it is fairly easy to establish an enterprise in Vietnam, you should consider many factors before making a decision. These include the country’s corporate laws and regulations and the kinds of tax incentives for businesses as well as the cost structure of doing business in Vietnam.

Businesses looking to establish an operation in Vietnam should also be aware of Vietnam’s distinct cultural norms. For instance Vietnam has a very strong emphasis on establishing connections and relationships, which may be accomplished by hosting social events, such as dinners. It’s important for companies to take note of this when meeting with potential partners and clients to establish relationships that will result in future business opportunities.

There are a variety of ways to do business with Vietnam. There are several options, including a fully-owned foreign corporation (FIE), joint venture partnership, or a representative. Typically, the process of setting up a FIE will take between 3-4 months while representatives offices can how to start a company in Vietnam be established within a fraction of the time. Each type of company has its own advantages and drawbacks. It’s crucial to know the different choices when deciding which is best for your business.