The fast-growing economy of Vietnam presents a myriad of opportunities for people with an entrepreneurial mind.
Setting up a company in Vietnam is relatively easy compared to other South Asian countries. They allow foreign investments and no minimum capital requirements.
However, you have to determine the viability of your business venture. Here, in this post, we’ve rounded up the best SME ideas in Vietnam for 2020.
The revenue of Vietnam’s tourist industry is enormous, US$9.3 billion in 2016, and it is expected to double in 2027. The hotels in the low-cost category are relatively untapped, therefore providing scope for significant investment.
Big international players dominate the hotel segment of Vietnam. Thus you can set up a cheap hotel in Vietnam, or you can opt for a joint venture as it is a mode of foreign investment in this Southeast Asian nation.
The two major hotel markets which welcome the highest number of tourists each year are Hanoi & Ho Chi Minh City. Both these cities have fewer hotels than neighboring cities such as Jakarta, Bali, and Manila, despite receiving the same tourist traffic.
#2 Agribusiness & Food
Vietnam has improved its stature as an agricultural exporter in the South Asian market over the decade. However, it lacks in gaining the right numbers in productivity on the global front. The agriculture segment of Vietnam accounts for 20% for its economy with immense potential for modernization.
Presently, the agriculture industry of Vietnam needs improvement in the annual yield and farming techniques. This presents a sea of opportunities to innovate and dominate the sector by boosting agriculture’s efficiency.
#3 Export Business
Vietnam exports products such as coffee, rice, seafood, rubber, footwear, and electronics to all parts of the world. You could become a freight forwarder for International shoppers who are looking to buy Vietnamese stuff.
You can also opt for both exportation & importation, which means you can export things to other nations and import from it. Some of the popular items you can consider importing include motorcycles, petroleum, raw cotton, cement, petroleum products and fertilizers.
#4 Business Process Outsourcing
The ICT (Information and Communication Technology) sector is booming in Vietnam for the last half a decade. US$59.9 billion was the ICT revenue for the year 2016.
Within the ICT segment, BPO stands for Business Process Outsourcing and is forecasted to grow in number because of its immensely talented professionals.
Registering a company in Vietnam is not complicated; you can easily set up your BPO without much difficulty. You can either partner or acquire local companies in Vietnam.
Vietnam is an emerging player in manufacturing, mostly the electronics as big brands such as Samsung, Panasonic, Intel, Microsoft already have a setup here in Vietnam.
Ho Chi Minh City, Da Nang & Hanoi are apt locations for running business operations in Vietnam. All three cities house high-tech IT parks. These parks have software firms, human resource centers, and technology infrastructure.
Are you a local or considering setting up your business in Vietnam? You must speak to a trustworthy business consultant to provide you with the right piece of advice. They will guide you with starting your company in Vietnam and save you from falling into potential pitfalls.