Advantages of Vietnam for business

Vietnam boasts one of the fastest-growing economies in Asia, so investors are increasingly turning their attention to it. Developed infrastructure, high growth rates, and wide-ranging opportunities are just a few advantages to mention. The company registration in Vietnam in 2022 can be a great choice because of the low business costs and skilled labor.

Advantages of Vietnam for investors

The COVID-19 pandemic demonstrated how much the supply chains of developed countries depend on China. Therefore, American, Japanese and European companies began to transfer their production to other Asian countries.

Vietnam attracted particular attention. The country shows stable growth and seeks to create an open and transparent business environment, offering favorable conditions to investors. Among them are long-term work and sustainable development of companies.

Another advantage of Vietnam for business is its proximity to China, which makes it possible to establish logistics with Chinese enterprises. The Vietnamese government has signed a Free Trade Agreement with the EU and many other countries. This fact means special prospects for international trade.

The stability of the local currency is also a vital factor. It is especially important compared to Indonesia, which is a direct competitor of Vietnam in attracting investors. Other disadvantages of Indonesia include fewer free trade agreements signed.

How to do business in Vietnam

A foreigner can register a company, which they will fully own. In this case, they will have the same rights and responsibilities as local businesses.

To register a company in Vietnam, investors must follow the next steps:

• Check the name of their company for uniqueness in a special registry.
• Register the company.
• Register the business at the tax office.
• Publish information about starting a company in the National Business Registration Portal.
• Get a stamp and provide a sample stamp to a regulator.
• Set up a bank account.
• Print invoices and have them approved by the Department of Municipal Taxes.
• Obtain a license, if required for your activity field.
• Register at the local employment office and notify announce the hiring of personnel.
• Register employees with the Social Security Fund to pay for health insurance and social security.

Visa

To work in Vietnam, an investor must obtain a business visa. This can be done in two ways - either to arrange it at the airport upon arrival or from abroad.

Visa on arrival can be obtained immediately at the airport. It is necessary to provide personal information and inform the officers about the purpose of the trip. After a while you will receive an e-mail with a visa that allows you to stay in the country for a certain amount of time.

If you do not want to waste time on bureaucratic procedures, you can get a business visa in advance. Your passport must be valid for at least 6 months after your arrival. It should also have at least 2 blank pages for the stamps. If you can get some ponsorship letters from an authorized company in Vietnam confirming your reputation, it will be an advantage for your case.

How to register a business quickly

To open a business in Vietnam, get a visa and open a bank account, contact IT-OFFSHORE experts.