In recent years, Vietnam has been seen as a rising star in terms of economic growth and trade cooperation. In January of 2017, Vietnam was categorized as one of the fastest-growing economies in Asia. With its impressive accomplishment, Vietnam deserves a position in eye of every importer/exporter.
However, Vietnam is still a young country which has just stepped its foot into the world market, so there will definitely challenges to enterprises attempting to export to this nation.
As a newly-emerged market, Vietnam still presents some challenges to exporters in which the administrative procedures is one of the most-complaint.
In Doing Business Report conducted by World Bank in 2016, Vietnam ranked 189 on the field of business establishment. Based on the report, takes 20 days or more to complete the procedure of opening a business. With construction, applicants are required to do 10 other procedures and 166 days waiting.
Troublesome procedure as well as complicated bureaucracy can be added to the complications of business commencement and operation. Therefore, “be patient” has become a key requirement for any enterprises looking to do business in Vietnam.
Currently, Vietnamese government stepped into solve the problems, so somehow the procedure has been made easier in terms of processing time and credit system, and register procedure. In addition, taxes are also reduced to make way for foreign enterprises including Canadian ones to invest in Vietnam.
Position of Vietnam in ASEAN and the world
Before starting business in Vietnam make sure that you are knowledgeable of its economic position in the region.
Being the country fist joined ASEAN economic bloc in 1995, Vietnam has been an active member in the field of peace security, economic development, therefore, creating a tight relationship with other nations as well as major economies in the area.
In addition, Vietnamese government has strived to restructure its administration to perfectly suit the global market economy. As a result, two-way trade between Vietnam and ASEAN, as well as with other large economies in the region like Singapore, Japan and South Korea, has increased remarkably in the past two decades.
Finding partner in Vietnam
Like in anywhere else in Asia, building strong relationships with reliable partners on the ground will be likely to help your business tremendously. Through the partners you can get to know more about business culture and deepen relationship with others in the same working field. However, building these relationships takes time, it often starts by eating and drinking together, which is an indispensable part of Vietnamese culture. Beer has long been known as the most-consumed beverages in Vietnam for is cheap price and convenience. So, prepare yourself to drink because it is the best way to start a relationship.
Always be prepared
As mentioned earlier, the changes in law can happen unexpectedly, thus, you will need a reliable partner to provide assistance to deal with the ever-evolving legal framework. It is not to mention that much of the business law and regulation requires translation and interpretation, that sometimes can lead to confusion. Again, local partner can help you understand and abide local regulations to work properly in Vietnam.
If you are Canadian, and want to start business trip in Vietnam, you may wonder do canadians need a visa for Vietnam for business purpose. The answer is: Yes, you will need to apply for Business visa in Vietnam. In this situation, Vietnam Visa on Arrival is suggested thanks to its convenience, time and cost savings.
- You will just need to complete an Online Application Form with required information including name, age, number of applicants, etc. You can find out more details at: https://www.vietnam-visa.com/how-vietnam-visa-on-arrival-works/
- You will get your Visa Approval Letter through mail, after making payment. Visa Approval Letter will be sent to you after 2 to 7 working days depend on its urgency. Please visit our website for further information on service and stamping fee. The price will vary based on your types of visa, number of applicant, and so on.
- Lastly, you will have your visa stamped at the international airport. Do not forget to bring along 2 photos (passport-size), printed Visa Approval Letter, and stamping fee to pay directly for Immigration Officer at the airport.
If you have any difficulty applying Vietnam visa, please contact us via [email protected] or call (+84) 946 583 583, we will try to help you at our best.