Starting a Business in Vietnam
Vietnam Business Experts
Recent forum posts
Right start is essential for a Perfect Business”UAE provides a reputable and international Platform for all kind of businesses. Setting up in the UAE is an excellent choice because of the regulatory regime and the geographical time belt.Dubai has created a business environment that is well regulated without being unduly restrictive and offers operating conditions that are amongst the most
Total Posts: 3 Last post by bizmaxims
Distribution of Research Report on Trend in agricultural commodities in Japan to prospective clients
We plan to distribute research report on agricutural commodities to prospective clients in Japan.The research report will be a generic report containing the Trend in agricultural commodities across the world.It does not contain any recommendation or advise.Are there any licensing / registration requirements for distribution of research reports in Japan to prospective clients ? Our
Total Posts: 1 Last post by Nilesh
Starting A Business in Vietnam
Vietnam’s economic liberalisation programme, commonly known as “Doi Moi”, started in 1986. Since then, the country has become one of Asia’s high growth emerging markets.
Vietnam joined the WTO in 2007 and an EU Vietnam Free Trade Agreement is currently under negotiation.
Vietnam is ranked 78th (out of 189) in the World Bank’s (WB) “Doing Business 2015” report ahead of some of its regional neighbours, such as the Philippines (95), Indonesia (114) and Cambodia (135). Of the large BRIC economies only China is ranked slightly higher at 90th position.
In the Global Competitiveness Report 2014-15 published by the World Economic Forum, Vietnam is ranked 68 (out of 144). Both reports highlight red tape and corruption as continuing challenges for foreign companies seeking to do business in Vietnam.
Vietnam maintained an average growth rate of 7% in the decade to 2011, at the expense of inflation averaging 9%. Since then, the Government have prioritised stability over growth, which has since fallen to around 5%. GDP growth in real terms is forecast to average 5.6% between 2012 and 2020.
Vietnam is an increasingly important exporter, with companies such as Samsung making major investments here. This is driving the fast growing domestic demand for goods and services. Vietnam is trying to move up the value chain, including by increasing the quality of education and improving its infrastructure. The UK is in a good position to capture some of the opportunities emerging from this growth.
The Government has an extensive programme of reform of the State Owned Enterprises (SOEs) planned. Progress on this agenda has not been as fast as some had hoped, but the longer-term need for the transition to a more efficient economy with the private sector playing a greater role is clear. Less clear is how effectively this change will be implemented. SOEs currently represent around 32% of GDP (in comparison to the private sector contribution of more than 45%), so the implications of these reforms will be significant.
The UK-Vietnam Strategic Partnership agreement, signed by the Foreign Secretary William Hague and Deputy Prime Minister Pham Gia Khiem in September 2010, was a significant step towards developing a stronger bilateral relationship.
Trade and investment is one of the key components of this agreement; other key elements are education, the fight against illegal migration and organised crime, and development cooperation. In addition, the UK-Vietnam’s Joint Economic and Trade Committee (JETCO) was set up in 2007 to identify and address any potential barriers to trade between the two countries. This annual forum has started to produce some very positive outcomes for the UK.
Organisations that can assist with Starting a Business
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GTP cross cultural trainings and intercultural workshops help global companies in improving their communication, efficiency and profitability when doing business across cultures.
Multi-lingual Notaries to notarise, translate and legalise documents for international use
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