Top 8 ideas to start a small business in Vietnam

Top 8 ideas to start a small business in Vietnam

Vietnam has emerged as a new economic star in the Southeast Asia region. With its stable politic, fast-growing economy, safety, warm-heart and modern people, amazing scenery, etc., there’s no wonder why Vietnam has been becoming a new favorite destination of foreigners for living, working and doing business.
In this Article, Nova Law would like to suggest you top 8 ideas to start a small business in Vietnam. We sort from easiest to more difficult business based on the market potential, investment conditions applied for foreign investors, and capital requirements on such industry.
 

#1. Consulting business

Starting a consulting business in Vietnam requires just a small investment, low expenses, and brings high margins. The most important thing that needed are your expert knowledge of a specific industry and a potential target market. With 98% of SMEs in Vietnam who is the momentum for country development, they are in big demand of professional optimization solutions at many stages in the business cycle. Here are some suggested industries to start your consulting company:
- Digital marketing, services consulting
- Human resource consulting
- Corporate governance consulting
- Engineer consulting
- Provide business solutions for other businesses
 
register company in Vietnam - legal service

 

#2. IT/R&D business

In the last 5 years, Vietnam has been going through positive changes in digital transformation, thus moving forward into a digital economy and a digital society. Therefore, the wave of tech startups as well as startup projects from small and large companies, has continuously been on the rise. The Government of Vietnam encourages entrepreneurs starting IT business by granting tax incentives and creating favorable legal conditions. 
Foreigners can consider the following fields to open your IT business in Vietnam:
- IT services
- Software/application production
- Software outsourcing
- AI, blockchain, machine learning, big data application
- Technology solutions
- Web designer
- Gaming production
- R&D services
 
types of IT business in Vietnam

 

#3. Trading business, e-commerce business

According to Nova Law’s statistics in recent years, setting up trading, or e-commerce company is the most frequent enquires of foreign investors when they want to do business in Vietnam. Various reasons to start a trading company in Vietnam:
- Vietnam is the members of notable free trade agreements such as CPTTP, EVFTA
- Vietnam has many cheap products for export
- Average incomes of Vietnamese has been increasing every year, with high demand for good products consumption
- Many factories of world-famous brands are located in Vietnam, such as Samsung and Foxconn. Following them are trading companies that play a role as factory vendors.
 
Setting up trading company in Vietnam

 

#4. Design business

Starting a design business in Vietnam would be cool and fun. Vietnamese millennials, who are accounted for 35% of the population of Vietnam, are more open-minded to a new lifestyle/value than older generations. With higher incomes, they have more expectation and tends to spend more money on improving their life quality. It’s a big chance for creative businesses to seize the opportunity. You can start with:
- Interior design
- Exterior design
- Graphic design
- Wedding planner
 

#5. Coaching service

Same reason as the #4, nowadays, Vietnamese are paying more attention to improve themselves or on many life aspects, rather than just spending time for study, work, family like the older generations. Coaching businesses can approach customers either directly, via opening coaching centers, or online, via providing e-learning courses on:
- Sport coaching
- Nutrition coaching
- Skills coaching
 

#6. Foreign language teaching center

Even though many foreign language teaching centers have been operating everywhere in Vietnam, there still room for new businesses with good quality and services due to the high demand for students. Please be noted that doing foreign language teaching business in Vietnam requires a certain amount of capital for facility renting, teaching materials, and requirements on teachers’ qualifications. The most 4 popular foreign languages are learned by Vietnamese students include of:
- English 
- Korean 
- Chinese
- Japanese
English center Vietnam

 

#7. Foods and beverage business

Doing F&B business is not a new idea but never old. Pizza 4p’s is a case study about a new joiner who succeeded in F&B business, by creating a different value and experience for local customers. Here are several F&B business ideas for your inspiration:
- Coffee shop
- Foreign cuisine restaurant
- Food/coffee truck. This model is not popular in Vietnam yet.
 
starting F&B business in Vietnam

 

#8. Health care service

The minimum capital required for a small clinic is $200,000. Furthermore, the clinic must obtain some special medical licenses and comply with medical conditions. Below are some health care services that still fewer competitors and could bring a high margin for the owner:
- High-tech dental clinic
- Baby and children’s clinic
- Beauty center
 
Let's talk about how we can help your business in Vietnam. Contact us to learn more about legal conditions, process to start your business in Vietnam, and our service price.

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