Vietnam is an ideal destination for business growth; its open economy boasts multiple advantages such as strong economic growth, government support, infrastructure development, affordable labor, knowledgeable personnel, and a low cost of starting a business.
Vietnam is a top-tier destination for launching a business due to its convenient setup process and high rate of economic growth in South-East Asia.
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List of 30 Small Business Ideas in Vietnam
Small-Scale Business Ideas in Vietnam
1. Agriculture & Food Processing
Vietnam is known for its agricultural exports such as rice, coffee, cotton, peanuts, rubber, and sugarcane. In addition to these goods, you can also grow and sell fruits and vegetables to customers or export them for a profit.
Agricultural processing can be accomplished either by having your own farm and cultivating produce or purchasing them from farmers and processors. It’s important to do research into local demand for processed food as well as any potential to export.
2. Furniture Making & Remodelling
Furniture is highly sought-after in Vietnam. If you have creative skills in furniture design and making, you could make a good profit by launching a business here.
3. Textile & Garment
Vietnam is renowned for its garments and cotton of superior quality, making the textile and garments industry attractive and profitable.
In order to run a successful operation, it is essential to have an understanding of the fabrics and apparel you will be trading or manufacturing. In addition, market research must be done in order to create a sound business plan tailored to your target customer demographic.
Ultimately, the trading of textiles and garments or setting up a garment factory all require proper planning and preparation.
4. Cosmetics & Detergent
Due to a thriving economy and a young population, the Vietnamese beauty market is booming; which presents a great opportunity for entrepreneurs to make good money.
Manufacturing detergents is a profitable business opportunity in Vietnam since there is always a need for new and improved products.
Before investing, research the demand for the product you wish to sell, as well as your target customers in both cosmetics and detergent businesses.
5. Restaurant/Bar
Dining out is a favored activity for many Vietnamese people. Those who plan to open a restaurant should provide attractive décor and quality dishes, which could range from local dishes to international cuisines.
The restaurant business is an attractive investment in big cities like Ho Chi Minh City, Hanoi, and Da Nang, with the potential to bring considerable profits.
Check out this helpful guide that outlines the steps for starting a restaurant: 10-Step Guide On How To Open A Restaurant.
Starting a bar can be a great business venture, but it’s important to comply with all governmental regulations to avoid any potential legal problems.
6. Real Estate
Vietnam’s growing development has led to a surge in real estate business opportunities. Expatriates and immigrants are making their homes here, providing lucrative prospects for those looking to start their own businesses in this field.
If you want to get involved in real estate, there are several options available to you. You can build properties and list them for sale or buy existing properties and resell them, both of which will have good demand.
Additionally, you could become a property manager or a real estate agent. However, since the field of real estate is very expansive, it’s important to consider your choice carefully before getting started.
7. Tourism
Vietnam, with its unique culture and year-round tourists, is a great place for starting a tourism business.
By starting a travel agency, you can create various tour packages for visitors to Vietnam. With its stunning scenery and abundance of tourists, your business is sure to be successful.
Before planning a tourist trip, do your due diligence on the country’s culture and attractions. Don’t forget to include popular local dishes in the tour package too.
To book a hotel or guesthouse, you must abide by real estate regulations.
8. Car Dealer
In Vietnam, the demand for cars has increased, making car-related dealing an attractive business opportunity. You can sell both new and pre-owned vehicles as they both have a high market rate.
In Vietnam, renting cars and selling car parts as well as servicing them are profitable businesses. Similarly, opening a store for motorcycle parts is also a great idea.
9. Logistics
Export-driven manufacturing has increased the demand for logistics services, making it a good time to begin a logistics business in Vietnam. With some leased delivery vehicles, you can get started.
This is an excellent opportunity to grow a logistical business in Vietnam. To succeed, you will need to build a strong network of contacts and keep up with your schedule. Many companies have no access to such services, so now is the time to capitalize on them.
10. Exports
Export is a lucrative business idea for many in Vietnam. Exports include rice, coffee, oil, rubber, seafood, and more. These items can be sold to international buyers on e-commerce websites.
Becoming a freight forwarding agent is a great way to start your own business. This job can be done either domestically or internationally and involves shipping manufactured goods for buyers.
Building relationships with various carriers is necessary in this business to ensure that goods are delivered to customers.
Let’s talk about the numerous small businesses in Vietnam that can be rewarding and lucrative for you.
11. Bakery
Operating a bakery is a lucrative venture in Vietnam due to its considerable demand; you can offer a variety of baked goods and reap great rewards.
With a little knowledge of baking, you could start a home bakery business and sell to the locals. If you have enough space, you could also open up a small shop from your house.
Investigate what food is popular in your neighborhood. Introduce unique bakery items and host small food festivals to promote them. Invite people to try your exclusive products.
A bakery class where young and senior learners can learn the skill of baking is a popular business concept in Vietnam. You can teach those who are interested.
12. Laundry Service
Vietnam’s booming economy has created the need for laundry services, making this an ideal time to start a venture in that sector.
If you have the room, launching a laundry and dry cleaning business from your home is possible. Do research on the local demand and competitors before taking action.
Offer unique benefits to your business like free delivery and seasonal discounts to attract customers.
13. Electronic Repair
Vietnam is a great country for starting electronics repair businesses, as people there widely use electronic items that require regular maintenance.
You can launch your business from home or even make house calls to fix items like washing machines and air conditioners.
Thoroughly research the local population and demand for repairs before launching the business.
14. Home Cleaning
Vietnam is an ideal place to start a home cleaning business if you possess a knack for perfection and are a good cleaner.
Check out the guide on starting a house cleaning business.
Begin by offering cleaning services in your local area and build up your business by providing office maintenance. Make sure you hire staff you can trust to work quickly and efficiently.
15. Haircut and Beauty services
In Vietnam, beauty services are always in high demand. If you’re a trained beautician, the beauty business presents itself as an excellent business opportunity to take advantage of – not only amongst women but also men.
Offering services like haircuts and specialty treatments like facials, hair styling, etc. will draw in more customers to the beauty business. Making sure to always provide value-added services will help ensure success.
16. Property Supervisor
In Vietnam, being a Property Supervisor is in high demand. Many property owners lack the time or desire to personally manage their properties, which creates an excellent opportunity for businesses to expand in this area.
This business can be done from the comfort of your home. Responsibilities include attending to the property, gathering rent, and managing bills and taxes.
17. Marketing Services
Vietnam has a thriving economy, with numerous businesses that require efficient marketing strategies in order to stay competitive and generate revenue.
As an independent Marketing Consultant in Vietnam, you can provide organizations with an effective service by analyzing marketing trends, generating customer demand, studying customer behavior, and monitoring shifting preferences.
This is a great chance for you to capitalize on. It’s important that you have an in-depth understanding of the market and its various components.
18. Software Development
Despite not being highly developed in software engineering, Vietnam offers an opportunity for software developers to start their own businesses from home.
Companies expanding in Vietnam can benefit from need-based software tailored to their specific needs. This could become a profitable business venture in the nation.
19. Handicraft
The handicraft industry in Vietnam is quite abundant. Offering these items to the public could be a great business opportunity for you. If you have craft-making experience, then use it by making and selling your creations. Another alternative is to purchase crafts from local producers and gain a good margin of profit when selling them.
Vietnam is famous for its beautiful handicrafts, such as conical hats, pottery, silk, textiles, calligraphy, ceramics, paintings, paper art, and eggshell art.
Handicraft items are sought-after both in the country and among international tourists. You can open a store to sell them, or alternatively, use e-commerce platforms to make good profits.
20. Night Club
Opportunities for starting a home-based business in Vietnam.
21. Tutoring
As the Vietnamese economy grows, so does the education sector. Parents have a strong desire to see their kids accepted into foreign universities, pushing for tutoring services to become a popular business venture in Vietnam.
If you are qualified, you can launch a home tutoring business for children or high schoolers. Additionally, teaching English is always in high demand and can be a great option for classes.
22. Home Daycare Business
In Vietnam, parents are searching for reputable home daycare services. If you have a passion for children, you may consider starting such a business at home.
23. Party Planner
People passionate about events can consider starting a party-planning business in Vietnam. For further information, read our article detailing the steps for setting up such a venture.
24. Fitness Trainer
Do you work as a fitness trainer? There’s currently a high demand for them among Vietnamese people.
25. Interior Designer
The real estate boom has resulted in an increase in demand for interior decorators in Vietnam’s cities. If you have the right skills, starting a business in this field is definitely a viable option.
26. Product Sourcing Agent
Product sourcing agents can make a good profit if they have established relationships with vendors. This business can be run from the comfort of one’s home.
27. Property Supervisor
Affordable housing is in high demand in Vietnam right now, creating a great opportunity for those with strong communication skills to make money.
28. Consulting Services
The influx of foreign companies in Vietnam has created a growing demand for consultants. Depending on your skills and background, you can provide a variety of consulting services.
Check out the guide on starting a consulting business on the side.
29. Hair Stylist
If you’re interested in starting a beauty business at home in Vietnam, then consider becoming a hairstylist as they are highly profitable.
30. Petsitting Services
Vietnam is the perfect place to start a pet-sitting business – both rewarding and profitable – if you adore animals.
How do foreigners register a business in Vietnam?
Foreign entrepreneurs have shown much interest in establishing and expanding businesses in Vietnam. There are four distinct legal entities for outside investors, which are outlined below:
a) Limited Liability Company
A Limited Liability Company in Vietnam has a simple corporate structure and needs at least one founder. It is the ideal choice for forming a small business.
A downside of this structure is an inability to offer shares or list the business on a public stock exchange to generate funds.
b) Joint Stock Company
A joint-stock company is the most beneficial option if you wish to establish a mid-sized or large business in Vietnam.
In Vietnam, a joint-stock company must have at least three founders and include a management board and an inspection committee.
This structure allows promoters to offer various kinds of public stock to collect funds.
c) Representative Office
Doing business in Vietnam is simple for foreign companies when they choose this option, as it does not require them to create a legal entity.
Establishing a representative office has many restrictions, such as not being able to engage in commercial activities or generate income in the country.
d) Setting up a Branch Office
If you open a branch office in Vietnam, you can operate commercially and generate revenue, but the parent company will have to accept full responsibility for these activities and they must be related to that of the parent company.
Considering the magnitude and reach, determine the most suitable legal structure for setting up an entity in Vietnam.
According to Forbes, the statistics of Vietnam’s economy demonstrates a wide range of prospects and opportunities. This region offers numerous lucrative business concepts, and its regulations are obtainable, along with an abundance of inexpensive labor and a prepared consumer base.
Commonly Encountered Questions Regarding Doing Business in Vietnam
Is it beneficial to start a business in Vietnam?
Let’s talk about what makes Vietnam a desirable place to start a business.
Remarkable Development of Vietnam’s Economy
In the last 3 decades, Vietnam’s economic growth has been amazing. This is reflected in better services and upgraded educational standards. Additionally, there has been incredible industrial progress in the country, making it an ideal place to put money into.
Trade Agreement
Vietnam is a global economic force due to its numerous trading agreements, such as AFTA, EU-Vietnam FTA, and CPTPP. This has attracted many foreign investors to the country.
Strategic Location of Vietnam
Thanks to its geography, Vietnam is situated within the Asia Pacific area alongside China and near vital maritime trade routes. This makes it a desirable destination for investors looking to capitalize on these advantageous conditions.
Government Co-operation
To encourage investments, the Vietnamese government has developed legal and institutional structures.
Workforce
According to the World Bank, 70% of Vietnam’s population is below 35 years of age. This denotes that there is a large available workforce and most of them are literate. To ensure easy business growth, the government has offered various training programs so that the majority of the employees are skilled.
Growing Economy
Vietnam boasts a booming economy, one of the most robust among the ASEAN countries, plus it offers investors stability.
Cheap Labour
Vietnam offers competitive labor costs which makes it an attractive option for businesses and investors compared to its neighbor, China.
Higher Productivity of Labor
Vietnamese workers are highly productive, boosting the profits of companies in the country.
Improved Infrastructure
Vietnam has a highly developed infrastructure. The government has been investing heavily in construction projects such as roads and ports, making them more attractive to potential investors.
It should now be evident why Vietnam is an ideal business destination for you.
What is the most profitable type of business to start in Vietnam?
With a number of lucrative business prospects, Vietnam is quickly becoming one of the top choices for investors worldwide. The most economically sound sectors are clothing and apparel, real estate investment, healthcare, import and export activities, and agriculture.
What are the primary industries in Vietnam?
Vietnam is experiencing a surge in its industrial sectors including electronics, machinery, steel, food processing, wood industry, textiles, footwear, vehicles, rice, coffee, cashews seafood, and vegetable production as well as an increase in the tourism sector.
What is the cost of establishing a business in Vietnam as a foreigner?
Launching a business in Vietnam can cost from $10,000 to $15,000, including legal fees. This figure depends on the type of business one is set up.
With plenty of business opportunities, Vietnam is an ideal place for investors to set up shop and reap the rewards.
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