According to an article in the World Bank’s “Doing Business Report 2018”, the time to conduct business in Vietnam is 22 days, using 9 different procedures. Based on these procedures we have the following analysis.
The Ministry of Planning and Investment of Vietnam, in the context of the “starting a business” indicator in the “Business Environment” report, carried out earlier reforms to register companies, especially the reform of administrative procedures.
Therefore, Vietnam is considered an attractive investment destination and is favored by investors for its transparency and continuous improvement.
YAXIN combines the procedures for checking the proposed company name; obtains the business registration certificate and investment registration certificate from the local business registry under the Ministry of Planning and Investment. This helps foreign investors register their company step by step through Yaxin’s electronic service.
“The total time for registering a company now is in hours, and the requirement is to provide the required information, such as company name, registered address, registered capital… and the investor’s legal documents. YAXIN will submit a valid file on behalf of the investor. Obtain all the licenses.” said partner Ms. Dove.
Every year, hundreds of companies and individual investors around the world trust YAXIN to register companies in Vietnam because it helps them optimize time and costs. YAXIN not only provides advice on company registration services, but also provides advice on company services, taxation and related regulatory work for foreign companies in Vietnam.
If you invest in Vietnam, you have difficulty establishing a company or need legal assistance. Please contact us: YAXIN is a consulting company with offices in Ho Chi Minh City and Hanoi. YAXIN is also considered to be a Vietnamese company specializing in business information. There are many well-known practice areas in the market, such as labor and employment, banking law, taxation, purchase, sales and mergers, litigation, IPO consulting services and intellectual property. We are confident to provide our clients with the best and effective legal services.
GBS-Despite the downward trend in the global trend, Vietnam’s foreign direct investment (FDI) volume increased by 92.2% and exceeded $15 billion in the first 10 months of 2018.
The Ministry of Planning and Investment (MPI) said on Monday that during this period, 2458 new projects were approved under the system. Among the existing projects, 954 had increased capital or purchased shares at a price of US$6.543 billion, an annual increase of 35.8 %.
From January to October 2018, the majority of foreign direct investment was concentrated in processing and manufacturing ($13.279 billion), real estate ($5.714 billion), and wholesale and retail ($2.385 billion).
In mid-October, the United Nations Conference on Trade and Development (UNCTAD) stated that in the first half of this year, global FDI flows fell by 41% to approximately $470 billion, a far cry from the $794 billion in the same period last year. The same period in 2017.
The agency’s analysis attributed the decline to factors such as the U.S. tax reform at the end of 2017, which expanded the repatriation of income accumulated by its subsidiaries overseas by the U.S. corporate headquarters.
James Zhan, Director of the Investment and Enterprise Division of UNCTAD, said that in this sense, the panorama “continues to be gloomy.”
As of August 20, 2018, Vietnam has launched a total of 26,500 FDI projects with a registered capital of $334 billion.
Local authorities attribute the growth of foreign capital to the country’s international reputation, its responsible presence in multilateral institutions, and its superior classification of the business environment.
If you invest in Vietnam, you have difficulty establishing a company or need legal assistance. Please contact us: Yaxin is a consulting company with offices in Ho Chi Minh City and Hanoi. YAXIN is also considered to be a Vietnamese company specializing in business information. There are many well-known practice areas in the market, such as labor and employment, banking law, taxation, purchase, sales and mergers, litigation, IPO consulting services and intellectual property. We are confident to provide our clients with the best and effective legal services.
Based on insights into the demand trends of industrial parks in Southeast Asian countries, more and more Chinese manufacturers use Vietnam as a production base to avoid US tariffs.
According to reports, one of Vietnam’s largest real estate providers of this kind said that Chinese companies are expected to account for half of its land sales contracts this year and next, up from about 12% in 2018.
The head of the company’s industrial development department said: “People are shifting some production.”
“This will have a significant impact on Vietnam. Due to the different economic scales, for China, a drop of water may be a flood for us.”
Not only Vietnam, Thailand has also introduced incentives including tax cuts to attract manufacturers seeking to circumvent tariffs imposed by the United States and China. Thai officials said companies including Sony, Sharp and Harley-Davidson are moving some manufacturing to the country.
However, recent data shows that Vietnamese competitors have taken the lead in attracting producers. The net amount of foreign direct investment that Chinese companies apply to Thailand is soaring. According to data from the Investment Commission of Thailand, it has increased fivefold in the first half of 2019 compared to the same period last year.
The total value of applications from China and Hong Kong is approximately US$1 billion, second only to Japan. Japanese companies have long been manufacturing in Thailand.
Thailand’s largest real estate provider of this type, WHA Corp., is expected to add 6 industrial parks to its current list of 10 in Thailand and has begun selling its real estate in Vietnam.
The head of the company’s industrial development department does not think that Thailand and Vietnam are competitors. He said that “every country has advantages and disadvantages.” He said that it takes a long time to build a factory in Vietnam, but Thailand lacks labor. Therefore, investing in Vietnam is a good opportunity. If you want to know more about Vietnam, please contact YAXIN . If you invest in Vietnam, you have difficulty establishing a company or need legal assistance. Please contact us: YAXIN is a consulting company with offices in Ho Chi Minh City and Hanoi. YAXIN is also considered to be a Vietnamese company specializing in business information. There are many well-known practice areas in the market, such as labor and employment, banking law, taxation, purchase, sales and mergers, litigation, IPO consulting services and intellectual property . We are confident to provide our clients with the best and effective legal services.
From technology to infrastructure, and anywhere in between, international companies have plenty of investment opportunities in Vietnam. Charlie Humphrey of Asia House prepared for the scene.
According to “Asia Outlook” magazine, it was 1985 and Vietnam was one of the poorest countries in the world. After the end of the 20-year Vietnam War, Vietnam was in disrepair, and the subsequent five-year centralization plan implemented by the Communist Party of Vietnam did not bring the country into a new and prosperous era of GDP per capita of about 200 to 300 dollars.
In the blink of an eye, it’s 2019. Vietnam has now become one of the stars of emerging markets, with export income exceeding $223.9 billion of GDP, equivalent to $2343 per capita, which has increased tenfold in the past 25 years.
Needless to say, this rapid economic development is an unprecedented miracle. The World Bank describes it as one of the most dynamic emerging countries in East Asia. The transition from a centrally planned economy to a market economy has transformed Vietnam into a prosperous low- and middle-income country.
It is now a transparent business environment, with an annual GDP growth rate forecast of 6.8% and adopting advanced internationalist policies. Its prospects look very bright.
“You can really feel the buzz of entrepreneurial spirit. There’s a growing understanding of the international markets, making it easier for people from all walks of life to engage with the country for both business and pleasure. It’s vibrant, with a large population and an ideal location nestled on the edge of ASEAN and looking our across the Pacific.”
Asia House is a London-based organisation positioned as a centre of expertise on trade, investment and public policy, helping to showcase the opportunities presented by countries like Vietnam, amongst others, to the western world.
Company formation in Vietnam
part of this mandate, the organisation recently signed a memorandum of understanding with the country’s Department of Foreign as Affairs for Provinces aimed at promoting trade and investment relations between Vietnam’s hinterland regions and UK stakeholders.
“We decided that, given where Vietnam’s trajectory is and what its trying to do – open up its economy to international investment – we could help to facilitate a better understanding of the opportunities,” Humphreys explains.
“The aim is to help both international companies looking at Vietnam and also local Vietnamese companies looking to engage in international markets.”
Mapping out the opportunities
So, why should companies, UK-based or otherwise, be excited when they look at Vietnam?
Posed this same question, the Director of Corporate Affairs responds by citing numerous developments underway across the country, from policy changes to grassroots innovations.
If you have trouble investing or establishing a company in Vietnam, please contact us: YAXIN is a consulting company with offices in Ho Chi Minh City and Hanoi. YAXIN is also considered to be a Vietnamese company specializing in business information. There are many well- known practice areas in the market, such as labor and employment, banking law, accounting, purchase, sales and mergers, litigation, IPO consulting services and intellectual property. We are confident to provide our clients with the best and effective legal services.
As Vietnam’s economy is growing at an alarming rate, navigating its unique business culture is crucial for potential investors who wish to enter this emerging market. The Vietnamese are open and optimistic about the opportunities brought about by foreign investment and the increasing integration of the international market . They share their proud culture, traditions and history with foreigners in order to protect their local customs and heritage in a rapidly developing and outgoing society.
Therefore, even the slightest recognition of Vietnamese culture can win a lot of respect from foreigners. With all this in mind, Julie Giguere, managing director of Asian Absolute, listed some tips for doing business in Vietnam.
Vietnamese has an interesting set of pronouns. There is no direct translation of “I”, “you”, “he” or “she” in Vietnamese, because the words used to address people are determined by age and gender. For example, people younger than you are called “em”, friends of the same age are called “ban”, and your grandfather’s males are called “ong”. To fully express Vietnam’s strict hereditary hierarchy, dozens of pronouns are necessary.
Millennials highly respect the struggle and sacrifice of the elderly on the road to freedom and independence. Most teenagers will agree that parents know the most important future decisions.
Experience, wisdom and pragmatism take precedence over young idealism. Therefore, it is always best to shake hands with the oldest person in the room first, and then shake hands with the youngest person.
When you come up with ideas, try to get experienced colleagues to focus on the actual solutions you have established, rather than arouse the audience’s interest in speculation, ideology, or conceptual discussions.
When we eating, generations play a key role. Usually, eating is a family gathering, so for most Vietnamese, paying separately is an inexplicable practice. If you invite a group of people to eat with you, you are responsible for clearing the bill, and traditionally the oldest man will pull out his wallet.
The Vietnamese people love food and are proud of their traditional cuisine. They will be happy to hear the buzz of foreigners saying “delicious” during their meals. Rice products, noodles, fresh vegetables and hot pot, as well as all imaginable meats, constitute the backbone of the Vietnamese diet. Common snacks during the conference are tropical fruits such as guava or green mango, pickled with salt,
It is worth mentioning that lunch is a meal prepared for the family. Between 11:30 am and 2 pm, the school is closed and the staff go home so that the family can enjoy lunch together. Because the working hours of Vietnamese can be extended from 7 am to 9 pm in tropical weather, Vietnamese also like to take a nap in the afternoon. It is unwise to suggest that a phone call or meeting may disturb the organization. Therefore, a business dinner is better than a working lunch.
When you sit down to eat, you may be surprised by some questions. People rarely ask “How are you?” Because there is no direct translation in Vietnamese (the closest word is: “Do you have power?”)
Vietnamese people may ask: “How old are you?”-usually regarded as artificial pas. But please don’t offend-this is just to measure how they should be passed on from generation to generation. In fact, reducing the actual age may be harmful.
The more common opening questions in Vietnamese include “Where are you from?”, “How many people are in your family?” and “Are you married?” The family sector in Vietnam is still very strong, and sharing photos of leisure time with others will be great Flattering, portray a healthy person.
Image is very important in Vietnam, especially when doing business. You must be a professional, but it also helps to show that you are a charity and a loyal family member.
to be frank When sharing photos, don’t be attracted by Vietnamese sayings like “Your daughter is beautiful” or “Your family is rich.” Due to the simple grammar and logical vocabulary of the native language, Vietnamese people usually call things when they see them and like to communicate in a very clear and simple way. This may cause Vietnamese to meet Westerners sometimes suddenly, especially if they ask frank questions such as “How much can you make?”
However, some business people may find this refreshing because it is more effective to get to the point and show the results than to overwhelm people with euphemisms and jargon.
Negotiating Don’t be afraid to express your position clearly, because you will have to negotiate. Like most Asian countries, Vietnamese companies tend to favor tailor-made, flexible transactions instead of standardized, fixed arrangements.
The numbers quoted first are usually only the goals of trading partners; they are the ideal outcome of negotiations. Then, your response should be your minimum amount, which will determine the scope of negotiations.
Vietnam’s exponential growth has created an optimistic economy, but competition has become increasingly fierce. Enterprises are eager to obtain foreign capital to gain advantage. Therefore, it is important to understand the environment in which you are negotiating and provide the right sweetener for any transaction. For example, long-term sustainable partnerships with flexible terms are considered favorable for rigid contracts with short-term benefits.
The image of the company is also very important. Doing business with large organizations in developed countries is an important symbol of success and prestige for Vietnamese consumers. Any transaction involving publicity, marketing and media opportunities and international relations is highly desirable.
If you have problem investing or establishing a company in Vietnam, please contact us: YAXIN is a consulting company with offices in Ho Chi Minh City and Hanoi. YAXIN is also considered to be a Vietnamese company specializing in business information. There are many well- known practice areas in the market, such as labor and employment, banking law, taxation, purchase, sales and mergers, litigation, IPO consulting services and intellectual property. We are confident to provide our clients with the best and effective legal services.
According to Article 16, Paragraph 2 of the 2005 Commercial Law , foreign businessmen have the right to establish representative offices in Vietnam. However, foreign representative offices in Vietnam can only carry out some commercial promotion activities, not profit-making activities stipulated by law. Therefore, the tax burden of foreign representative offices in Vietnam is less than that of enterprises.
According to Article 17, paragraph 3 of the 2005 Commercial Law , a foreign representative office has the right to recruit Vietnamese or foreign employees to work in the country. Therefore, personal income tax is the only tax for foreign representative offices.
In order to determine the tax payable, the foreign representative office must conduct a tax audit. Tax audit is the process of calculating and checking all income and expenditure during the tax period to establish the basis for declaration and tax payment. At the same time, tax audits may be the reason for tax exemption, deduction and tax refund.
Personal income tax audit of foreign representative offices:
The taxable income of a person working in a representative office is the salary stipulated in Article 3, paragraph 2 of the 2007 Personal Income Tax Law. The personal income tax declaration, deduction, payment and audit duties of the staff of the representative office belong to this tax.
During the tax audit process, the representative office can consider and list the types of income eligible for tax exemption or tax reduction. According to Article 62 Paragraph 1 of the Tax Administration Law:
“If the taxpayer determines the amount of tax to be exempted, the tax exemption or exemption file includes:
Documents related to determining the amount of tax to be exempted. “
Taxpayers are residents and non-residents:
Counting from the day they first entered Vietnam, they stayed in Vietnam for more than 183 days in a calendar year or 12 consecutive months;
Have a habitual residence in Vietnam, which is the registered place of permanent residence or rental house in Vietnam according to a clear contract;
Tax period: every year.
People who do not meet the above conditions;
Tax period: every time an income is generated.
In addition, if the tax paid is greater than the tax payable, the tax audit can also help the representative office establish a tax refund basis. Tax audit is a complex responsibility related to many laws and regulations.
If you have difficulty registering in Vietnam, please contact us: YAXIN is a consulting company with offices in Ho Chi Minh City and Hanoi. YAXIN is also considered to be a Vietnamese enterprise specializing in business information. There are many well-known practice areas in the market, such as labor and employment, banking law, taxation, purchase, sales and mergers, litigation, IPO consulting services and intellectual property. We are confident to provide our clients with the best and effective legal services. E-mail: teresa@ yaxin888.com Whatsapp :+ 86 15361679060
Furniture companies investing in Vietnam has become an upsurge, a thorny road with both opportunities and challenges:
Investing in Vietnam Among the 115 countries and regions where foreign capital is sourced, Japan has surpassed South Korea to become the largest investor in Vietnam, with an agreement amount of US$9.11 billion, accounting for 25.4% of the total foreign investment; South Korea ranked second with an agreement amount of US$8.49 billion , Accounting for 23.7% of total foreign investment. It is worth noting that China’s ranking has risen to fourth place, with an agreement amount of US$2.17 billion, 284 new investment projects, 83 funding projects, and 817 capital injection or share purchase projects. China surpassed Singapore in the number of new projects, and surpassed Japan in the number of capital injections or share purchases. In addition, according to data released by the Vietnam Foreign Investment Agency, as of 2016, the total registered capital of Chinese-funded enterprises in Vietnam reached 10.4 billion U.S. dollars. The investment fields are concentrated in processing and manufacturing. There are 916 projects in these two fields with a total value. 5.38 billion US dollars. Vietnam’s basic manufacturing industry is still underdeveloped, but timber processing exports are developing rapidly. In the past ten years, Vietnam’s timber processing industry has increased by about 2.7 times, and it has become the fifth largest timber exporter in the world. According to statistics, the output value of Vietnam’s wood processing industry in 2017 was 8 billion U.S. dollars, an increase of 10% over the previous year, and it is expected to increase by 20 to 25 billion U.S. dollars in the next 10 years. In the first seven months of 2018, the output value of Vietnam’s timber processing industry was 5.3 billion U.S. dollars. If the output value continues to grow in the second half of the year, it will reach the goal of 9 billion U.S. dollars in annual export transactions. In Binh Duong Province, 30 kilometers northeast of Ho Chi Minh City, wood processing is one of the industries that contribute the most to its economy, with an annual output value of approximately US$4 billion, accounting for half of Vietnam’s total timber exports. The Prime Minister of Vietnam Nguyen Xuan Phuc also stated that “it is necessary to provide more support to the wood processing and forestry production industries to achieve development goals in rural and mountainous areas and create job opportunities. According to a report from the Vietnam Forestry Administration, the country’s exports of wooden furniture products in 2016 were 5.12 billion U.S. dollars, and in the first nine months of 2017, it was 5.5 billion U.S. dollars. The furniture manufacturing industry is mainly concentrated in Ho Chi Minh City, which is also the largest industrial base in Vietnam.
Binh Duong Province has gathered more than 50% of Vietnam’s furniture manufacturers. The Binh Duong government’s goal is to build it into a “central city of the furniture industry in Southeast Asia, where people from all over the world can come here to find the latest technology in furniture manufacturing”. Therefore, investing in the furniture manufacturing industry in Vietnam has become an opportunity. But many people want to invest and have no channels, or are afraid of missing opportunities. Then you can choose our YAXIN. YAXIN is a consulting company that currently has offices in Ho Chi Minh City and Hanoi. YAXIN is also considered to be a Vietnamese company specializing in business information. There are many well-known practice areas in the market, such as labor and employment, banking law, taxation, purchase, sales and mergers, litigation, IPO consulting services and intellectual property. We are confident to provide our clients with the best and effective legal services. E-mail: firstname.lastname@example.org Whatsapp :+ 86 15361679060
According to the judgment of the World Bank, Vietnam has always been a destination for foreign investors, because from now to 2020, development is expected to grow at an annual rate of 12%, and the import and export trade volume will reach US$623 billion by 2020. The need to improve logistics is accompanied by this extraordinary growth, while striving to qualify economic development and maximize the interests of manufacturing companies. This has led to the recent surge in demand for the establishment of logistics companies in Vietnam, and domestic and foreign investors believe this is right. In order to provide key information on the start of an organizational agreement to engage in logistics business, the Vietnamese law firm hopes to provide clients with conditions and procedures so that investors can legally conduct business in Vietnam.
Vietnam’s accession to the WTO;
Setting up a domestic logistics company is much simpler than setting up a foreign company, which is reasonable. If a domestic investor establishes a company with 100% domestic capital, in addition to implementing the establishment procedures in accordance with the 2014 Corporate Law and Decree No. 78/2015/ND-CP, the investor is also required to obtain a business license for certain logistics services in the country Authorized agencies depend on the services provided, for example: Vietnam Civil Aviation Administration, Vietnam Maritime Safety Administration,…
These establishment steps include:
Step 1: Submit the establishment of enterprise files according to the form of the Ministry of Planning and Investment;
The file includes:
Business registration application form;
List of members or shareholders (if the company is a multi-member limited company of a joint-stock company);
Legally copy one of the following:
Individual: ID card or valid passport;
Organization: Decisions or equivalent documents regarding business registration or certificates, identification documents of authorized representatives and power of attorney (if the founder is an organization).
If the member is an organization, decide to contribute
Vietnam Power of Attorney.
Step 2: Notify the organization information (the content of the business license organization and the information of the business line.)
After issuing a business license organization, the company must publicly announce it on the national business registration portal.
Step 3: Establish the company seal and notify the company seal
Within a day, the company is awarded from the corporate certificate organization. The Vietnamese should create a seal of the new company and notify the Business Registration Department of the sample of the seal.
After the company is established, it is necessary to apply for a “business license” for some logistics business departments with conditions. Therefore, depending on the logistics route decided by the company, the company is required to meet the specific conditions of the route, which is publicly announced in the conditional business route in the national business organization.
Foreign investment enterprise
Step 1: Investors enumerate project information on the national investment information portal. Within 15 days from the date of online enumeration, the investor shall submit the file to the investment registration agency.
The investment application file includes:
Written permission required to execute investment projects;
Copy of ID card or passport (if the investor is an individual); copy of the business license or equivalent document (if the investor is an organization) proving the legal status of the investor.
An investment proposal, which stipulates: the investors in the project, investment objectives, investment scale, investment capital, capital raising methods, investment location and duration, labor demand, investment incentives requirements, and assessment of the social and economic impact of the enterprise ;
A copy of any of the following documents: the investor’s financial statements for the last two years; the parent company promises to provide financial support; the financial institution promises to provide financial support; guarantees the investor’s financial ability; a description of the investor’s financial ability;
Land use requirements; if the project does not use land allocated by the state, leased or not allowed by the state to change the land use, a copy of the lease agreement or other documents proving that the investor has the right to use the property should be submitted;
Description of the required project application technology;
If the project is executed in accordance with a business cooperation contract, it is a business cooperation contract.
Step 2: After receiving the documents, the investment registration agency should provide investors with an account to enter the national foreign investment information portal to monitor the progress of the procedure.
Step 3: The investment registration agency should use the national foreign investment information portal to receive, proceed, answer the file results, update the progress and issue the project code.
Within 35 days from the date when the investment registration agency receives the documents, the investor should be issued an investment registration certificate in accordance with the above steps, and then the investor will start to establish a business organization.
Foreign-invested enterprises need to apply for “business licenses” for certain logistics services, which is similar to 100% domestic enterprises. However, domestic companies and foreign companies have different requirements in certain aspects, and these requirements are stipulated in specific legal documents.
If you have trouble investing or establishing a company in Vietnam, please contact us: Yaxin is a consulting company with offices in Ho Chi Minh City and Hanoi. YAXIN is also considered to be a Vietnamese enterprise specializing in business information. There are many well-known practice areas in the market, such as labor and employment, banking law, taxation, purchase, sales and mergers, litigation, IPO consulting services and intellectual property. We are confident to provide our clients with the best and effective legal services.
For most people, there is no perfect time to start a business-and knowing when to transition from idea to reality can be difficult. Starting your own business in Vietnam or any other country is a daunting prospect and you must be prepared to make your idea a profitable reality.
To help you get started, I will share some experiences with you.
key point Respect employees, empower them to lead and recognize their contributions. Diversify your products to take advantage of multiple sources of income. Be open to learning and hone your own methods as you grow up. Make cash flow management a priority from day one.
Do: Invest in the right people to help you grow People are the backbone of every great cause. When you are just starting out, it is especially important to invest in employees with the right skills and attitudes to support your business growth. And, although you may still be studying how to maintain profits, it is important to recognize and reward outstanding work.
A company founder said: “You may not have the resources to pay high salaries or awesome work allowances, but in fact, your employees are your number one asset.”
“They will take the business to places you never thought of, or where you can’t walk alone-so respect them, empower them to lead their areas of responsibility, and acknowledge their contributions.”
Don’t: Put all your eggs in one basket In order to maintain business development, it is best to build products that can attract a diverse customer base. Do: Leap of Faith If you are still waiting for the right time, remember that many successful businesses start by seizing opportunities. For another business owner, making a leap of faith while preparing work is the key to realizing the corporate philosophy.
“I met so many people who have so many good ideas and talents to make them a reality, but they did nothing because it was not the perfect timing.” “I’m not saying not to worry about what is about to happen.” Prepare, but there will never be a’perfect time’-in short, you just need to start.”
Don’t: expect perfection from the first day Starting a business means making a difficult call, sometimes making mistakes. With this in mind, some business owners said that instead of pursuing perfection from the first day, it is better to continue to learn and improve their own methods.
He said: “In some cases, it is better to just perfect your needs in the short term, and then better understand your long-term needs in actual operations and growth.”
“The one thing I want to do differently is not to place everything perfectly for a long time. On the first day, I bought two 40-foot-long 750ml bottle containers in the US market in order to get a better unit cost. These bottles Still sitting in the warehouse.”
Don’t: rely on what “fashion” Trends come and go, but truly unique business products are built for the long term. This is why innovation is the key to your business foundation. In the final analysis, the most important thing is to do something you are really passionate about: “Don’t do something because it’s fashionable. Make sure you’re doing it because you like it and have a long time.”
To do: prioritize cash flow When starting a business, income does not always precede expenditure, and vice versa. Therefore, it is important to remember that “the money in your bank account belongs to many people”, not just you.
In your daily work, you should use the tools provided by the bank and say that the information provided by the bank is “wise and useful” for its business development.
To do: build momentum early When you invest a lot of time and energy in starting a business, it can be overwhelming to show it to the public. However, causing the buzz is the key to success, so it’s important to start early.
It is difficult for every business owner to learn this lesson.
Sometimes they prevent people from being notified in case the build is delayed, and then it takes a long time to build momentum. If you have any concerns or want to know about investing in Vietnam, please feel free to consult YAXIN. YAXIN is a consulting company with offices in Ho Chi Minh City and Hanoi. YAXIN is also considered to be a Vietnamese company specializing in business information. There are many well-known practice areas in the market, such as labor and employment, banking law, taxation, purchase, sales and mergers, litigation, IPO consulting services and intellectual property. We are confident to provide our clients with the best and effective legal services.
How to stand out in Vietnam’s corporate competition? A good way is to conduct a reality check potential customers in Vietnam or anywhere in the world. They may not know you, may not know how strong you are, may not be able to find you, and it may be easier to interact with their existing The service provider keeps in touch. So what can you do?
Different and easy to find
Designed to provide quality customer service
Determine a way to share all the good things customers say to you
Make sure your employees are your biggest supporters
Don’t think too much about your company name. If it is difficult to remember or simple, it is as important as your business.
Some of the most durable brands in the world, as well as many more modern brands such as Samsung, Apple, Nike and Adidas, whose names have little to do with their business, but simple and easy to implement
Read ideas on how to named new business articles.
Investing in unique signage can also make you more memorable.
If you run a business instead of trying to be the “Jack or Jill of all industries,” then you may become more famous. Focus on the resources currently available in your industry and think about how you can be different to reduce face-to-face competition and develop a niche for experts.
Simplify the way you describe yourself so that customers know exactly what they get. For example, if your core skill is real estate, it may not be worth competing in the broader business field.
You don’t have to spend a lot of money on marketing to ensure that you become the top priority for potential customers. Search all the information available in your region and/or industry; spend time on your social media profiles
In any competitive market, if you offer the same goods as everyone else, you may risk becoming a commodity, which means that the price of the selected commodity may be lower. Because of the oversupply, the market demand is small.
When seeking to make the level of service you provide higher than that of your competitors, first consider your own provider as a customer.
Make your customers satisfaction
How easy is it for customers to contact you? Is your website easy to navigate? Is your pricing competitive? Do you provide convenient payment methods for customers?
If you consider all the pain points your customers are currently experiencing, then you might be able to think of more ways to differentiate your business from other businesses.
Become a visible member in the community
Supporting local events and sports clubs may increase your visibility-and you can take full advantage of any related functions and events. Remember, people like to do business with people who support the community.
You may find that you can also establish business partnerships through this event, and these contacts may have established close contacts with your potential customers.
If you have employees representing your company, what will they say about you when you are away? Your team members may be your greatest asset and should be the most enthusiastic supporters of your product or service.
Invest in their job satisfaction, which may pay off for the jobs they provide you and their impression of your business. Both good and bad words can be shared through social media, so it is important to have a happy workforce.
Surprise and delight customers
Avoid complacency. Whether it is to provide amazing offers or rewards for loyalty, we always hope to choose new reasons for customers, not competitors, and introduce new reasons.
If you have trouble investing or establishing a company in Vietnam, please contact us: YAXIN is a consulting company with offices in Ho Chi Minh City and Hanoi. YAXIN is also considered to be a Vietnamese company specializing in business information. There are many well-known practice areas in the market, such as labor and employment, banking law, taxation, purchase, sales and mergers, litigation, IPO consulting services and intellectual property. We are confident to provide our clients with the best and effective legal services.
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