The goal of this thread is to hear anecdotal stories about your experiences in starting up a business in HCMC, because personally I find that there's always useful information and tips that can be applied in many circumstances.
Specifically for me, I'm investigating the establishment of a joint stock company, with a US-based company being the primary investor. Because of this, I'm going to be limited somewhat on being able to use the side tricks (like greasing), and will have to go through all the formalities, so if anyone knows the "formal" route well, I'd love to hear from you!
But I appreciate hearing from everyone else... who knows, I may have so much time on my hands that I start my own business 
Starting a business in HCMC
LastInTranslation
10 May 2013 00:53:51
60
Wild_1
12 May 2013 11:46:06
1881
LastInTranslation,
If you are going to do a joint venture with a Vietnamese individual or institution, you will not have to worry about the greasing-the-wheel part. A good Vietnamese partner will get that part taken care of for you.
But, in order to get things done here, you must have that part covered.
Just look for a good Vietnamese partner. S/he can get things taken care off a lot faster and cheaper than you can on your own.
Best,
Howie
Guest2023
12 May 2013 16:35:13
0
Make sure you really want to go ahead and do this.Doing business here is not like doing business in the West. Be very careful who you pick for a partner and only invest what your prepared to lose.To make a small fortune in Viet Nam you first need to spend a large fortune.
I actually speak from experience as I started a business here from scratch,owned and operated it. Would I do it again, never. Vietnamese are obsessed with paperwork and it never stops. To give you an idea, VAT lodgement was every month, then a quaterly report, then a six monthly report and finally a yearly report. So all together 19 reports and that was just the VAT office. Things may of changed a lot by now, that was 3 years ago.Dont get me started on the local staff and the stealing, that is something that gets my blood boiling.Many people here do run very good profitable businesses, if you really want to find out how it works get in touch with your embassy and find out when they have their chamber of commerce functions.That way you will get good information from people who have done what your thinking about.
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