Start a Business in HCMC

Do you still need someone for those questions?

Do you have info's regarding this, yes, i will need advice

Yeah, Kristine is smart in that field! She can help!

hahaa, Do I know you?

According to the first question about how to start a business and how the process is ... I can help you but about the work permit and the ID thing I have no ideas..

[email protected] is mt email.. i think its better to write there.

What's the purpose of this thread if you write in private?

Your ID is your passport, you dont need a VN issued ID. The work permit is usually applied for by a registered business, that has a VN local as the registered owner.If you do get a work permit, you will need to nominate how much per month you receive in salary, you will then be required to pay tax on this. Once receiving a work permit, its then an easy process to apply for residence card.

That makes sense also.... sorry for that...

I would like  to ask if you dont mind that what kind of small business that you would like to do? if u have pointed out already ur business idea then u should think of 3 WH questions: Where, Who and When
Where to do (First of all you should think about the location (positioning) ...the place that matches to what you are going to do in ur business... do u need space or just via network?)
For whom (After picturing the location then u can start to target ur customers...what types of customers u want to focus on)
and When is the good time for that ...

Ofc doing market research is also needed...

What's kind of biz are you looking for? As I know, there're some cases, foreigner is not allowed to invest in Vietnam.

If it is 100% foreign owned company. I think it's quite complicated and it requires a lot procedure. You have to work with the Government on investment project explanation, legal issue, your business is in investment list stipulated by the Government or not...In short, its very difficult for you to set up your own business here unless you own a big company.

It doesnt mean you cant start a business here. What I'd like to suggest you is making a joint venture with a local company (if your capital is huge enough or you have modern techniques.. .

In case you just want to set up a small business here, it's yes, find a job here, you have to hold a work permit which is sponsored by a local company or a foreign company located in Vietnam.  Then, do your job at that company and together with local people start new business. It depends on how you balance your time and how good your partners are . Or another way, you can ask local people register business license on your behalf, then you run the business as normal but it's also quite difficult since you have to find someone you really trust and they are willing to work for you .
Remember that you cannot start any business by you own. Since it's illegal for foreigner to set up a private business in VN.

In addition, now's not probably the best time for investment due to economic crisis, unemployment, reduce consumption and highly competitive in every sectors...You should think carefully. How about you come here to look for a job first, working and do market research as well as understand Vietnamese culture before starting a business here.

Above is just my own opinion, hope it helps.

Cheers,

hmd63 wrote:

Guys,
I am thinking to move to HCMC and start a very , yes, very small business.
My main Question is:...

** How to start a Business, how is the process
** how to get the work permit, id i need one?

Thank you and your replies are highly appreciated

Kristine1991 wrote:

hahaa, Do I know you?

Yes. Poor memory a?

?????

okay, forget it!
Ken Charma

Ken...ok...

Angie 172 : good advice. Lots of foreigners think its easy to just come over and start business here, no market research, no nothing, do not even know the language and expect to make money. Is it that simple? Ito say the least, this society is so complex, you can only scan the tip of the iceberg. I can see many businesses wrapping up and with closed doors just leaving the signboard behind. The forecast is that things will get better by next year, we just wait and see. Meanwhile, have deep pockets, so that you can eat bowls and bowls of pho every day.

Thanks sploke.

Everything is getting more and more difficult now. So it cannot be rushed. We have to think carefully, be patient and persistent

Sploke77 wrote:

Angie 172 : good advice. Lots of foreigners think its easy to just come over and start business here, no market research, no nothing, do not even know the language and expect to make money. Is it that simple? Ito say the least, this society is so complex, you can only scan the tip of the iceberg. I can see many businesses wrapping up and with closed doors just leaving the signboard behind. The forecast is that things will get better by next year, we just wait and see. Meanwhile, have deep pockets, so that you can eat bowls and bowls of pho every day.

Not sure where you get the idea that alot of people want to come here and start a business. A very small minority, out of the 100 or so expats that I have personally known here, 3 were in business. So thats 3% a very low percentage indeed.Most dont want to do business as its too complicated, just ask MGM.

In Singapore, a business can be set up within 24 hours. Here, even if you have a local do the paperwork, it may take weeks (someone to verify this?). Moreover, foreigners can only target clientele as foreigners, e.g. exotic foods, restaurants, bars, franchises, etc as almost all fields are covered by local businesses. Granted that the new rich locals will slowly eat burgers, and send their kids to learn English, your marketing still needs to be strong and continuous. Then there is the MLM concept and many think its got potential here. But if the economy is weak, where is the consumer spending power? You may open a cafe but what makes people come to your place?? Looking at all those brand name shops in Crescent Mall, these owners really have deep pockets and s strong sustaining power!!

The saying goes here, if you want to make a small fortune, you have to spend a large fortune. Setting up business here is slow and tedious, they love paperwork. The Japanese advised the VN government to do away with the amount of paperwork they have, as with most things here, it will be done very slowly, but its better then nothing.

colinoscapee wrote:

Not sure where you get the idea that alot of people want to come here and start a business. A very small minority, out of the 100 or so expats that I have personally known here, 3 were in business. So thats 3% a very low percentage indeed.Most dont want to do business as its too complicated, just ask MGM.

Yes, he is partially right! Many Chinese(Q.5, Q6 area), Singapore-Malaysian(Go Vap, Q.1, Q.2) citizens come and doing business illegally (of course they don't like formality and pay tax). For small business, 'Kings' flagged off green with assurance of their pocket keep heavy monthly
If you spent some green bills... sure you can do some small business here, no problem. The 'Kings' will take care until they rule that area.
I don't think Vietnamese jump into MLM sector. One of our member 'Peyun' and her superior now trying to bring Qnet here. Need to wait and see!

I suppose I should of said Westerners when I made that statement. Yes many other asians come here to do business, especially the Koreans,Taiwanese.

Yeah, that's right!

My ex secretary got into Herballife, I tried to warn her. She kept saying how her sponsor said they are going to do so well from this new system in Vietnam, she lasted six months after she saw the light.

colinoscapee wrote:

My ex secretary got into Herballife, I tried to warn her. She kept saying how her sponsor said they are going to do so well from this new system in Vietnam, she lasted six months after she saw the light.

I got invitation from 'Peyun' as she mislead me as a new business when PM. When we met I smell fishy
Her superior is another Malaysian with Indian roots. She talked very nicely to convince me. I just wasted my time for them, nearly 1 hour!

Yes thats how it works, most MLM are about deception.I was asked when I was in Australia last time to be representaive for a company that wanted to start here. It was just another MLM and they started the whole MLM spiel of how great a business it was, sounded just like the other crappy businesses.

I am having an appointment with her next month since I am also looking for a new biz but if it is MLM, should it be reconsidered. haizzz I dont wanna be involved in any MLM company as well.

charmavietnam wrote:

colinoscapee wrote:

My ex secretary got into Herballife, I tried to warn her. She kept saying how her sponsor said they are going to do so well from this new system in Vietnam, she lasted six months after she saw the light.

I got invitation from 'Peyun' as she mislead me as a new business when PM. When we met I smell fishy
Her superior is another Malaysian with Indian roots. She talked very nicely to convince me. I just wasted my time for them, nearly 1 hour!

If you want kill time, you can attend. They cut our neck until we bleed. Anyway they are well trained.

Only people who make money from MLM are the ones who get into from the start.

By the way HMD63, the main advice I could give you is to be very careful with Vietnamese partners. They are not as trustworthy as the other Asians, especially in business. I've heard a lot of westerners keeping very bad memories of business with Vietnamese. And here in Vietnam, it's required to have a Vietnamese partner. So make sure you know him very well before doing anything

I agree with Tranus, be very careful as a foreigner you dont have rights and it will cost you a fortune to take them to court. I have a friend who has spent 300 million vnd so far for a staff member who said he was dismissed unfairly. You really need a good lawyer to help if you are serious about doing anything that will make money.