Is Vietnam a good place to start a business?

Yes, Vietnam is a good place to start a business, especially for foreign investors seeking to benefit from Southeast Asia’s ongoing economic growth. With its economic dynamism, central location, cost-effective and vibrant workforce combined with favourable government policies, the ROI potential is enormous to both Entrepreneurs and MNCs. Why Vietnam is a suitable location as per the key factors to be noticed is succinctly listed as under:

• Strong Economic Growth: Consistent GDP growth averaging 6-7% annually.
• Strategic Location: Gateway to ASEAN markets and close proximity to China.
• Young and Skilled Workforce: Over 60% of the population is under 35, with competitive labor costs.
• Favorable Government Policies: Incentives include tax breaks and the allowance of 100% foreign ownership in most sectors; some industries may still require additional approvals or local partnerships.
• Booming Industry Sectors: Significant opportunities in manufacturing, IT, renewable energy, agriculture, and e-commerce.

In summary, international entrepreneurs and investors should look at Vietnam as having the potential to be a very good place to do business if well planned and executed through the right strategic partnerships. Investors should also be mindful of regulatory complexities, licensing timelines, and the importance of understanding local business culture.