Foreign investors who want to start a business in Vietnam have various choices in matter of industries they can operate in. Among these industries, tourism and retail are two of the most profitable ones. Most of the times, enterprisers decide to open retail companies in Vietnam because of the less stringent requirements and because full foreign ownership is permitted.
If you want to start a retail business and need assistance, our Vietnam company formation agents can explain the requirements.
The importance of the retail sector in Vietnam
Vietnam is one of the most prolific economies in Southeast Asia, which is why the population here has a great purchase power which will prove very good for a retail company. From small shops to supermarkets and even hypermarkets, foreign investors can open retail companies based on the budget they have.
It should be noted that both grocery and non-grocery retail shops have had significant increases in profits in the past two years, and according to the National Statistics Office in Vietnam, foreign investors with retail shops here have benefited the most from this industry thanks to the favorable legislation for foreign investments.
Registering a retail business in Vietnam
Foreign enterprisers who want to open retail companies in Vietnam must first draft an investment plan and file it with the Ministry for Industry and Trade, based on which they will receive investment certificates.
The following documents must be filed with the ministry when setting up a retail business in Vietnam:
- an application form;
- an investment plan which must contain a deep analysis of the market, information about the size of investments, labor market and an impact assessment;
- the investors’ passport copies;
- copy of the lease contract for the company’s address.
Retail companies must also comply with the legislation on management for retail activities. Our company registration advisors in Vietnam can offer more information on these regulations.
With respect to the licenses for retail companies in Vietnam, the import permit is one of the most important. Also, the labeling and packaging requirements must also be complied with.
For assistance in setting up a retail business in Vietnam, please contact our local representatives. Besides helping you in setting up a retail business, our agents can also offer you their accounting services. Our agents provide a simple accounting model as well as services to assist start-up businesses that are struggling with accounting operations, do not understand tax requirements to generate reports, and are reviewing operational strategies. Please contact our accounting firm in Vietnam for assistance.