New Business Ideas in Vietnam
Coming up with new business ideas may not always mean that you are trying out something innovative or something that has never been done before. While Vietnam is a developing country, the economy is growing quite well and they are welcoming new business ideas, especially from the foreign investors. So if you are planning on investing in this great country what business idea should you propose? In case you are having a hard time on deciding where to invest or what to bring to Vietnam, then take a look at our list of new business ideas below.
Real Estate– While real estate isn’t exactly a “new” business idea it is still a great way to make your entry into the Vietnamese market. Why? Well, for starters, Vietnam is developing at a very commendable rate. The people living there now have a better purchasing power than they did five years ago. More and more people are now looking into buying homes or apartments. This is why the demand for housing has gone up and that should be the reason for you to invest in real estate of Vietnam. However, keep in mind that getting into real estate in Vietnam requires a special form of the business permit so you ought to clear that out before you decide to start. Real estate business is only possible if you have a large sum of capital to be invested.
Construction & Building Materials– If real estate proves to be too big of an investment for you then you can always try something a bit less costly such as construction and building materials. Think of it in this way, even if you do not get in the real estate business, the demand is still there. In fact, some people may purchase land or houses, they will all need some sort of renovation done if not building up their homes right from the scratch. You could provide quality materials such as cement, bricks, wood, roofing materials and so on. That’s not all; you could even sell plumbing supplies, paints for services, home decoration materials and much more. Basically, the options are limitless in this business and you could customize your services based on your customer’s needs. The capital investment should be lesser than what one would require in the real estate business but even then it would be quite high in this business.
Furniture Making –Keeping up with the theme of homes, furniture making is another great business idea that is sure to boom in Vietnam. If you have read the two points earlier then you will know that the Vietnamese people are looking for homes and apartments. This means they will require some sort of furniture for their new homes. Even if they do not need new furniture, they may want to remodel their old ones. Either way, this is where your business shall profit from. The spike in demand means you can get your business off the ground right from the start. A key element into capturing the market in the furniture business is allowing personal customization. If you can make furniture based on the customer’s needs then they will keep coming back to you for more. That’s not all, Vietnam is very well known for their great furniture. People from all over the world buy furniture from Vietnam and then ship them back to their own homes. So if you can do your business right then you have the potential to export your products and generate even more revenue.
Restaurant- If there is one business that you can never go wrong with then it is in the food industry. Restaurants will always be in demand for as long as humanity needs food to survive. While it is a very competitive industry, it does not take much to succeed in the restaurant business. All you have to do is provide good food along with good services and that’s it, you have the customer’s loyalty. One way to really grab the attention of your consumers would be to introduce your local authentic dishes. Let’s say if you are from India then introducing dishes such as chicken Masala would be ideal. Similarly, if you are from France, then bringing exquisite French dishes would really make your restaurant stand out and allow you to dominate the market. Either way, there is a great deal of money to be made if the investment is done right in the restaurant business. Not only can you bring something new, such as dishes, but it is also a very stable industry to work in.
Bars – This may fall on the riskier side o investment but there is exists a demand for bars in Vietnam where the hardworking people can come to every evening to have a drink and just relax for a while. The reason why this may be risky is because serving liquor receives a special form of a permit which the government won’t just hand out to anyone asking for it. So you need to make sure all the required documents are legit and you have a foolproof business plan before you can start this business.