Are you looking for the best business ideas in Vietnam? Starting a successful small business in Vietnam is not too challenging if you set up your business in the right way with the right business plan.
Starting a business overseas is always a difficult task. Not only are you venturing into a completely different territory than the one you are used to, you also have to adapt to the local demands, local culture, their preference, tastes and so on.
So, when you are pondering about starting a business in Vietnam, it is wise to think on a small scale. Going big with your investments may show your intentions to stay and succeed but it can prove to be risky too.
That is why we would recommend going to start with small scaled investments and look for small business ideas that are likely to flourish in Vietnam. In fact, the economy is Vietnam is such that all small sized to middle sized businesses are going to be market leaders in the near future.
Not sure what kind of small business you want to invest in? Take a look at our list of top small business ideas in Vietnam below:
Food business or Bakery
Starting a bakery or food business in Vietnam is not only lucrative but it can see you turning your business into a huge and successful one. There are so many products and food types that you can bake, from sweet rolls to cakes, in order that you may attract various customers.
So many Vietnamese do not have the time to cook meals and so would prefer buying from a portion of fast food. Another reason why there is a demand for fast food is the fact that they have a certificate of food hygiene and safety. And so, if you like cooking and creating new cuisines, then this might be a business for you to start a small business in Vietnam.
You will need to ensure that you develop creative marketing products and strategies that will enable you to compete with other Food businesses and bakeries.
As the Vietnam economy continues to improve, more foreigners are coming in and more locals are beginning to look to start a business. Most of these entrepreneurs or corporations usually require an independent consultant to help provide business services for them. For you to be a successful marketing consultant, you should have knowledge about industry trends, markets, demographic and sales results.
Logistics or Haulage
This may not sound like the best forms of business to conduct in Vietnam but it is one of those low risks business ideas that have the potential to be huge. It is also one of those businesses where you will need very little to no capital at all. The entire logistics or haulage business basically deals with carrying things for different companies from one place to another.
In simpler terms, this is transportation business. Now the reason why it’s a good idea is that there are a lot of small sized to medium sized companies in Vietnam who do not have their own transport trucks or logistics facilities.
Your target market would be such small businesses. The best part of this form of business is that you won’t need any assets or heavy investments. You could lease out a delivery truck from a truck company and carry on with your operations. The payment for the truck could be spread across a wide time period. You could even look for second-hand trucks and remodel them to serve your needs and at least get started. Once your business starts doing well, you can buy your own trucks and vehicles.
Another small business idea that is likely to be a hit in Vietnam is exportation. Vietnam is famed for their production of coffee, rice, rubber, small electronics, and seafood. All these have a great demand to the outside world.
Most of the clients for such products can be found online. Your investment would be to stock up on inventory and market them online to such portals. The demands are endless and once you make a reputation for being a reliable seller online, the business will keep flowing in for you.
Product Sourcing Agent
Thanks to the advancement of technology and the heavy reliance on the internet, people are buying more and more things online. There are a lot of people and companies who want to buy in bulk. However, buying in bulk requires a great deal of work to find the right seller and somebody who can be trusted to ensure quality.
A product sourcing agent would act as a middleman for the foreign buyers and the local sellers. If you want to start this business then you can act as that middle man. You can even open up a product sourcing agency and hire all local Vietnamese workers who would know the market very well and can actually get your products at a very low rate.
The buyer will have to pay you a commission, while you ensure that the transaction between the two parties is done smoothly. It’s a very low investment business idea that would require you to know the local market a bit better.
Vietnam is a beautiful country. For a tourist, there are many places to explore and visit. The whole country has a natural blend of ancient monuments mixed with modern day architecture. The local food is great and the locals are very hospitable towards tourists. A smart investment to conduct your business in Vietnam would be to start a tourism agency here.
There is no shortage of tourists coming into Vietnam meaning the demand is there. All you have to do is make the right calls and provide lucrative offers such as tourism packages, accommodation deals, meal plans and so on. If done right, then you stand a chance to be very successful and make huge profits.
The thing about the restaurant business is that there is no minimum amount of investment needed to get started. You may start small by opening a local restaurant or even start carts that sell street food. It is also a very stable business because the demand for food is not likely to go away anytime soon. You can introduce new authentic dishes from your own country or add a little bit of twist to the Vietnamese local food to stand out from the rest of the restaurants in Vietnam.
Construction and Building material sale
Construction and building material are usually signs of a growing economy and when the economy is stable or growing, several kinds of construction activities usually go on and Vietnam with its growing economy is one of the best places to start your construction and building material business. Just ensure that you have the right amount of capital and that you have contacts with building contractors before starting the business.
The cosmetics industry regardless of the country is regarded as lucrative business as many operators have joined to get a share of the lucrative market. You should decide on the niche of cosmetics you want to go into after conducting a thorough market survey so that you will know who your target market is.
Agricultural Products Processing
The food industry would always make sales as long as the business owner employs the right strategy to promote and market the business. Agricultural products processing involves plantation, livestock breeding, which can complement each other. Vietnam's environmental conditions are well suited to fruit trees or industrial crops. Foreign investors can use natural resources such as land, water, climate weather to create a farm, produce agricultural products. You can always find an agricultural product that you can process for sales and export.
Furniture Making and Re-modeling
Most Vietnamese are interested in improving their homes and the design in it and while some might do it for comfort or due to their standard of living, so Furniture Making is a good business to start in Vietnam.
IT or Software developing business
You can start an IT business or software developing business via the complicated route of research, design and programming or the less complicated one as testing of computer software. The ICT industry is a sprawling one and countries no matter their level of development have thriving ICT hubs and so becoming a software developer is one business opportunity that you do not want to pass up especially as the industry in Vietnam is still a growing one.
For any kind of new company formation in Vietnam, you may contact us!