How to start export business in Vietnam | What to Import from Vietnam | Import Export Business List

Summary

This video provides a comprehensive guide to starting an import/export business in Vietnam, highlighting the country's rapid economic growth, strategic advantages, and key product categories such as textiles, footwear, and agricultural goods. It explores various business models, including trading companies and manufacturing setups, and outlines the legal framework and necessary steps for company registration. Viewers will also learn about taxation, customs regulations, and effective strategies for finding suppliers and managing logistics. With insights from MovetoAsia, the video equips aspiring entrepreneurs with essential knowledge for successfully navigating the Vietnamese market.

Takeaways

• 😀 Vietnam is a rapidly growing economy in Southeast Asia, with nearly 100 million people and a strategic location for global trade.
• 🌍 The country offers low labor costs, competitive tax rates, and modern infrastructure, making it attractive for foreign investments.
• 📦 Starting an import/export business in Vietnam can take various forms, including acting as a trading company, setting up a manufacturing facility, or serving as a sourcing agent.
• 👕 Vietnam is a leading exporter of textiles, footwear, agricultural products, furniture, and handicrafts, providing diverse opportunities for businesses.
• ⚖️ Entrepreneurs must ensure their business activities comply with regulations and determine the appropriate company structure, such as limited or joint stock companies.
• 💰 While there is no minimum capital requirement, businesses should register an amount that reflects their operational needs, typically starting from tens of thousands of USD.
• 📄 The legal setup involves obtaining investment registration (IRC), enterprise registration (ERC), and fulfilling tax registration requirements.
• 📝 Various documentation is necessary for export, including commercial invoices, packing lists, bills of lading, and certificates of origin.
• 🚢 Key shipping locations in Vietnam, such as Hai Phong and Ho Chi Minh City, facilitate logistics for international exports.
• 🤝 Engaging local sourcing companies and attending trade shows can help identify reliable suppliers and partners in Vietnam's manufacturing landscape.

Q & A

What are the key advantages of starting an import/export business in Vietnam?

The key advantages include low labor costs, competitive tax rates, a strategic location with a long coastline, modern ports, and membership in trade agreements like CPTPP and EVFTA, which provide preferential access to global markets.

What business models can one consider when entering the import/export industry in Vietnam?

Three primary business models are: acting as a trading company, setting up a manufacturing operation, or serving as a sourcing agent. Each model offers different advantages and operational structures.

What types of products are commonly exported from Vietnam?

Commonly exported products include textiles, footwear, agricultural products (like coffee and seafood), furniture and handicrafts, and pottery and cement items.

What legal considerations must be taken into account when starting a business in Vietnam?

It's important to ensure that business activities are not restricted for foreign investors, choose the appropriate company type, and register with the relevant government departments to obtain necessary licenses.

What is the process for registering a company in Vietnam?

The process includes registering your project with the Department of Planning and Investment to obtain an Investment Registration Certificate (IRC), then registering the company for an Enterprise Registration Certificate (ERC), and finally setting up a corporate bank account.

What are the tax implications for an import/export business in Vietnam?

Import/export businesses must consider VAT, environmental protection taxes, customs duties, and any applicable special incentives under free trade agreements that may offer preferential tax rates.

How can one find reliable suppliers in Vietnam?

Finding suppliers can be done by attending trade shows, using online platforms like Alibaba, participating in business events, and engaging sourcing companies for assistance.

What key logistics and shipping locations are important for exporting from Vietnam?

Key logistics locations include Hai Phong, Da Nang, Vung Tau, and Ho Chi Minh City, which have major cargo ports facilitating international shipping.

What documentation is required for exporting goods from Vietnam?

Required documentation includes a commercial invoice, packing list, bill of lading, certificate of origin, and potentially other licenses or health certificates depending on the goods being exported.

How does MovetoAsia assist foreign investors looking to start a business in Vietnam?

MovetoAsia offers services that help foreign companies incorporate legally in Vietnam, find suitable manufacturers, and navigate the complexities of starting and managing an import/export business.