When establishing a new business domestically or in a new foreign market, investors would meet certain difficulties. As such, having a trusted local consultant company would guarantee great success regarding the new business environment challenges for newcomers. So how can a local partner contribute to the development and expansion your company? The article below would further analyze the struggles of newcomers and provide effective solutions for ex-pats and investors, especially when doing business in Vietnam.
1/ Get the market insights and best business opportunities from trusted local partner
A. Entering the market safely thanks to expert highlights
When first entering Vietnam, foreign investors would certainly struggle with being acquainted with the language, culture and local habits. Vietnamese culture is deeply rooted in tradition, with the interests of the collective over those of the individual. Social order is built on the values of the family, hierarchy, elder respect, and peace among all people. This affects the business etiquette that any newcomer should take note of while working here.
Furthermore, every business needs reliable and expert resources in diverse fields in order to open and expand. As your business grows, having external resources in different sectors would optimize and accelerate your international business development in a shorter time span.
B. Access to a large network built through long-term experience
In addition, investors and ex-pats may have difficulties when first entering Vietnam without being acquainted to local business. Lack of network power is a weakness in Vietnam since the company or foreigners cannot position themselves on the market or find investors.
At SOA, we could be able to broaden your business or engage in working with Vietnamese businesses. Besides, having assistance from experts with a large network enables your company to have connections with qualified stakeholders, which is vital while doing business in a new country. The process to establish your company, building a team, create business entity are now less of a hinder.
We provide on-the-ground expertise in the Vietnamese market to accompany you on your market growth strategy. With more than 20 years of local experience in the Vietnamese market, SOA puts our knowledge at disposal for your development. We provide you insights of the domestic market situation, sourcing and supply chain, recruitment and outsourcing opportunities, etc.
2/ Core business scope accomplished faster with the help of local partner on administrative processes
Registering a business in Vietnam can take up a lot of time and effort, especially when it comes to deeply understanding the business environment and legal procedures in the market of a Southeast Asian country.
Our Corporate Services are composed for all foreign companies of all calibre and purposes, with or without existing property or popularity in Vietnam.
A. Outsourcing administrative management
As mentioned, investors and foreigners will inevitably meet challenges and obstacles related to the legal system while launching their businesses in Vietnam. Most notably, they have to go through lengthy processes for visa and work permits, then later on, finding the locations for their offices, and maintaining their professional team doing paperwork for entity establishment. All of this can be handled with outsourced administrative management.
Understanding this, SOA can guide you with your establishment in the nation and future commercial administration. “Flexibility is our mindset”. Our professionals can handle the unexpected and offer specialised business services solutions that are best suited to your demands.
Our services revolve around all the complicated but crucial processes: Wage hosting, Recruitment service, Office rental, Visa & work permit. Not to mention, SOA had established a friendly and active co-working space for all foreign workers. This way, all ex-pats are expected to reside in a community to learn the local cultural norms more easily. Additionally, SOA can act as a reliable partner who has a full understanding of laws and regulations in Vietnam. Our services include handling accounting, payroll, yearly reports, local invoicing, and storage.
SOA is proud of our strong and long-established network base in Vietnam which allows us to possess some of the best experts in various industry sectors. With this being said, aside from top-of-the-line services, we are also capable of quickly adapting to all our client’s needs as well as bringing up timely solutions to any problems that arise. This can help reduce costs and time for clients as they would not have to contact multiple service channels.
B. Understanding the labor market in Vietnam and finding the best-qualified people to work with
Penetrating a new labour market like Vietnam will certainly present several obstacles for foreign investors. The top Human Resource difficulties for international companies in Vietnam are the low proportion of laborers with vocational and skills training, labour contract and employee document issues, issues with Personal Income Tax (PIT), etc.
Being aware of all of these challenges, with a professional team and extensive experience, SOA provides Human Resource services that can satisfy all natures of different foreign businesses and the diverse demands of every customer.
First of all, SOA can help foreign businesses that already have Vietnamese subsidiaries. As some clients wish to have as many recruiting channels as possible, we can assist with recruiting, nominating directors, and corporate secretarial services. Furthermore, SOA is able to support you in providing process management services. We guide you to reimagine and reinvent your business entities to increase their effectiveness and relevancy by Analyse the data, workload, and organisational structure to evaluate the current process, before suggesting ways to enhance or develop a new process management.
For foreign companies without existing entities, we understand that our clients would not have the legal ground to set up an account for all the job-seeking platforms and other information about administrative procedures. Concerning this, SOA can also act as the client’s internal HR department. Thanks to that, customers will not need to worry about complicated paperwork related to the recruitment process. SOA helps to build the local team, relocate and host their existing foreign employees.
More than just recruitment, before the recruitment service, our company proposes market research presenting the full description of the workforce in Vietnam. We would also consult clients about the benefits package of the local workforce. As for the process length, which is the position hunting timeframe, the manager & upper management position should take around 2 months, while the country manager takes up to 6 months. Our requirements are strict, particularly on the languages, network relevance, and pre-acquired experience. As a result, our clients always receive top-notch applicants, which strengthens their team.
3/ Final thoughts
Newcomers in the Vietnamese market would surely find it challenging to immediately pick up the country’s dinstinct language, culture, and traditional customs. Consequently, foreigners and investors will encounter various difficulties with the employment procedure while starting a business in Vietnam. The legal system, including visa and work permit procedures, would be the most challenging for non-Vietnamese speakers. In the future, it will take time and effort to establish the team from scratch, find offices, research industry data, and complete other ongoing activities.
Therefore, hiring a business consultant like SOA will definitely make your journey easier. Investors can make use of our corporate services to develop commercial operations with the minimal administrative hassle and maximum flexibility. With its long-time experience in Vietnam and a team of more than 50 Vietnamese and French employees, we have built a large network of partners and suppliers. Our team is ready and privileged to use our strength to assist you in meeting the right people and expand efficiently your business in Vietnam.
