VIETNAM BRIEF ABOUT THE COUNTRY AND OPPORTUNITIES IN DOING BUSINESS

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1 VIETNAM BRIEF ABOUT THE COUNTRY AND OPPORTUNITIES IN DOING BUSINESS 1

2 CONTENTS: I. OVERVIEW OF ECONOMY IN VIETNAM II. III. IV. OVERVIEW OF FDI IN VIETNAM PROCEDURES FOR INVESTMENT TIPS FOR DOING BUSINESS IN VIETNAM 2

3 I. ECONOMY OVERVIEW A/ Brief about geography - Southeast Asia, land border with China, Laos, Cambodia - Area: 331,210 sq km, ranked 66 th - Extended 1,650 km from north to south with 3,444 km coastline - Land use: 34.8% for agriculture, 45% forest and 20.2% for other Key message: long coastline with deep water and many ports, easy access for goods, considered as a gateway to ASEAN 3

4 I. ECONOMY OVERVIEW B/ Brief about people and society - Population (2017): 95.5 millions ranked 14 - Age structure: 45% at years; 17,2% at years; 24% at 0-14 years - High educated, hard working ethic, ambitious - Major cities in population (millions): Ho Chi Minh with 8.4, Hanoi (capital) with 7.5, Haiphong with 1.9, Danang with 1.3 Key message: abundant workforce, cheap labor cost, high skilled allocated from the North to the South through big cities will create opportunities and favor condition for all kind of business 4

5 I. ECONOMY OVERVIEW C/ Brief about the economy - GPD in 2016: billions at exchange rate and 595 billions purchasing power - GDP growth rate: 5.98% (2014), 6.68% (2015), 6.21% (2016) - GDP per capital: 2,028 USD (2014); 2,109 USD (2015); 2,185 USD (2016) - Inflation rate: 4.09% (2014), 0.63% (2015), 4.74% (2016) - Unemployment rate: 2.08% (2014), 2.31% (2015), 2.3% (2016) - Export value (billions USD): (2015), (2016) with main products including rice, coffee, pepper, clothes, shoes, electronics, seafood, crude oil, wooden products, machinery - Import value (billions USD): (2014), (2016) with main commodities like machinery and equipment, petroleum products, steel products, automobiles 5

6 I. ECONOMY OVERVIEW Brief about the economy continued Key notes for economy: - Stable political, steady GDP growth rate - Active member of 63 International Organizations, including: WTO, APEC, ASEM, UNESCO, UN, IFM, WB, FAO, WHO - Partner of many Free Trade Agreements - FTA (including singed and negotiating): ASEAN, ASEAN Japan, ASEAN South Korea, ASEAN China, ASEAN India, ASEAN Australia and New Zealand, RCEP, Vietnam Chile, Vietnam EU, Vietnam EFTA, Vietnam EACU, Vietnam South Korea, (CPTPP) Key message: improved business environment to suit with FTA, huge potential successful chances for foreign investors as free access (*) to all big market in the world (*) : comply with FTAs provision 6

7 I. ECONOMY OVERVIEW Vietnam and FTAs 7 RCEP Peru Vietnam EAS

8 II. FDI OVERVIEW IN VIETNAM POTENTIAL TO ATTRACT FDI - Political stability, social security - Favorable geographical position in the center of Southeast Asia - Abundant human resource, competitive investment cost - Rapidly developing economy with potential consumption market - Abundant natural resources - Deep economic integration with countries in the region and worldwide - Legal documents on investment, enterprises and environment are increasingly completed 8

9 II. FDI OVERVIEW IN VIETNAM As of September 2017, there are 23,972 of projects are in effect with registered capital of over billions USD Source: MPI Vietnam 9

10 FDI IN VIETNAM BY SECTOR No. Sector Number of projects Registered capital (billion USD) 1 Manufacturing and processing industry 12, Real Estate Production, Distribution of electricity, gas, water and air, conditioning Construction 1, Accommodation and Food service Whole sale and retail trade; repair of vehicles 2, Information and telecommunication Agriculture, forestry and fishing Transportation and storage Art and entertainment Mining and quarrying Professional, scientific and technical activities 2, Health care Water supply and waste management Banking, Finance and Insurance Education and Training Other services Administrative and support services Total 23, Source: MPI 10

11 TOP TEN INVESTORS IN VIETNAM No. Partners Projects Registered investment capital (billion USD) 1 Korea 6, Japan 3, Singapore 1, Chinese Taipei 2, British Virgin Islands Hong Kong 1, Malaysia United States China 1, Thailand Source: MPI 11

12 FDI IN VIETNAM BY PROVINCE FDI projects locate in all provinces and cities of Viet Nam; Ho Chi Minh city attracts FDI project mostly, second is Ba Ria Vung Tau 15.7% Ho Chi Minh Ba Ria-Vung Tau 42.5% 12.5% Ha noi Dong nai 11.8% Binh duong Others 8.3% 9.2% Source: MPI 12

13 FDI FROM UNITED KINGDOM As of September 2017, the United Kingdom has 302 valid projects with a total registered investment capital of over 3.27 billion USD. United Kingdom ranked 15th out of 122 countries and territories investing in Vietnam By sector By geographical area 3.9% 1.1% 4.4% 25.6% 20.4% 44.5% Manufacturing Mining Dong Nai Oil and gas Real estate Finance Ho chi minh Ba Ria-Vung Tau Long An Others Agriculture Others 25.7% 13

14 1. Registration for Investment Certificate (15 days) Project with investment capital below 300 billion. Not in the conditional investment industries. 2. Evaluation for investment certificate(45 days) Projects with capital 300 billion and not in the conditional investment industries Projects in the conditional investment industries 14

15 Investor Submitting Investment documents for registration 1 Management Agency (DPI, BOM) Making decision for Investment Certificate (15 days) 2 15

16 Certificate granting (5 days) 6 Provincial People s Committee (Board of Management) Prime Minister Investors 1 Supplement records Submitting 8 sets of records Requested supplement 4 DPI 5 (Division of accepting records Management Board) 2 3 days 15 days 3 Departments, Ministries / Branches 16

17 1. Broadcasting and television; 2. Production, publishing and distribution of cultural products; 3. Exploration and exploitation of minerals; 4. Establishment of infrastructure for telecommunications network, transmission and provision of internet and telecommunications services; 5. Establishment of public postal network and provision of postal services and express services; 6. Construction and operation of river ports, sea ports, terminal and airports; 7. Transportation of goods and passengers by railway, airway, roadway and sea and land waterways; 8. Catching of aquaculture; 9. Production of tobacco; 10. Real estate business; 11. Import, export and distribution business; 12. Education and training; 13. Hospitals and clinics; 14. Other investment sectors in international treaties of which Vietnam is a member and which restrict the opening of the market to foreign investors. Investment conditions applicable to foreign investors with investment projects in the sectors stipulated in this list must conform with the provisions in the international treaties of which Vietnam is a member. 17

18 IV. TIPS FOR DOING BUSINESS IN VIETNAM Each country has an unique way for living, setting up and running a business. Doing business in Vietnam, there are few top tips foreign investor may take into consideration: 1/ Find a reliable partner A trustworthy Vietnamese partner or assistant can help you in dealing with most issue, from finding suppliers to estate matter. How to find a reliable partner: through British Embassy in Vietnam or recommendation from in the UK 18

19 IV. TIPS FOR DOING BUSINESS IN VIETNAM 2/ The language Learn the language create chance of becoming an insider rather than an outsider and make Vietnamese people feel you more locally. 3/ Build relationships, keep networking This is important factor not only in Vietnam but when you are there, you can see that most of the time your issue may be resolved by some one you know. 19

20 IV. TIPS FOR DOING BUSINESS IN VIETNAM 4/ Know Who and get the right person In Vietnam, in whatever matter there is always some one who makes decision. If you can get the right person, the job can be done with significant reduced time (such as from 5 days waiting time to 3 days). 5/ Offline payment methods Online is not new in Vietnam but people still prefer to pay when they get the goods/service or pay in cash rather than online payment. Between two companies, one has only online payment, other provides offline then most customers tend to use the second. 20

21 IV. TIPS FOR DOING BUSINESS IN VIETNAM 6/ Be ready to face with difficulties When foreigner investors come to Vietnam they may feel there are too many complicated and difficulties from the beginning such as: Construction Permits (if build a new facility), Getting Electricity (if there is not any existing), Paying Taxes (about 32 corporate tax payments to be made annually, cost around 872 hours to complete forms and procedures) However, when you are in the country and blend into the flow you can see that there are many ways to solve the issue. Many successful British companies doing business in Vietnam now such as Harvey Nash, Prudential, Standard Chartered etc 21

22 Thank you! 22 22

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