Virtual HASH Cross-Border LXN 2020: Vietnam
We recently had our second engaging Virtual HASH Cross-Border LXN (LearnXNetwork): Vietnam talk with our Founder and Managing Director Renee Tan, our guest speakers, Founder of 9cv9, Singapore, Gilbert Neo, Business Advisory Partner of NEXIA STT, Vietnam, Mr Nguyen Viet Dung and Partner of LNT & Partners, Vietnam, Dr Le Net together with a close number of 25 participants online, discussing about exploring business opportunities, expanding into a fast-moving economy & establishing your business, talent management & hiring strategies as well as business networking in Vietnam.
We started off the event with Dr Le Net from LNT & Partners who shared on the topic ‘Establishing in Vietnam: Exploring M&A opportunities and the Legal Aspects’. He states that the top 2 reasons why people are interested in investing in Vietnam is firstly, there are many global manufacturers as well as factories being established in Vietnam, and secondly, it is because of its young and dynamic population, while adding that there is no cost labour involve and Vietnam signing the free trade agreement with other countries, which means for example whenever a product is being export overseas into Vietnam, it would then be subjected to a 0% tax rate.
Dr Le Net then goes on in saying that there still many challenges that comes with investing in Vietnam, one of which is the laws or its legal system of setting up a new business in the country as well as not knowing how to go about in entering the Vietnam market, whether directly or through a joint partnership with the local people.
Next, Mr Nguyen Viet Dung from NEXIA STT touched on ‘Investing in Vietnam’, where he states that a foreign investment in Vietnam can be divided in to two main forms of a business entity:
- Limited Liability Company (LLC) or
(A majority of foreign investors would often go for this instead when investing in Vietnam)
- Shareholding company
Mr Nguyen Viet Dung had also discussed about other key areas such as the procedures that one goes through when setting up a business, licences, minimum paid-in capital, foreign ownership, profit repatriation, business taxations and other important considerations.
Finally, we went to a quick fireside chat with Gilbert Neo from 9cv9 together with Dre Le Net and Mr Nguyen Viet Dung, where Gilbert shared his journey and experience in setting up 9cy9 in Vietnam as well as how it eventually expanded from there, and each of the guest speakers taking turns in answering questions from our list of event attendees.
Our event was concluded with a quick networking session via Zoom, where each of the attendees as well speakers would get a chance to ask questions to any of the guest speakers and explain their different set of challenges in their own businesses.