Are you looking to start a business in Vietnam? here are the 50 Most Profitable Vietnam Small Business Ideas Investment Opportunities for 2021.
Any entrepreneur wishing to do business in Vietnam should be aware that the country is at the center of many free trade agreements with major countries such as the United States, Canada, the European Union, as well as with the Russia, and therefore would be a good place to start a business that will result in a return on investment.
Why start a business in Vietnam?
The ease of boarding visas and the increase in the number of flights to and from the country began to have a more positive impact on the country’s economy. The country’s manufacturing industry accounts for around 70 percent of foreign direct investment (FDI).
Vietnam is seen as a complement or alternative to China in some sectors due to its low cost of production in terms of land, labor, free trade agreements, and tax incentives. This has resulted in the growth of the high-tech operations of giants like Samsung, Intel and others in the country to 25% in 2015, up from 5% from 2010.
According to World Bank forecasts, the signing of the Trans-Pacific Partnership (TPP) in Vietnam in 2016 enabled the country’s economy to increase its GDP by 10%, as well as a 30% increase in the value of exports. , whose positive impact will continue until 2030.
The TPP has opened up many restrictive sectors of the economy, which means that an entrepreneur whose business activities are not on this list can run their business without fear of trouble from the regulated authorities.
Even though starting a business abroad may seem risky, especially if you might find yourself in a territory where requirements, tastes, cultures, preferences are different, etc., it is usually best to start small, because making a lot of money can be risky. If you’re not sure which business to start in Vietnam, here are the top 50 business opportunities to consider.
50 Best Small Business Ideas in Vietnam for 2021
- Clothing and textiles
Since clothing and textiles are among the most exported products in Vietnam, any entrepreneur who wants to start this business is bound to generate huge profits. You can choose to trade in baled products or sell made-up clothes.
However, no matter how lucrative this business may seem, it would be best if you do your own due diligence on the business, as this will let you know what texture of clothing you intend to get into and what will be. your target market.
- Manufacture and renovation of home furniture
There isn’t a home that doesn’t have at least one piece of furniture, and therefore furniture making is a lucrative business you can’t go wrong in. Most Vietnamese are interested in improving their home and its design, and some may do so for comfort or because of their standard of living, so this is a good place to start.
- Detergent production
Detergent powder is a fast consumer good (FMCG) which has high growth potential in Vietnam market.The demand for detergents is increasing every day and more and more people are advancing in Vietnam.Detergent powder is used for various purposes , and as an entrepreneur, you can start a business of any size, depending on how much capital you have. Make sure you do your research and have a good business plan on hand.
- Sale of construction and construction equipment
Construction and construction works are usually signs of a growing economy, and when the economy is stable or growing, several construction activities are usually underway and Vietnam, with its growing economy, is the one of the best places to start building. and the construction of commercial components. Just make sure you have sufficient capital and contacts with construction contractors before starting a business.
- Processing of agricultural products
The agriculture industry is an industry that many entrepreneurs like to work in because of its profitability, and the agricultural processing business involves processing natural agricultural products and packaging them for buyers. You can operate your farm processing business at any scale you want, as long as you have farms where you can have products processed at low prices so that you don’t produce products that are beyond the means of consumers.
- The property
A useful activity to do in Vietnam is real estate where you build or buy pre-built real estate for resale. The business is profitable due to the number of foreigners and immigrants arriving in Vietnam. The real estate industry is huge and therefore you can choose any segment to start your business if you have done your due diligence, especially since the real estate industry requires a lot of capital.
There are a lot of things that Vietnam is known for that other countries consider to be staples such as rice, coffee, crude oil, rubber, and more that an enterprising entrepreneur can profit from. ‘he wants to export goods. To attract buyers from all over the world, you may need to visit e-commerce websites that will allow you to connect with people who want to buy these products.
A freight forwarder who helps organize shipping for an individual and business who want to deliver their goods from the point of production to the final distribution point. As an entrepreneur wishing to become a freight forwarder in Vietnam, it is preferable to have contacts with several carriers in order to be able to move your customers’ goods.
You can decide whether you want to be a local freight forwarder or an international agent after conducting extensive research that will be of greater benefit to you, or you can combine them if you have the contacts and capital to do so.
- Research Officer
A sourcing agent is one who connects sellers and customers. Advances in technology have made it very easy to become a sourcing agent between foreign buyers and local sellers, especially since buyers will need someone to vouch for the quality of what they are buying. want to buy. When starting your food sourcing business, be sure to hire local Vietnamese workers who not only know the market well, but can shop for lower prices as well.
- Cosmetics production
The cosmetics industry is seen as a lucrative business regardless of the country as many operators have joined in to gain a lucrative market share. After conducting a thorough market research, you need to decide which cosmetic niche you want to enter so that you know who your target market is.
- Clothing line
If you’ve always had a passion to be a clothing designer and never found the clothes you love in the local market or in your area, then starting a clothing line might be just the thing for you. However, before you decide to start this business, be sure to do extensive research to determine your target market and the tastes and preferences or trends that are affecting your target market. Even though the mod is quite crowded, you can still stand out by producing something different than what’s available on the market.
- Property supervisor
There are many owners in Vietnam who cannot personally see their property details or are simply not interested in doing so and therefore would not hesitate to pay the supervisory authority to manage the property. Responsibilities: You may be required to collect rent and pay necessary expenses simply by sending periodic reports to the landlord, or you may be assigned certain tasks.
- A restaurant
If you are planning to open a restaurant in Vietnam, be aware that a minimum amount of capital is not required to start a business. because you can run your restaurant in an ordinary brick or mortar building, or sell food in a food cart. While the food demand remains stable regardless of the country, to stand out you can cook dishes from your own country or add a touch to the local Vietnamese cuisine.
While this can be seen as a risky business, there is a constant demand for places where people can go for an evening drink and relax after a hard day’s work. The risk factor for opening a bar is that in order to start this business a special form of authorization is required, and the government is very selective about who it offers this authorization to.
Therefore, to avoid getting started. According to the laws of the country, it is best to make sure that all of your documents are legal. You can also seek advice from those running the business on what challenges they face and what to expect.
If you like to meet new people every time and always make money, then starting a nightclub might be the best thing for you. However, while this may sound like a business that you have a lot of fun in, it’s also a business that requires a lot of hard work, as the amount of publicity you do for your nightclub will determine how many people not only know. . but you want to visit your nightclub.
- Transport and logistics
In the transport and logistics industry, you transport goods for different companies which is a good idea as many companies in Vietnam do not have their own transport or logistics facilities. The advantage of starting a transportation and logistics business is that you don’t need huge assets or investments because you can rent a truck from a shipping company to be able to run your business.
- Used car dealership
Not everyone can afford new cars, so there is always a market for used cars. To successfully start and run this business, you need a network of sellers and buyers; however, make sure that your used cars meet certain standards including safety and performance. The used car market is very competitive, so you will need to create effective marketing strategies that will allow you to stand out.
- Perfume maker
If you have a fondness for smells and a strong urge to experiment with different aromatic oils, you can get into perfume production. To stand out in the market, you need to create unique blends that have reliable wholesalers who can always provide you with the raw materials you need. Go to beauty salons and supermarkets and actively participate in marketing activities to spread awareness of your scent.
- Retail sale of motorcycle parts
Even in times of economic downturn, this market is not affected as most Vietnamese use motorcycles for business, transportation and leisure, if you want to get into the retail of motorcycle parts, you must expect a constant flow of customers. Make sure that the parts you sell are of high quality as this will keep you big and attract new customers.
Starting a bakery in Vietnam is not only profitable, but also allows you to turn your business into a huge and successful one, there are so many products you can bake, from sweet buns to cakes, to attract different customers. You need to make sure that you develop creative marketing strategies that will allow you to compete with other bakeries.
- Water treatment specialist
The economy in Vietnam continues to grow and a few people are still drinking untreated water as the water storage and distribution facilities are still being formed. As a water treatment specialist, you can install or control water treatment equipment and take care of water storage and distribution.
- Marketing consultant
As the country’s economy continues to improve, more and more foreigners are coming to the country and more and more locals are starting to look for business opportunities. Most of these entrepreneurs or companies generally need an independent consultant to provide them with marketing services. To become a successful marketing consultant, you need to be aware of industry trends, markets, demographics, and sales results.
- Software developer
The ICT industry is vast and there is no country No matter where the booming ICT hubs are located, becoming a software developer is one of the business opportunities you should not miss, especially since he industry in Vietnam is still growing. You can start your software development business through a complex route of research, design, and programming, or a less complex route such as testing computer software.
- Tourist agency
No matter how strong a country is in its political situation, Vietnam is a tourist country as there are many places for tourists to visit and explore. The country has ancient monuments and modern architecture. Apart from this fact, the people of Vietnam are very welcoming towards tourists and therefore setting up a travel agency is a smart business idea as there is no shortage of tourists coming to the country which means there is constant demand. To keep your travel agency running smoothly, make sure you offer quality travel packages with great accommodation deals and meal plans.
Agriculture in 2004, combined with forestry, accounted for nearly 22 percent of Vietnam’s GDP, and the sector has grown by more than 4 percent over the decade. Crops and livestock continue to complement each other in economic growth, although the sector has suffered too many disasters. You need to do thorough research before investing your money and time.
- Retail sale of hairdressing and beauty accessories
The beauty industry is very competitive and you need to find your niche in order to run a store successfully. You will also need to find reliable wholesale suppliers to ensure that you have a constant supply of products whenever you need them. Knowledge of multiple brands is also very important in order to meet different customer preferences and tastes.
- Car rental
When starting your car rental business, you need to take into account the type of car rental you plan to use, as there are two types of daily rentals (mainly for individuals) and a rental agreement ( mainly for companies). You need to weigh the pros and cons of each type and then choose the one that can help you achieve your goals quickly. If you are going to order a large fleet, you can serve two markets.
Although Vietnam is a country with high export potential, there are also import companies. Vietnam belongs to ASEAN, and therefore, if you want to import goods where you don’t have to pay import duty, you can only do it from ASEAN countries. As with exporting, you will need to have a few documents before you begin.
- General products store
Vietnam’s economy continues to grow, and as such, although the concept of a department store may be outdated in some countries, there is still a chance to start a business in Vietnam and be successful. Firstly, the area in which you are planning to start your business is of great importance, as you will have a high chance of success when there are no large supermarkets to contend with. If your store caters to the demands of a large number of your customers, you have every chance of success.
- Oil and gas extraction
Vietnam is a producer of crude oil and so if you have significant capital and equipment, you can start this business. It is important to note that exploration costs vary as you will have to go through exploration so that you can find and then produce the oil and gas you need. This is a capital intensive project and you may need several partners to get started.
- Online Retail Clothing Store
If you are very versatile on social media and have a fashion sense, then now is the time to consider starting an online clothing store. The good thing about this business is that you don’t need a lot of capital, but if you can market your business well you can scale your business and become successful.
- Pet shop and supplies
Pet care in Vietnam is thriving due to the gradual increase in the pet population, the busy lifestyle and the increasing humanization of pets. Cats and fish are the most preferred pets in Vietnam, especially in big cities, and due to health and welfare trends, more and more pet owners are ready to spend more on packaged pet food. Most pet owners prefer international brands over local brands, so you should take this into account when starting your pet store.
- Bike rental
There are still many people in Vietnam who prefer to travel on two wheels. You can start your bike rental near major hotels or resorts where most tourists are likely to stay. Besides renting bikes, you may also need to open a shop.
Make sure you understand your market so you know which rentals you are going to. To publicize your bike rental, you will need to distribute flyers and post flyers in strategic locations.
It is about the production and trade of flowers. Those who are engaged in this type of business care for, decorate, decorate and deliver flowers to their customers. There are a number of people out there who need the services of a florist and therefore, if you are able to position your business correctly, you have a good chance of success.
- Dry cleaning and laundry services
The fact that the economy is growing at a breakneck pace means that so many Vietnamese cannot afford the luxury of taking care of their lingerie and therefore prefer to pay to do it for them. So it is a lucrative business that you can start, but it is imperative that you do a good job of market research and know not only your target market but also your competition.
Everyone needs a haircut from time to time, so starting a hair salon is a good way to generate income. However, knowing the right location to set up your hair salon will determine a lot about how best to achieve your goals and objectives, because if you choose the wrong location for your business, not only will you not be able to get your investment back, but you will be. also stuck in this place until you can get out of the lease.
- Beauty salon
Women and even men often want their hair and body to be taken care of. The beauty industry has barely been hit even during the economic recession as people now know what they look like regardless of their income. You will need to define the services of your beauty salon, but try to offer as many services as possible so that you can attract a large number of clients.
- Freight operator
When you start this type of business, you should be able to not only place bets, but also fulfill contracts. If you plan to own more than one truck, you need to determine how you can get drivers. This is a business that requires huge amounts of capital to start up and operate before the profits can be clawed back, and so it is imperative that you have a network of entrepreneurs where you can get time jobs. in time.
- Construction services
The booming economy means there will be more immigrants entering the country, whether for business or for a living, so the construction industry is likely to thrive with more construction work. aimed at providing housing to accommodate more people. The services offered by the construction services company include; project management, working with subcontractors, project management, risk management services, project management and much more.
Car washing is not only profitable, but also provides a constant stream of income regardless of the country in which the business is located. The equipment used to wash cars is not that expensive and yet they help generate a huge amount of money. If you are going to operate your business in an area where there will be many repeat customers, it is best to hire employees to help you.
- Training centers
The demand for learning centers can be overwhelming as most schools in Vietnam prohibit private learning and teaching centers; however, as many parents are concerned that their children are doing better and most brilliant teachers and students are looking to earn extra income, creating a center of learning. can be very profitable, especially if your center is known to be efficient.
- Translation and transcription services
As more and more foreigners continue to enter Vietnam to explore business opportunities, starting a translation and transcription service can be a smart decision for an enterprising entrepreneur. You will need to identify the type of service you plan to offer to your various customers, and in order to educate them, you will need to advertise and engage in advertising strategies.
- Shoe company
The footwear industry in Vietnam is experiencing an increase in demand, which has triggered an explosion in the manufacturing sector. In 2014, exports of shoes, handbags and leather in the first seven months amounted to more than US $ 5.7 billion, and the following year grew by 20.2%.
Even though the industry is competitive, you can still pick a niche and focus on it, but be sure to research that niche thoroughly so you don’t end up starting a business where it won’t be profitable for you.
- Sale of children’s clothing
Children are not born anywhere, especially if the region’s population is mostly young. Children’s clothing is very different from that of adults, and many parents don’t hesitate to spend on clothing and other items for their children. Since clothes are a necessary item, starting a business that sells baby clothes can be very profitable for you.
- Electronic repair
While several online stores are currently closing due to the cost of replacing products these days and buyers preferring to replace damaged products due to the availability of cheaper Chinese products, starting an electronic repair is not entirely a bad idea. . As with any business, be sure to do your market research thoroughly so that you don’t waste time and money.
- Advertising company
The fact that many manufacturing jobs are moving to Vietnam means that the GDP per capita will increase, not only leading to the middle class, but will also ensure that the demand for fast moving goods will increase, leading these companies to opt for the services of an advertising agency. You should be aware that you will face stiff competition from existing advertising agencies, so it is best to do a thorough business research.
- Taxi service
The growing infrastructure in Vietnam means that more and more people will want to get to their destinations without having to drive themselves. Although the Vietnam War affected the transportation sector, many roads have been repaired, which means more people will no longer need motorcycles to reach their destinations. You need to choose your routes carefully, as the airport may be the best place for a taxi service.
- Ticket service for events
While you don’t have the same economies of scale as this type of business in developed countries, that doesn’t mean you can’t run a profitable business if you have a good technology platform. Make sure you provide your customers with modern online payment methods.
- Fast food service
Many Vietnamese do not have time to prepare food, so they prefer to buy instant food. Another reason there is a demand for fast food is because they are Hygiene and Food Safety certified, and so if you like to cook and create new kitchens, you should start there.
- Maid service
If you are passionate about cleaning homes and are a sincere person, you can provide specialist services to those in your target area. If you must use other hands, make sure they are thoroughly tested so you don’t lose clients. To increase awareness, be sure to place your ads in places where your target market can see them.
In conclusion, Vietnam is not only opening up its economy, but also reducing tariff and non-tariff barriers in Asia and the world. Although there are a number of challenges in doing business in Vietnam, entrepreneurs must take into account factors such as cheap labor that attracts high tech multinationals, which will lead to an increase in the number. small and medium enterprises.