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Doing Business in (Insert Country Name Here) DOING BUSINESS IN VIETNAM Country Commercial Guide 2015 Prepared by U.S. Commercial Service and U.S. Embassy in Vietnam June 2015 International Copyright ©2015 U.S. Commercial Service and U.S. Department of State All rights reserved outside the United States of America. Table of Contents This report contains numerous hyperlinks. Click on any blue text in this document in order to navigate within the document or be directed to a related external web link. Chapter 1: Doing Business in Vietnam……………………………………………………. 4 Market Overview ……………………………………………………….………………………. 4 Market Challenges ……………………………………………………………………….……. 6 Market Opportunities ………………………………………………………………….………. 7 Market Entry Strategy …………………………………………………………………………. 7 Chapter 2: Political and Economic Environment…………..……………………….…… 9 Chapter 3: Selling U.S. Products and Services…………………………………………. 10 Using an Agent or Distributor ………………………………………………………………... 10 Establishing an Office ……………………………………………………………..…………. 11 Franchising …………………………………………………………………...…..……….…... 13 Direct Marketing ……………………………………………………………….……….……... 13 Joint Ventures/Licensing ………………………………………………………..…….……… 14 Selling to the Government …………………………………………………………...………. 14 Distribution and Sales Channels ……………………………………………………..……... 15 Selling Factors/Techniques …………………………………………………………..……… 17 Electronic Commerce …………………………………………………………………...……. 18 Trade Promotion and Advertising ……………………………………………………...……. 19 Pricing ………………………………………………………………………………………….. 20 Sales Service/Customer Support ……………………………………………………..…….. 21 Protecting Your Intellectual Property …………………………………………………..…… 21 Due Diligence ………………………………………………………………………………….. 23 Local Professional Services ……………………………………………………………......…24 Web Resources ………………………...………………………………………………………24 Chapter 4: Leading Sectors for U.S. Export and Investment……………………...…. 26 Commercial Sectors Power Generation, Transmission & Distribution……………………………………………. 27 Oil and Gas Machinery & Services…………………………………………………………... 37 Aviation………………………………………………………………………………………….. 45 Telecommunications Equipment & Services………………………………………………... 49 Information Technology (IT) Hardware and Software……………………………………… 51 Health Care – Medical Equipment…………………………………………………………… 53 Architecture, Construction and Engineering………………………………………………… 57 Environmental and Pollution Control Equipment & Services……………………………… 66 Education & Training…………………………………………………………………………... 73 Franchising………………………………………………………………………………………78 Agricultural Sectors…………………………………………………………………………. 81 Cotton…………………………………………………………………………………………… 82 Soybeans & Soybean Meal…………………………………………………………………… 82 1 Wheat…………………………………………………………………………………………….84 Dairy Products………………………………………………………………………………….. 86 Corn & Corn By-products………………………………………………………………………87 Forest Products………………………………………………………………………………… 87 Hides and Skins………………………………………………………………………………... 88 Poultry Meat……………………………………………………………………………………. 89 Red Meats………………………………………………………………………………………. 90 Fresh Fruits…………………………………………………………………………………….. 91 Wine…………………………………………………………………………………………….. 91 Web Resources………………………………………………………………………………… 92 Chapter 5: Trade Regulations, Customs and Standards…………………….............. 93 Import Tariffs ……………………………………………………………………………………93 Trade Barriers …………………………………………………………………………………. 93 Import Requirements and Documentation ………………………………………………….. 98 U.S. Export Controls …………………………………………………………………............. 99 Temporary Entry ……………………………………………………………………………... 100 Labeling and Marking Requirements ……………………………………………………….100 Prohibited and Restricted Imports …………………………………………………….…….102 Customs Regulations and Contact Information …………………………………………... 102 Standards ……………………………………………………………………………………...103 Trade Agreements …………………………………………………………………………… 107 Web Resources ………………………………………………………………………........... 107 Chapter 6: Investment Climate…………………………………………………………….109 Executive Summary…………………………………………………………………………...109 Openness To, and Restrictions Upon, Foreign Investment …………….………………..110 Conversion and Transfer Policies ………………………………………………………..… 114 Expropriation and Compensation ……………………………………………………...……114 Dispute Settlement ………………………………………………………………………...… 115 Performance Requirements and Incentives ………………………………………………. 116 Right to Private Ownership and Establishment ……………………………………………118 Protection of Property Rights ………………………………………………………………..118 Transparency of Regulatory System ………………………………………………………. 122 Efficient Capital Markets and Portfolio Investment ………………………………………..122 Competition from State Owned Enterprises ………………………………………………. 123 Corporate Social Responsibility ……………………………………………………………. 123 Political Violence …………………………………………………………………………...... 123 Corruption …………………………………………………………………………………….. 124 Bilateral Investment Agreements …………………………………………………………... 129 OPIC and Other Investment Insurance Programs …….…………………………………. 130 Labor ………………………………………………………………………………………….. 130 Foreign-Trade Zones/Free Ports ……………………………………………………………131 Foreign Direct Investment Statistics ……………………………………………………….. 132 Web Resources ……………………………………………………………………………….133 2 Chapter 7: Trade and Project Financing……………………………………………..…. 134 How Do I Get Paid (Methods of Payment) …………………………………………………134 How Does the Banking System Operate ………………………………………………….. 135 Foreign-Exchange Controls ………………………………………………………………… 137 U.S. Banks and Local Correspondent Banks …………………………………………….. 138 Project Financing ……………………………………………………………………………. 138 Web Resources ……………………………………………………………………………… 141 Chapter 8: Business Travel……………………………………………………………….. 142 Business Customs …………………………………………………………………….......... 142 Travel Advisory ………………………………………………………………………………. 144 Visa Requirements …………………………………………………………………………... 144 Telecommunications ………………………………………………………………………… 145 Transportation ………………………………………………………………………………... 145 Language ……………………………………………………………………………………... 145 Health …………………………………………………………………………………………. 145 Local Time, Business Hours and Holidays ………………………………………………...146 Temporary Entry of Materials and Personal Belongings ………………………………… 146 Web Resources ……………………………………………………………………………….146 Chapter 9: Contacts, Market Research and Trade Events……………………….….. 147 Contacts ………………………………………………………………………………………. 147 Market Research …………………………………………………………………………….. 148 Trade Events …………………………………………………………………………………. 148 Chapter 10: Guide to Our Services………………………………………………………. 149 3 Return to table of contents Chapter 1: Doing Business in Vietnam • Market Overview • Market Challenges • Market Opportunities • Market Entry Strategy As we increase consultation, increase cooperation, increase trade, and scientific and education exchanges, ultimately, that’s going to be good for the prosperity and opportunities of the people here in the United States, as well as good for the opportunities and prosperity of the people of Vietnam. President Barack Obama July 23, 2013, Washington, D.C. The U.S.-Vietnamese commercial relationship has grown dynamically since the United States lifted its trade embargo against Vietnam in 1994 and the two countries renewed diplomatic relations in 1995. The U.S. is now Vietnam’s largest export market and a major source of foreign direct investment, helping fuel Vietnam’s remarkable economic growth. This populous country of over 90 million consumers, with a positive view towards the U.S., exhibits the demographics needed for continuous growth over the next twenty years, and is a rising star among Asia’s bustling economies. U.S. firms, however, have been slow to take advantage of the growing opportunities that Vietnam presents, to the benefit of regional competition in Asia. This Country Commercial Guide is intended to provide an introduction to doing business in Vietnam and provide the foundation necessary for a firm to take the initial steps needed to pursue business here. Market Overview Return to top • Top 5 reasons why U.S. companies should consider exporting to Vietnam: 1. Strong GDP growth anticipated for next 35 years (second in the world). 2. Demographics for growth - Vietnam has the fastest-growing middle and affluent class in the region and consumers are among the most optimistic in the world. 3. Real income increasing, as is receptivity to U.S. products and services. 4. Large population of over 90 million consumers. 5. Political stability – especially in this region. • Vietnam appears to have moved well beyond the slowdown that began in 2008, and is regaining its luster as an investment destination and market. Vietnam’s economic growth rate had been among the highest in the world, holding for nearly a decade in the neighborhood of 7 percent, although dipping as low as 5 percent in 2012. It is predicted to exceed the 6 percent mark in 2015, where it is expected to remain for the next few years, offering growing opportunities for U.S. exporters and investors. According to a Pricewaterhouse Coopers study, Vietnam is expected to have the second strongest average GDP growth between now and 2050, exceeding 5 percent a year on average. 4 • The risks posed by inflation that peaked in 2011 at 18.8 percent have been reigned in as the Government of Vietnam (GVN) tightened macroeconomic policy and balanced growth targets with price stability measures. The inflation rate in 2014 was a relatively tame 4.1 percent, and is expected to remain low. • The momentum and direction generated by the U.S.–Vietnam Bilateral Trade Agreement (BTA) in 2001 transformed the bilateral commercial relationship between the United States and Vietnam and accelerated Vietnam’s entry into the global economy with Vietnam joining the WTO in
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