With US$30k, what small retail business is viable in Ho Chi Meng, Vietnam. Is English tuition centre, ok?
What other small business would you recommend? If Ho Chi Meng is too competitive, is the outskirts more viable?.
Please spare me the torments of "crap" answers. Thanks
P/S: If 30k not enough, I'm prepared to double.
2006-09-27 20:13:31 · 3 answers · asked by Teh halia 2 in Local Businesses ➔ Other - Local Businesses
Anyone earnestly keen and strongly convinced of business viability, can co-venture together.Preferably somebody in
Asean region.
2006-09-27 22:04:57 · update #1
Thanks, MajaveDan. Will contact you when more data are in hand. Thanks again.
2006-09-28 06:12:19 · update #2
hey, im a Vietnamese who's living in Ho chi minh city, this is my susgestion:
With that amount of money, you should open a coffee shop. Of course u should do a small survey your-self about Vietnamese style coffee shop.
There are alot of successful coffee shop examples for you to explore. Just go to Ho Chi Minh city and go seeing some, such as Trung Nguyen, Windows....you will see they all have different styles. Its is important for your shop to have its own style to be success.
Welcome to our city !!! and good luck
2006-09-28 22:31:00 · answer #1 · answered by Anonymous · 1⤊ 0⤋
$30K US could be a lot to start some businesses and not enough for others.
Right now Vietnam is getting a lot of interest, because the economy is booming. It's currently the second fastest growing economy in the world. Entry into the WTO and normal trade status with the U.S. could push Vietnam to being #1 instead of #2.
The generation that was born after the Vietnam War is becoming more prosperous every day. Their average pay is only about $300/month, but they can live like royalty on that when adjusted for cost of living. The Vietnamese are renown for very high per capita savings, and don't like to incure debt. Basically speaking, cash is king in Vietnam.
Perhaps the most popular business to get into in Vietnam is import/export. You don't need much money, just a lot of contacts. Your money could come to a benefit by financing purchases of goods to and from Vietnam.You need to be very careful, because the common Viets will screw you in a heartbeat without hesitating (if you don't have to pay off a government official first).
My advice is to wait until Vietnam is accepted into the WTO. This will change a lot of business and governement issues in Vietnam, which has caused notorious problems for smaller busienss operations. WTO will provide some protection for your business investments and some normalcy in negotiations.
Feel free to contact me if you want moer information.
By the way.. it's Ho Chi MINH City.... Or Saigon for short..
2006-09-28 05:54:46 · answer #2 · answered by MojaveDan 6 · 2⤊ 0⤋
Hi again.. as a foriegner looking to make a killing in vietnam, i wouldn't recommend it,, although your investment could prove fruitful in many sectors, if anything goes wrong you would be left without a proverbial leg to stand on.. you cant own property here unless you are a national, and alot of businesses require a vietnamese partener or associate.. the ammount of businesses here that started off foriegn owned but have had their foriegn investors forced out is huge... big business..ok,, small business..huge risk.. also you may find yourself having to pay the police off just to be able to trade hassle free.. sorry to be a downer, but thats the way it is... when the WTO kicks in shortly, things may get easier for the foriegner, but dont count on it happening quickly.... i live here becouse i love the country, making a good living comes as a bonus....... even mcdonalds havent made it here (yet)!!!
2006-09-28 15:23:52 · answer #3 · answered by nathan 2 · 1⤊ 0⤋