“Doing Business in Vietnam” Guide for CEE Companies

In June 2017, the Central European Economic Chamber (CEEC) launched its comprehensive “Doing Business in Vietnam” guide, a crucial resource designed to help businesses from Central and Eastern Europe (CEE) navigate the complexities of entering and thriving in the Vietnamese market. The demand for increased business collaboration between Vietnam and CEE countries has surged in recent years, fueled by a combination of historical ties, Vietnam’s growing economy, and the expected benefits of the EU-Vietnam Free Trade Agreement (EVFTA).

The Rising Demand for Vietnam-Central European Business Collaboration

As Vietnam becomes a leading economic hub in Southeast Asia, companies from Central and Eastern European countries are increasingly focusing on strengthening trade ties with Vietnamese companies. The increase in demand is influenced by several factors:

• Historical Relations: CEE countries have long-standing historical connections with Vietnam, creating a strong foundation for mutual business interests. Many of CEE countries are celebrating 75th anniversary of diplomatic relationship with Vietnam this year.
• Economic Growth: Vietnam’s rapid economic development, particularly within the broader ASEAN region, has made it an attractive destination for foreign investment.
• EU-Vietnam Free Trade Agreement: The EVFTA, signed in 2019, came into force in 2020, significantly boost trade by reducing tariffs and easing trade barriers between the EU and Vietnam, opening up new opportunities for CEE businesses.
• Government Support: Governments across Central and Eastern Europe have introduced various programs and initiatives focused on supporting businesses looking to invest or partner with Vietnam. This has further fueled the demand for reliable tools and resources to help navigate the market.

The Role of CEEC in Fostering Business Relations

The CEEC has been serving as a key bridge between CEE companies and Vietnamese counterparts. The Chamber’s strong relationships with both the governments of its member countries and decision-makers in Vietnam enable it to channel the needs and proposals of CEE companies to the right Vietnamese stakeholders.

Recognizing the need for reliable and accessible information, CEEC launched the “Doing Business in Vietnam” guide as a tool to facilitate the expansion of CEE businesses into Vietnam. This guide is designed to highlight the market potential, focusing on both general business opportunities and sector-specific insights, making it easier for companies to understand where the opportunities lie and how they can capitalize on them.

What Makes the Guide Essential?

Despite the historical ties between Vietnam and many CEE countries, a gap in knowledge still exists when it comes to understanding the intricacies of doing business in Vietnam. The “Doing Business in Vietnam” guide addresses this gap by providing practical, detailed information on various aspects of the market, including:

1. Market Potential: The guide gives an in-depth overview of the various sectors in Vietnam that offer business opportunities. These include manufacturing, agriculture, technology, and services, which are key growth areas for foreign investment.
2. Business Practices: The guide also focuses on the local business culture, helping CEE companies understand how to build successful relationships and navigate the nuances of the Vietnamese business environment.
3. Legal and Regulatory Landscape: To support businesses in compliance, the guide outlines key regulations related to foreign direct investment (FDI), tax laws, and intellectual property, ensuring companies are well-informed before entering the market.

To ensure that the guide remains relevant and up-to-date, CEEC updates it annually, adding a new sector each year that is critical for the Vietnamese market. These updates provide specifications of sectors that are emerging or experiencing growth, giving businesses a closer look at areas with the most potential. This evolving approach ensures that companies have the most current insights to inform their business strategies.

The Guide as a Gateway for Business Expansion

The “Doing Business in Vietnam” guide has become an essential resource for CEE companies looking to enter the Vietnamese market. Its practical advice and sector-specific insights offer companies a roadmap to successfully navigate Vietnam’s business landscape. Additionally, It also complements CEEC’s broader efforts to support its members through networking opportunities, market access initiatives and trade missions, helping them gain a foothold in one of Southeast Asia’s most dynamic markets.

Looking Ahead: Future for CEE-Vietnam Business Relations

As Vietnam continues to grow as a regional economic power, the demand for tools like the “Doing Business in Vietnam” guide will only increase. CEEC is helping CEE businesses expand into Vietnam by providing valuable insights, making sure companies are ready to tap into new opportunities in this fast-growing market. With annual updates and a focus on emerging sectors, the guide will continue to be a vital tool for CEE companies looking to grow in Vietnam and make the most of the opportunities between the two regions.