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Opportunities to sell in Vietnam, what you need to know

Opportunities to sell in Vietnam, what you need to know

Selling in Vietnam is becoming an increasingly attractive opportunity for many Italian companies wishing to embark on a path of internationalization.

This country, in fact, represents a market on the rise, as in the last decade it has increased its purchasing power thanks to a GDP that has doubled over this period

If we consider South-East Asia, Vietnam is the second trading partner for the European Union thanks also to specific trade agreements that have favored its imports.

Do you want to sell in Vietnam? Benefit from the EU-Vietnam Free Trade Agreement 

 

why sell to Vietnam

 

In order to enter the Vietnamese market by selling directly to the customer without intermediaries, it is necessary to have a specific license which can be obtained in a period of time ranging from one to three months. Alternatively, you can rely on local distributors if you want to export products without having to personally deal with logistics and all the regulations related to the sales process.

In Vietnam, specific documentation is then required for the customs clearance of the goods, such as the import commercial code registration certificate and the company registration certificate. It should be remembered that, if the company offers the same products during a certain period of time, it is possible to use only one customs declaration provided that all the goods are present in the same bill of sale. 

From August 2020, the EVFTA, a special, came into force free trade agreement between the European Union and Vietnam, which provides for a drastic reduction in customs duties and a more streamlined bureaucracy for those wishing to export to this country. For example, the majority of machinery and technological devices will no longer have to pay import duties until 35 %, while the rest will stop paying them by August 2025 (source European Commission).

This represents a great advantage for Italian companies, which can plan a lower budget than in the past for their sales in the country.

What products are best to sell in Vietnam?

 

How to sell in Vietnam

 

The products that are of greatest interest for the Vietnamese market belong to the machinery sector, in particular that of footwear and leather treatment, that of food processing and that of plastic and rubber processing.

This is followed by basic pharmaceutical products and pharmaceutical preparations, food products and furniture supplies (sourceEconomic Observatory of the Italian Government).

.Vietnam represents a country that is growing in multiple commercial areas and gradually greater possibilities are opening up for Italian exports, already a strong attraction pole since the Made in Italy brand represents a guarantee of great quality throughout the world.

The country's wealthiest people buy luxury goods such as fine wines and fashion, but the middle class (which has seen its purchasing power increase in recent years) has also increasingly entered the EU import market.

In fact, according to the World Bank, Vietnam can be considered a medium-high income nation by 2035, predicting a per capita income that will exceed 7,000 dollars.

All this contributes to making this country a very interesting business option for many Italian companies.

To start an internationalization procedure in Vietnam or other foreign places without running into errors, optimizing time and resources, you can contact Octagona whatever your business.

We can help you plan every aspect of the sale of your products and/or services, making qualified professionals with proven experience available, such as Temporary Export Manager and Digital Export, who will be able to develop the right strategy to choose and penetrate the best markets.

For any questions or requests for clarification on how to grow your company outside national borders, we invite you to contact us from this form. We will respond promptly, giving you all the information you need.

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