Welcome back to a new episode of Fidinam's Unlocking Vietnam podcast, which aims to share the experiences of foreign companies and entrepreneurs doing business in Vietnam. In the first episode, we talked about Foreign Direct Investment (FDI) and the general investment opportunities that make Vietnam an attractive investment destination. Here we look at the experience of a German-owned start-up company taking its first steps in Vietnam. What were the biggest challenges and how did they prepare themselves?
Episode 2: Doing Business in Vietnam – the Case of a German-owned Startup
In our second episode, we had the privilege of welcoming Felix Süllwold, co-founder and CEO of CODE LEAP Vietnam, as our esteemed guest. Together we explored the complexities of setting up and running a business in Vietnam, with a particular focus on the software consulting industry.
Felix's wealth of experience and valuable insights shed light on various administrative aspects, including tax incentives and human resources, while also highlighting the many opportunities and potential challenges within this dynamic Southeast Asian nation.
Felix emphasized the importance of Vietnam's dynamic culture and its people's openness to international business opportunities, which played a key role in his decision to set up a business here.
The presence of exceptional software development talent, a strong work ethic and competitive cost advantages made Vietnam the ideal choice for CODE LEAP.
Felix Süllwold had three key messages for potential investors venturing into the Vietnamese market:
- Cultural preparation: To successfully navigate the local culture and avoid culture shock, it is essential to invest in preparation. Training, reading and building local connections can facilitate a smoother transition.
- Talent over cost: While lower costs may be tempting, it's important to recognize the exceptional talent pool available in Vietnam. The workforce is not only cost-effective, but also eager to learn, entrepreneurial, and open-minded, making it a valuable asset.
- Quality of life: Vietnam offers a high quality of life, making it an attractive destination for international teams. The stable environment, delicious cuisine, modern amenities and convenient connectivity to Southeast Asia all contribute to a positive living and working experience.
The Fidinam podcast episode with Felix Süllwold provided invaluable insights into the intricacies of setting up and running a business in Vietnam. Stay tuned for more episodes as we continue to uncover Vietnam's vast potential.
If you have any questions, doubts or are simply curious about the Vietnamese business landscape, don't hesitate to contact us; we are always happy to connect and help.
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