Doing Business in Vietnam with a PEO/EOR
Vietnam may not have been on the list of top destinations for foreign investment traditionally, but increasing the Vietnamese economy is proving itself a powerful player in international business. With strong growth in manufacturing, technology, and agriculture especially, firms of various shapes and sizes are seeing Vietnam as a fruitful area for expansion. Doing business in Vietnam, however, can be difficulty for those unfamiliar with business practices and etiquette, and for that reason foreign companies looking to expand in Vietnam should consider using a professional employer organization (PEO) or employer of record (EOR).
Why Use a PEO/EOR in Vietnam?
The wealth of opportunities for foreign investment in Vietnam undoubtedly make it an attractive country, but navigating the complex national and regional legal systems and balancing employment responsibilities can be tough for those not familiar with the country. Working with a PEO/EOR significantly lowers risk in this regard, and a PEO/EOR partner can be charged with handling all aspects of employment on the foreign investors behalf to free up their time to focus on the strategies and decisions that directly impact the company’s bottom line.
1. New Horizons Global Partners: www.nhglobalpartners.com
New Horizons Global Partners boasts a large client base that includes Fortune 500 companies, so there is no wonder it is a widely trusted PEO/EOR in Asia. NHGP’s staff are able to secure contracts in Vietnamese and ensure full legal and tax compliance with all aspects of the employment set up and management. With their extensive network of local consultants, NHGP truly are able to offer a localized experience, helping companies not only start a business in Vietnam but thrive in Vietnamese business culture.
2. Global PEO Services: www.globalpeoservices.com
Global PEO Services offers a primarily tech-based solution for companies looking to manage the process of setting up abroad. Global PEO Services prides itself on offering an end-to-end solution that helps foreign investors with aspects from setting up businesses to managing payroll. With capacities in countries the world over, the company is having success in helping companies do that, but any company looking for a more bespoke solution should consider a PEO/EOR with local consultants rather than a technology product that can be used in any country.
3. Velocity Global: www.velocityglobal.com
Velocity Global is a well-respected name in the PEO/EOR space and its extensive capacities and local networks make it a strong partner for expansion into Vietnam. Its online Resource Center demonstrates the expertise of its team, who are able to secure not only the necessary arrangements for hiring staff, but for maintaining them compliantly and cost-efficiently compared to setting up an entity in Vietnam.