With US$30k, what small retail business is viable in Ho Chi Meng, Vietnam. Is English tuition centre, ok?

Question

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 "c**p" answers. Thanks

Answer 1

Maybe a motorbike helmet outlet, they seem to have a lack of motorbike helmets.

Or maybe a sanitisation service. They seem to have a lack of, or understanding of sanitisation.

Or maybe a cockroach repelent company.

But hey, i better stop complaining about them... lol

Answer 2

English tuition centers are rife in saigon, the outskirts and further towns however are still lacking,, you could buy any small retail outlet for 30grand in the provinces, but in HCMC im afraid those days are over.. 60grand in the outer districts of saigon??? maybe get you somewhere.... Are you Vietnamese?? Where are you comming from?? Why are you comming here?? put up some more precise info and i may be able to give you more suggestions...

Answer 3

If you are not a Vietnamese businessman and actually come from abroad, this is a high-risk area to get into.  Vietnam is probably a good place for big business investment.  For small business venture, ranging from $30K to a few hundred thousand USD, it is pretty risky.  Scam artists are everywhere, just waiting for opportunity to get their hands on your pocket :-); returns are not guaranteed; and "getting a refund" (e.g. cancellation of contracts/leases) isn't an easy thing to do.  Dealing with bureaucracy and red tapes there is also a frustrating thing for a first-timer.

My advice: don't even think about it :-).

Answer 4

Early this year Singaporeans Tuition teachers have received quite a lot of bad press due to one large Tuition Agency running away with the students' deposits. The main teachers were Singaporeans, and most of the blame fell on them even though they were victims.

Other areas that you can look into:

1) Gift shops

2) Book shops selling non-Vietnamese books

3) Food stuff from other countries.

Do remember that with only 30K, you can't have a Foreign Direct Investment. You will probably need a trusted local partner to front your business.

I've seen many Singaporen small scale companies fail due to

1) lack of understanding local market (e.g. they don't like wearing helmets so you can't really sell that)

2) insistence that Vietnamese market can take every product (they don't like too spicy food e.g Chilly Crab)

3) if your idea is good and requires small capital, other competitors will jump in within 2 weeks (and probably do it better than you).

So saying, there are still many opportunities, just that you need to think outside the box as well as consider what level of profit you want to make.

Location wise will depend on what the nature of business you are doing. After all, 4 Ps still play the part.

By the way, its Ho Chi Minh, not Meng.

Good luck!