How you should become an entrepreneur while being an Expat in Vietnam

Written by Guillaume Rondan

Vietnam is a great country to be an entrepreneur in. Many expats have a lot of free time living and working in Vietnam. Some teachers work 20 hours per week in outsourcing companies, and some of them have a lot of free time between different projects. Would it be possible to use this free time to launch a project and explore the world of entrepreneurship?

Why is Saigon such a great city to launch your project?

Co-working places have plenty of events, gathering young talent and entrepreneurs every week. Being surrounded by this ecosystem of start-ups, young students who have a side business, freelancers or business owners, people with an entrepreneur mindset and ideas for projects have great opportunities. As a business owner, being able to access recent graduates with fresh ideas, rare skills, and a lot of ambition is another great perk of living in Vietnam. The growing expat community in Saigon is the perfect audience: being able to target this community, offer them services (like visas) or products (like restaurants) is one option companies are exploring.

Emerging markets like Vietnam have great potential

Vietnam has had an average GDP growth rate of 7% over the last few years. Comparing Vietnam to developed countries like the UK or the USA, the middle class is getting more and richer and willing to afford premium goods, and the young millennial generation wants to live life to the fullest. Saving money is not usually one of the millennials’ priorities as they jump into working life. They want to spend their money tasting Taiwanese milk tea, experiencing a fine Italian restaurant, or traveling to Thailand with friends for the first time …

From an entrepreneur perspective, this dynamism is a great advantage thinking of an F&B (Food and Beverage Services), importing goods targeting those generations of consumers.

On the other hand, knowing that the internet is disrupting industries and the way we consume, exploring those opportunities is another aspect digital entrepreneurs are focusing on. The internet allows you to target worldwide prospects using Facebook or marketplaces such as Amazon.

How to launch a worldwide project through the Internet

All economies are based on supply and demand. Here is an example plan to identify those opportunities and operate an arbitrage business. Arbitrage is done by buying an asset in one market at a lesser price and selling it immediately on another market at a higher price. Identifying those opportunities usually does not involve any investment, and it can be grown and automated.

More and more consumers are using online services such as Fiverr, Freelancer.com or Upwork to find designers, web developers, or writers within a day to achieve a task for them. Nowadays, it is very common to hire freelancers for a few days of work if we do not need a full-time employee.

Here is the strategy I am inviting you to explore:

  1. Identify services needed on a marketplace that does not yet exist for a certain industry, language, or specific skill
    Examples:
    1. Design logos for a travel agencies (industry)
    1. Writing a business article in French (language)
    1. Coding a website using Java (specific skill/programming language)
  2. Find freelancers on another marketplace that provide those services
  3. As soon as a customer places an order, you are in charge of understanding the needs, following up with your customer, and ensuring the freelancer delivers the service

The first few weeks will be intense: you must be competitive and build a network of competent freelancers who meet the specifications quickly in order to obtain good reviews and move up in the rankings of the most highly rated services. As you live in Vietnam, you can also use talented freelancers here, grow your team, and keep outsourcing your job to foreign customers through those platforms.

You can expand the business by recruiting freelancers, increasing your prices, offering new services, advertising services on other marketplaces…

Now, I have one question for you … what is the next step you will take today to start your first entrepreneurial project?

Share this story, choose your platform!

Share on facebook
Share on twitter
Share on pinterest
Share on tumblr
Share on google
Share on linkedin
Share on reddit
Share on vk
Share on email
About the author:

Leave a Comment

The Roaring 20s Are Back Again

Will it be a time of great depression or great success? Find out Let us hope without a repeat of the 1929 Great Depression, although that would be 9 years away. So, what can we expect going into 2020 and the next decade? A recent study conducted by Schroders can throw a fair amount of

Read More »

Most Popular Casino Games

So you’ve decided to get involved in the world of casino games have you? Well, you’ve come to the right place. We consider ourselves veterans of casino games, having poured so many hours into table games across the globe, both online and offline respectively! Getting involved in the industry has never been as accessible —

Read More »

Open For Business

What you need to know about setting up a company in Vietnam For those who have arrived at the decision of setting up a company in Vietnam after identifying the great potential it has for business growth, this article will serve as an easyto-understand guide about company incorporation in Vietnam. So follow the guidelines and

Read More »

The Panama Papers

What is the scandal about and should you watch the movie? The biggest leak in history. Fix your washing machine. I wonder how many may have taken the time to watch the recently released film The Laundromat by Steven Soderbergh? It was based on the biggest data leak ever known. The Laundromat tries to tell the

Read More »

Will You Buy A Fake Louis Vuitton Merchandise?

Have you ever considered buying a faux Louis Vuitton product? Let’s discuss everything about fake Louis Vuitton today! Louis Vuitton is a fashion brand renowned worldwide for their luxurious line of handbags, watches, wallets, jewelries, and sunglasses. The process of manufacturing all of these is one that requires a lot of precision and experience from

Read More »

Best Progressive Jackpots in the Online Market

There are two types of jackpots on a slot machine, a progressive jackpot and a non progressive jackpot.  A non progressive jackpot is the easy safe option, you are more likely to land a win but the return won’t be life changing but it’s safe and it’s easy and it’s ideal if you just like

Read More »