On February 27, 2025, at 3 PM (GMT+7), SOSP Consulting Group, Dentons LuatViet, and Payoneer Vietnam co-hosted the webinar "Entering Vietnam Retail in 2025: Market Overview, Legal Setup & International Payment Solutions for SMEs."
Key Takeaways
1) Vietnam’s Retail & E-commerce Market Overview
Ms. Nhi Hong, Managing Director at SOSP Consulting Group, provided an in-depth analysis of Vietnam’s retail and e-commerce landscape, focusing on key industry trends and opportunities for foreign SMEs.
Market Growth & Consumer Trends (2019-2024): Vietnam’s retail sector has experienced steady growth, with e-commerce playing an increasingly dominant role.
Key Distribution Channels: Insights into offline and online sales channels, including the performance of major e-commerce marketplaces.
E-commerce Consumer Behavior: An overview of shopping preferences, best-selling product categories, and pricing trends.
Opportunities & Challenges for Foreign SMEs: While Vietnam presents strong potential for market entry, successful expansion requires localization—adapting strategies, operations, and product offerings to meet local consumer expectations. Ms. Hong emphasized that localization is the key - where understanding local nuances, customer behavior, and operational dynamics is essential for long-term success.
2) Legal Framework for Foreign Businesses
Mr. Hong Chan (陈康), Special Counsel at Dentons Luat Viet, outlined the legal procedures foreign businesses must follow to establish and operate in Vietnam’s retail sector.
Traditional Retail: Companies must set up a legal entity in Vietnam and obtain several licenses, including an Investment Registration Certificate (IRC), Enterprise Registration Certificate (ERC), Business License, and, in some cases, a Retail Establishment License. For expansion, businesses in certain industries may also undergo an Economic Needs Test (ENT).
E-commerce Retail: Establishing a local entity is not mandatory but is highly recommended for businesses looking to leverage e-commerce platforms such as Shopee Mall and other online marketplaces.
Regulatory Compliance: All businesses must adhere to tax obligations and specific licensing requirements for certain products. Understanding local regulations is essential for smooth market entry and sustainable operations.
3) International Payment Solutions
Ms. Hien Vo (Katy), Business Development Manager at Payoneer Vietnam, introduced global payment solutions that simplify cross-border transactions for foreign businesses operating in Vietnam.
Efficient Payment Processing: How businesses can optimize receiving and managing international payments while ensuring seamless financial operations.
Security & Compliance: Key considerations for safeguarding transactions, mitigating risks, and complying with both Vietnamese and international financial regulations.
Multi-Currency Management: Practical guidance on setting up international business accounts, handling fund transfers, and managing currency exchange rates to enhance cost efficiency.
Ms. Hien also addressed audience concerns about account setup, payment reconciliation, and cost-effective solutions for businesses expanding into Vietnam.
📌 Access Webinar Materials: Download the speaker slides here
📌 Learn More About Our Partners:
Dentons LuatViet – Legal expertise for market entry in Vietnam https://www.dentonsluatviet.com/
Payoneer Vietnam – Cross-border payment solutions for global businesses https://www.payoneer.com/
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Revisit our former webinar details here
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