Quote:
Originally Posted by iloveu4ever
Thanks for the encouragement bros...now at page 155....
I'm planning to go into F&B...exploring which areas to focus on...of course not stepping right into the action...will go there a few times to observe the market. Will work with a partner and seek the advise from the locals. Will hire a local to work for us as a manager.
Lots of risk involved of course...but no risk, no return. Reading forum is good for general knowledge, know the culture better from the eyes of sing and singviet...what to look out for etc...most impt is the connection and people that you know. If you know the right people, lower risk of failure.
Rental costs, labour costs etc in Spore very expensive...for example, one labour in Singapore, I can hire 5 to 6 person in Viet...so even if i fail (touch wood), it won't be to the extend of being bankrupt...or so I think.
Thanks bros...  |
Yes, labour is cheaper there in Vietnam. But its thru experience that tells you something about the quality of low wage there. I always tell my friend, they are cheap but they are only `worth that much'. Expectations of viet staff should be much lower than of staff in Singapore. For F & B, you got to expect much slower movement of waiter / waitress compare to Singapore, bad attitude towards customers etc. Rental wise, it will really depends on which province / city and district you are looking at, for example, rental in District 1 in HCMC is surely not far away from Singapore.
As for local partners and connections, its really difficult to know `big shots' when you are new in VN. The locals will bring you some low ranking police officer and tell you he's an important guy to bribe. The chances of them setting up a trap for you is also very high. So be very careful.
The next thing to note and to find out are the taste buds of vietnamese. Yes, its good to have a variety of food in a city, but how popular can your food and drinks be ? Taste buds of vietnamese are very different from Singaporeans. You got to serve food that they will want to eat daily or frequently, not food that they will walk in once in a bluemoon. You got to research more on the target group of customers and their spending habits.
Government policies and redtapes should also be pondered upon. It looks easy on paper to get business license, but when it comes to actual application, it may not be as simple as thought. Some foreign companies took more than 6 months to get a simple business license.
So do more research and find out more about the market. make more trips to VN. Good luck to you.