The fast food sector is one of the largest industries in countries around the world. This trend has also picked up in Vietnam where fast food companies can be found in all large and small cities.
Starting a fast food business can be a good idea for both local and foreign enterprisers relocating to Vietnam, however for the last category the requirements are stricter from a company incorporation point of view.
Our Vietnam company formation agents explain how to open a fast food business as a foreign enterpriser in this country.
Requirements for foreigners opening fast foods in Vietnam
A foreign enterpriser who wants to establish a business in the food industry in Vietnam must first comply with several laws related to the company registration process. Among these are the Investment Law and the Company Act.
Then, one is required to use specific business forms which allow them to fully own Vietnam companies, the limited liability company being one of the most suitable.
Our local advisors can offer information on the other types of structures available for foreign investors who want to set companies in Vietnam. urthermore, if you need more services in this regard, you are welcome to consult with our accountants in Vietnam. Businesses operating within their boundaries are required to report their costs and revenues following a standardized set of accounting and bookkeeping standards. These generally accepted accounting principles (GAAP), sometimes referred to as Vietnamese Accounting Standards (VAS) in the nation, serve as the main set of instructions for the preparation and recording of accounts and books.
Legislation related to the fast food industry in Vietnam
If the Vietnam company registration requisites are more stringent for foreigners, when it comes to the legislation imposed on food and beverages companies are quite relaxed. The requirements imposed for operating a fast food business in Vietnam are:
- a feasibility study which must be submitted for approval with the Trade Register;
- the investor must make sure that the placement of the fast food business is in accordance with the city planning requirements;
- the investor must apply for a liquor retail license, if the company intends to sell such beverages;
- before opening, the fast food must obtain a food safety and hygiene certificate;
- the company must also comply with the fire safety norms imposed by the local police department;
- the business owner must also make sure the company complies with the environmental protection regulations.
Fees for starting a fast food business in Vietnam
When it comes to the fees related to starting a fast food in Vietnam, these are indicated in the table below:
|Type of fee/tax||Amount|
|Business registration fee||Approximately 200,000 VND|
|Business license tax||Approximately 2,000,000 VND|
|Food license application fee||Approximately 23,000 VND|