For Viet Kieus, or Vietnamese expatriates, there exist numerous advantages to securing a Vietnamese passport and citizenship when conducting business or residing in Vietnam. Here, we present seven compelling reasons why this endeavor is advantageous:
Locally-owned vs. Foreign-owned Businesses: Opting for a locally-owned business over a foreign-owned one reduces business operating costs, reporting requirements, and eliminates the need to appoint a local individual as your company's legal representative, thereby granting greater control to the owner.
Freedom of Travel: Possessing a Vietnamese passport translates into greater travel freedom within the ASEAN (Association of Southeast Asian Nations) region, encompassing countries such as Singapore, Thailand, Cambodia, Malaysia, Laos, Myanmar (Burma), Brunei, Indonesia, and the Philippines, all without the need for a visa. Additionally, with the ASEAN Free Trade Agreement in effect since 2015, conducting business is more convenient with an ASEAN passport.
Simplified Paperwork Requirements: Opening a bank account, securing a long-term phone contract, tax filing and payment, signing employment and contractor agreements, leases, and other contracts with local companies all become more straightforward.
Visa Requirement Elimination: You can extend your stay in the country for longer durations without the hassle of having to engage in 3-month or 6-month visa runs to Cambodia, which can be time-consuming and tedious.
Property Ownership Made Easier: Real property ownership becomes more feasible, subject to Vietnam's real property laws. In general, holding a Vietnamese passport affords greater flexibility in real estate ownership compared to being a foreigner.
Strengthening Local Relationships: Passport holders can foster stronger connections and establish common ground with local business partners, suppliers, and vendors by demonstrating a long-term commitment to living and working in Vietnam.
Legal Rights: Enforcing legal rights within Vietnam, including matters like contract disputes, personal injury, fraud, and other local legal claims, is a more straightforward process with a Vietnamese passport.
What are the living conditions in Vietnam?
For expats relocating to Vietnam with their families, expat neighborhoods are often the most favorable choice. Healthcare in the country is currently undergoing reforms, with the best healthcare options generally available in major cities. Education holds a significant place in Vietnamese culture, and expatriates can access good educational opportunities.
Vietnam offers a diverse blend of cultural influences. In particular, Hanoi still retains traces of French architecture, more than half a century after gaining independence from the colonial empire. Chinese influence can be observed in various aspects of Vietnamese life, including governance and culture.
Expatriates living in Vietnam have the opportunity to immerse themselves in an ancient culture, regarded as the oldest in East Asia. Centuries after the initial Chinese invasion, remnants of Vietnam's illustrious past can be found in the picturesque rural landscapes and bustling cities like Ho Chi Minh, which is still referred to as Saigon by a significant portion of the population.
Why do many Koreans move to Vietnam?
Many young Koreans often struggle to find opportunities in their own country. The youth unemployment rate is notably high, and wages tend to be low, especially when compared to the larger corporations.
As a result, many young Koreans, excluding the fortunate few who secure positions within major companies like Samsung, look abroad for opportunities. The United States, Canada, Australia, and New Zealand are popular choices because they are relatively open to foreigners. Some also consider Japan due to its geographical and linguistic proximity.
In recent times, an increasing number of young Koreans are turning their gaze toward Southeast Asia, drawn by the region's robust economic growth, with Vietnam emerging as a particularly preferred destination. The reasons behind this preference include:
Strong Economic Ties: Korean companies have established a significant presence in Vietnam since the Vietnam War, resulting in robust economic ties and opportunities.
Cultural Affinity: The cultural exchange between Koreans and Vietnamese has been substantial, making Vietnamese people more familiar with Korean culture than many other nationalities. Vietnamese people often hold a strong appreciation for Korean culture, which creates a comfortable environment for Koreans living in Vietnam.
Affordability: The cost of living in Vietnam is relatively low, making it an attractive option for young Koreans seeking economic advantages.