Despite the substantial risks and the tough hours, owning a restaurant business is one of the most rewarding experiences of your life. If you too have nurtured a lifelong ambition of starting up a restaurant or are currently in the middle of setting up your first restaurant, 'Just Do It'.
Location is an essential factor to consider while discussing how to start a restaurant business, as it can determine the success of your restaurant. When choosing your restaurant’s location, it is a good idea to identify your competitor in that area and gauge their progress and understand their business model. The competition needs to be assessed not just in terms of cuisine, but also the type of dining experience they are offering to their customers – casual dining, fine dining, QSR, etc. Evaluating the competition would help you understand the customer base that hovers in that area, their pocket size, and their preferences.
You need to acquire licenses from the government to run a restaurant business in Vietnam. The cost of obtaining these licenses varies, depending on the size of your venture. It is advisable to apply for the permits early, as they may take a lot of time to get approved. Here is the list of significant licenses required to open a restaurant business in Vietnam:
1. An investment certificate applicable to foreigners
2. A business certificate
3. A food safety certificate
There are a few other licenses required as well such as a fire safety certificate, pollution control license, etc. Learn more about investing and doing business in Vietnam here.
See more: