Dezan Shira & Associates offices in Hanoi: L-R: Tran Minh Thu, Hoang Thu Huyen and Hoang Bich Lien

HANOI, Jul. 26 – Dezan Shira & Associates is hiring more legal and tax staff in Vietnam, according to the firm’s principal, Chris Devonshire-Ellis.

“Vietnam is recovering quickly from the fall off in FDI it experienced due to the global downturn, and this, coupled with a change in the economic dynamics in China is spearheading a new wave of investment in the country,” says Devonshire-Ellis. “We are adding to our personnel in both Hanoi and Saigon to cater for this demand.”

The firm established a presence in Hanoi three years ago and added a Ho Chi Minh City presence a year later. Increases in manufacturing costs are driving many export led businesses to look at alternative sites in Asia, and as infrastructure has improved in Vietnam many now are exploring the possibilities of either relocating or expanding operations into Vietnam rather than China.

“We have already a relocation of some businesses, especially from Guangdong Province, to Vietnam, and the ports at Haiphong and Saigon are now up to world class standards,” says Devonshire-Ellis. “Expansion plans for both means Vietnam is now a credible option for the locating of manufacturing businesses looking at taking advantage of Vietnam’s cheap labor and workforce. Employment costs and taxes are both now lower than China and Vietnam is certainly deserving of consideration now when it comes to establishment of an Asia based facility.”

Hanoi is just a little over an hour’s flight from Guangzhou, and is also directly connected to Hong Kong in South China. Ho Chi Minh City lies to the south and is a major port of Southeast Asia, handling some 1.5 million TEUs annually.

For information about business establishment, legal, tax and accounting issues in Vietnam, please contact Hoang Thu Huyen at vietnam@dezshira.com.