A HONG KONG (CHINA) electronics manufacturer has expanded its operations to Northern Vietnam

A HONG KONG (CHINA) electronics manufacturer has expanded its operations to Northern Vietnam.
The trade war between the US and China significantly impacted a Hong Kong (China) electronics manufacturer, pushing them to swiftly find solutions to minimize business disruptions.

Vietnam became their top choice for expansion. However, being unfamiliar with the Vietnamese market and pressed for time, they enlisted multinational corporations (MNCs) as corporate service providers to quickly establish their finance and tax departments.

challenge

Facing tight deadlines, they needed to set up their factory in Bac Giang Province, one of Northern Vietnam’s fastest-growing regions, where competition for labor was fierce. Despite being from Hong Kong and fluent in English, they preferred working with local parties, who can speak Chinese well.

solution

The MNC Corporate Service Provider proposed a co-source mobility outsourcing finance manager, led by David Nguyen. This approach involved the client hiring internal staff while collaborating with David’s team. A key staff member, fluent in Chinese, facilitated communication between the headquarters and the local team.

David and team visited client’s factory twice a month during six months for initial construction.

results

David’s team not only provided services but also guided the staff to gradually take over tasks, ensuring smooth operation post-service period. Over six months, the joint effort established and smoothly implemented the finance department, ensuring compliance with regulations regarding accounting, tax, customs, and more.

Services provided:

  • Outsourced finance manager
  • Nominee Legal Representative
  • Nominee Chief Accountant Service
  • Corporate income tax management
  • FDI Reports
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