People Profilers - SG recruitment agency has grown their overseas presence to Ho Chi Minh, Vietnam.
Updated: Feb 18, 2022
People Profilers Pte Ltd is a local premium Executive Headhunter Firm in Singapore.
Their expertise focuses on providing human capital consultancy to our clients through experienced recruitment skills and headhunting expertise in industries such as Aerospace, Automotive and Transport, Manufacturing, Media Printing & Advertising, Biotechnology & Pharmaceutical, Healthcare, Chemical, Oil & Gas and many more.
People Profilers offers a wide range of recruitment services such as General Recruitment, Headhunting and Payroll Services, Contract and Temporary Staffing, IT Manpower Outsourcing, Employment and Work Pass Application, Employer of Record (EOR), Payroll Outsourcing, Outplacement and Career Transition.
In recent times, People Profilers has identified a need to expand their business overseas and has engaged Apstellar to develop an business expansion preposition. After conducting a few sessions of strategy retreat with Matthew Lim (founder of People Profilers), we have jointly identified Vietnam as a priority market to expand.
Vietnam is drawing record numbers of Singapore businesses as companies continue to look for expansion opportunities despite Covid-19.
Enterprise Singapore (ESG) said it has supported more than double the number of internationalization projects for enterprises looking to expand into Vietnam since 2018. From January to October 2020 alone, ESG supported 56.9 per cent more projects year on year across sectors such as ICT and media, professional services, and education.
Apstellar has also conduct the necessary market research, and concluded the following benefits of overseas expansion to Vietnam:
1. Vietnam has had several trade agreements, including the Free Trade Agreement with South Korea (came into effect in 2015), the Economic Partnership Agreement with Japan (signed in 2009) and agreements with other countries such as India, China, New Zealand, Australia and Russia.
2. Vietnam requires no minimum capital contribution in most business sectors. This has resulted in lower entry barriers and cost-effective, flexible investments throughout the country.
3. There are also incentives for businesses based on location. Areas that are far away from Ho Chi Minh City and Hanoi are categorized as economically disadvantaged. As such, foreign investors who establish businesses in these areas can enjoy decreased tax rates (which People Profilers has subsequently setup their first Vietnam Office in Ho Chi Minh).
4. Compared to other countries in Asia, the monthly minimum wage in Vietnam is the lowest, with the average of 192 USD. With competitive labor costs, Vietnam offers a more cost-effective solution for running a business, especially in the manufacturing industry that is known for being labor intensive.
5. There has been significant investment on the country' infrastructure, notably in their capital Ho Chi Minh. A series of infrastructure projects are now on their way or will be implemented in the near future. Some of the ongoing projects include the construction of the 124m My Thuy 3 bridge in Ho Chi Minh City, the North–South Expressway.
For this project, People Profilers have also utilized the Overseas Business Development & Overseas Market Setup component through Market Readiness Assistance (MRA) Grant, as this grant supports Singapore SMEs to expand overseas to develop an international presence.
Despite the economic effects of the global pandemic, we are pleased to share that People Profilers Vietnam has since grown rapidly to a 20 headcount strong this year, 2022.
To find out more about how Apstellar can support your organization