Top 7 lucrative untapped services in Vietnam

While the Vietnamese market is growing nicely, there are still quite a few gaps on the market ready for businesses to take advantage of. Many business ideas that are flourishing in foreign countries can fit into the diverse Vietnamese economy but have not made an appearance. Check out these untapped services in Vietnam to generate considerable profit with a suitable business plan.

Untapped services in Vietnam with tremendous profitability

As a result of the rapid development of the economy and the market, numerous new opportunities are blossoming in Vietnam. These service-based business models are not only intriguing but also hold the potential to generate significant income. For those willing to confront challenges and expand their business outlook, here are 7 untapped services in Vietnam.

Color consulting service

Colors are more of a personal statement than we think. They embody distinct personalities and styles of the individuals who choose them. Due to this reason, color consulting services are highly favored and utilized in many European countries. However, in Vietnam, it has yet to be introduced.

Personalized color consulting services

When utilizing this service, customers will receive consultations from experts on selecting suitable personalized colors. These specialists are knowledgeable in a range of areas including Feng Shui, personal preferences, and clothing coordination.

Undoubtedly, these color consultants possess a high level of expertise and have received training from reputable academies specializing in color theory, fashion styles, aesthetics, and more.

South Korea was the pioneer of this business model. As international customers flocked to South Korea just for these sessions, it became evident that the demand was strong. While in markets like the US and Europe, the cost for a single 3-hour consulting session exceeded $500, South Korea’s pricing ranged from $80 to $160. The high price has significantly hindered the development of this service, making it one of the most primary untapped services in Vietnam in terms of fashion and beauty as well as designing.

Mental health service

In an era filled with uncertainties, both humanity at large and the younger generation in particular are facing numerous challenges. Academic pressures, work demands, societal expectations, peer pressures are affecting the mental well-being of many individuals.

Though, regarding this aspect, Eastern culture does not emphasize this issue as much as Western culture does, hence this remains one of the untapped services in Vietnam. Based on this observation, this service can fit into the Vietnamese market effortlessly, presenting an opportunity prime for the taking.

Mental health consultation service

Why focus on mental well-being?

• This service has not had the opportunity to fully flourish with many Vietnam-based counseling centers due to the reservations about sharing personal issues.
• Being a relatively novel field, there is no domestic training program for psychologists and psychiatrists.

• Human psychology directly influences behavior. Mental health is considered as normal as physical, and therefore, psychological treatment is absolutely essential.

Refurbishment service

The trend of embracing a minimalist lifestyle, limiting the use of new products, and refurbishing items is gaining popularity worldwide. The service of renovating old items aligns well with this growing trend, though in Vietnam, it is not quite the case. Vietnamese people have a tendency to not repair an item until it is completely unusable, so refurbishing remains one of the untapped services in Vietnam.

Refurbishment service is currently in the spotlight

With that said, if you are interested in repairing old possessions, novel businesses ideas like these not only satisfy your passion but also generate considerable revenue. Although the initial investment is not hefty, you will need to explore various places to gather old items for rejuvenation.

This service requires you to work according to customer desires. It begins by assessing and taking in old belongings, followed by the refurbishment process as per specifications. This service not only helps customers save costs but also provides them with a product as good as new.

For instance, when refurbishing an old wooden cabinet, the first step is cleaning and polishing worn-out sections. Then, proceed to replace damaged components such as the doors and legs.

Hourly babysitting service

Balancing work and childcare has always been a challenge for parents. In today’s society, hourly babysitting services have become an indispensable solution to ensure that children are well taken care of.

Hourly babysitting services enables parents to be on top of their schedules

Although the potential of this service has not been fully explored in Vietnam, its demand is steadily increasing. If you love young children and have experience in childcare, consider starting this service in your neighborhood. This could be a way to improve your social relationships and opportunities, possibly even becoming a mediator for such services.

VR/AR game console rental service

Virtual Reality and Augmented Reality (VR/AR) technology have opened the door to a new era of entertainment. Games and applications utilizing this technology offer exceptional and unique sensations.

Due to the high cost and rarity, not everyone can purchase a VR/AR system for their own. Leveraging this aspect, you can acquire gaming consoles and lease them for certain fixed durations. By fulfilling the demand for immersive experiences, this business model is poised to attract a wide range of customers, becoming one of the most unique business ideas in the world.

VR/AR leasing service

3D printing service

3D printing technology sparked a manufacturing and design revolution. Beyond the confines of industrial applications, 3D printing technology’s far-reaching influence finds its way into various sectors. These services have simplified many creative processes, spawning unique and astonishing products.

3D printing service business model

Embarking on this novel business model requires a straightforward investment: a high-quality 3D printer. After that, you can expect a similar workflow to this:

• Customers will provide a brief (sketch or blueprint) of the desired product for printing.
• Upon completion, customers can either collect the finalized product in person or opt for shipment through courier services.
• Additionally, you can allow customers to provide feedback on areas of improvement and necessary adjustments.

Top 8 unique and innovative business ideas for 2024

Business models are ever-evolving in the current market, marked by novel and creative concepts. The year 2024 is no exception, since it presents an ideal period to experiment with fresh and distinctive ideas. Here are 8 potentially impactful business concepts that are worth considering in the coming year.

Rage room business

In today’s society, pressures and stress from both personal and professional lives can profoundly affect individuals’ mental well-being. The rage room business is a potential temporary solution for those seeking time and space to let loose and unwind.

Rage room business is a novel idea

Items to prepare for the rage rooms are: soundproof room (customers can freely yell or break objects), objects for customers to smash (old TV, plates, car tires, etc.), painting supplies, pens (to jot down personal emotions), etc.

Recycled product business

Amidst the growing awareness about climate change and environmental pollution, waste reduction and resources utilization have been put into question. Recycled product business not only contributes to environmental preservation but also presents new business opportunities for profitability.

Buying recycled products is an ongoing trend

This initiative contributes to waste reduction and natural resources preservation. Recycled products can be crafted from used materials like plastic, paper, metal, and wood, thereby alleviating pressure on resource reserves.

Charging station service

As another result of the ongoing environmental situation, electronic vehicles have enjoyed an astronomical rise in popularity. Thanks to this, electric charging stations have gained prominence as a high potential business venture.

Establishing these stations has become an appealing choice for forward-thinking entrepreneurs concerned with an eco-friendly future. These stations not only provide customers with convenient charging solutions but also promote greenhouse gas emissions prevention.

Charging stations offer a helping hand in reducing greenhouse gas emissions

Smart home device business

Due to improved living conditions, smart home devices have become an indispensable part of modern life. Technological advancements have led to innovative solutions for managing and controlling various devices within people’s homes. Breaking into this market will put you in a prime position for success since the customer base is steadily growing.

Smart home devices are highly sought-after products recently

Consider exploring a range of smart products, such as remote-controlled lighting systems, smart doorbells, and automated curtain systems. These devices enhance users’ daily lives by providing convenience and contribute to an improved quality of life.

Café for single people business

The solo lifestyle is becoming an increasingly popular trend in modern society. As more and more people choose to fly solo, a café just for those individuals will gain many customers. It is not just a place to enjoy great coffee but also to socialize, and relax.

What really establishes the novelty of this idea is the specialized experience centers around interpersonal interactions. Vietnamese youth have welcomed this idea with open arms in other markets and the few locations leveraging this unique idea, so this model can gain considerable traction, especially if businesses allow it to also be an event venue.

Pocket ornamental plant business

Owing to the increased environmental awareness and the growing demand for natural beauty, pocket plant business has emerged as an appealing choice for entrepreneurs aiming to incorporate nature into urban living spaces. Aside from being a shade of green on your belongings, pocket plants also offer psychological and health benefits.

Pocket plants are adorable and distinctive accessories

Plants will be carefully chosen based on sizes compared to biodegradable vials, ensuring their normal growth. Customers can use these plants as accessories or give them away as birthday or anniversary presents.

Flying bonsai business

While bonsai originated in China, it was the Japanese who elevated this form of plant to its zenith. Japan is also where the flying bonsai concept was conceived and pioneered, so it can easily find its footing in the Vietnamese market.

The product comprises a miniature bonsai tree placed atop a dual-part landscape pot system. The upper section suspends the tree (referred to as the floating canopy), while the lower base is equipped with electromagnetic components and magnets to maintain balance. Due to their smaller size compared to traditional ones, they prove to be an elegant and versatile decoration anywhere.

It is still one of the untapped services in Vietnam due to the plants’ affordability, but once the customers grow accustomed to the intricate nature of these plants and their spiritual meanings, this business idea can enjoy an upward trajectory.

The unique flying bonsai business model

Children educational app business

Similar to all the technological products above, children education apps are also an achievement of the 4.0 era. These apps have the potential to revolutionize the early learning process. They provide the toddlers with an engaging and interactive digital environment for studying while improving their cognitive skills.

These learning apps for children can incorporate music, visually appealing images, and educational games to create an enjoyable atmosphere. Getting started with an app is no easy feat, but the benefits you may get will make the efforts worthwhile. Since Vietnamese people still pretty much prefer traditional education methods, these products are still untapped services in Vietnam. However, as the entire educational system is gearing up for a switch to modernity, these helpful platforms may earn a prominent position in the industry.

Children educational apps have garnered significant attention from parents

Strategies for a successful business operation

Once you have decided on a business venture, you may be inclined to learn some strategies to enhance its effectiveness. Check out these suggestions from On Digitals:

Select a viable business idea

Choosing a feasible business idea is a pivotal step in shaping the future of your enterprise. This initiative will ensure sustainability and success in a competitive market. Pose questions to evaluate your own concepts and assess their feasibility such as:

• What are some unavailable products on the market?
• Is there a demand for your target audience?
• Does the market need this product?

Identify clear objectives

Defining clear business objectives is a crucial phase in developing and implementing these foreign business models. This focus enables the concentration of efforts and resources on significant goals, providing a basis for all business activities and allowing you to find success with foreign business models.

These objectives can be divided into two types:

• Short-term goals: These are objectives you aim to achieve in the near future. They facilitate momentum and coordination for daily operations, contributing to the realization of your long-term objectives.
• Long-term goals: These are objectives set for an extended period, often spanning a year or more.

Craft a detailed business plan

Based on the determined objectives, you need to devise a detailed business plan for your brand. This plan will shape your strategy and guide all aspects of your operations.

Utilize management software

Management software are capable tools that empower businesses to optimize their administrative processes, enhance performance, and meet market demands effectively. They help save time and resources while establishing order in your business activities, especially helpful for untapped services in Vietnam due to their novelty in the market.

Related insights: What are the differences between traditional and digital marketing?

Final thoughts

This article has brought you some untapped services in Vietnam. These business ideas represent promising opportunities for passionate entrepreneurs seeking to redefine the diverse business landscape in Vietnam. Stay connected with On Digitals for insightful updates on the Vietnamese market specifically, as well as the global market. Contact us if you want to learn more about SEO, content marketing, or website design services from a digital marketing agency in Vietnam.