PROPEA 2021: Support for Czech Companies to Expand Business to Vietnam

Are you a Czech company that is looking to expand your business to Vietnam? There is a grant support for Czech companies. Read about PROPEA 2021 here.

To encourage and support Czech companies to increase their overseas business activities, PROPEA first emerged in 2019 as a tool to help investors expand business to Vietnam. PROPEA stands for Projects to Support Economic Activities Abroad active in markets abroad. The support is in the form of a subsidy amounting to 70% of the service price from the PROPEA budget. The remaining 30% may be co-financed by the expanding company.

The key objective of PROPEA initiative is to provide Czech investors and exporters with local expertise and services aside from the standard services from the embassy’s business and economic section. The Czech-Vietnamese consulting company, PT Cekindo Business International, is one of the providers for PROPEA project services.

Objectives of PROPEA Program 2021

  • Support Czech enterprises with local expertise and quality business services in overseas markets
  • Lower market entry risks of Czech firms, especially in more demanding and challenging overseas markets
  • Provide future assistance to Czech companies with long-term activities focusing on both exports and investments

How can Czech Companies Benefit from the PROPEA 2021 Program to Expand Business in Vietnam?

As a selected official PROPEA’s partner, Cekindo can help Czech businesses supervise their on-site business activities and communications in Vietnam.

With Cekindo’s assistance, Czech companies can make use of PROPEA to engage in the following actions:

  • Set up a branch in Vietnam
  • Certify, register, and trademark their products
  • Analyse tax, financial and legal processes
  • Create a business plan for investment or market entry in Vietnam
  • Secure financing or negotiate with lenders to introduce their products to Vietnamese markets
  • Verify import and export documentation
  • Set up and coordinate partner and supplier’s network
  • Provide technical supports
  • Represent Czech companies on commercial agreements

Who Are Eligible to Apply for PROPEA 2021

Below are the criteria for eligibility in the PROPEA program:

  • Private companies with business registration in the Czech Republic
  • Pay directly by cross-border transfer to Cekindo
  • Pay via the company’s branch in Vietnam (more straightforward payment method)

Application Procedure of PROPEA 2021

A Czech private company can receive a maximum PROPEA 2021 subsidy of CZK 100,000. All Czech companies eligible for PROPEA 2021 must complete their projects by October 2021. The estimated duration for the approval of PROPEA application is four to six weeks.

Here are the main steps of the PROPEA 2021 application process:

  • Submit a short project proposal to Cekindo.
  • Cekindo will verify the applicant’s qualification (duration: 1 week).
  • Cekindo will then send a quotation to the applicant with the financing method (duration: 1 week).
  • Prepare the application and documents for the PROPEA project (duration: 2 to 3 weeks).
  • Arrange service payment once the PROPEA application is approved.
  • Execute projects.
  • Submit a final report.

How Cekindo can Assist

Cekindo was selected as one of the official partners providing the expansion services to Vietnam through PROPEA. Our service packages include market-entry and one-stop incorporation services.

Cekindo assists businesses ranging from startups to medium and large companies to expand business to Vietnam. We cut through the complexity of international expansion in financial, legal, commercial, tax, and HR aspects.

Our team of experts strives to uncover the best opportunities and execute the ideal solutions for your business. Empowered with all the business acumen and legal expertise you require from Cekindo, your business will expand successfully throughout the region.

Get in touch with our team of incorporation specialists by filling in the form below.

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