How To Successfully Do Business in Vietnam
PROBLEM
This report was made to analyze the business environment, business practices, and the business etiquette of the country of Vietnam. This report intends on answering the following questions:
1) What is the business environment in Vietnam like?
2) The common business practices in Vietnam businesses?
3) What is considered proper business etiquette in Vietnam is?
BACKGROUND
Innovated Global Management commissioned this study and report of how to do business in Vietnam. Before authorizing Innovated Global Management to commence business in Vietnam, the company requested a report examining the business environment, business practices, and business etiquette of Vietnam. Rose Comeau Marketing …show more content…
The research findings are presented into three categories: 1) business environment, 2) business practices, and 3) business etiquette.
Business environment
The business environment in Vietnam has changed quite significantly in the last couple of decades. Such changes include economic, geographic and social changes, government reforms and an increase in economic liberalization.
Economic, Geographic and Social changes
In today’s business environment in the country, the country enjoys many investments from foreign investors and the opening of many international firms. The reason why many foreign investors and companies are conducting business in Vietnam is the country as seen steady economic growth over the past couple of decades from 1991 to 2010 economic growth was about 7.5% per year. Though in 2011-2013 when the country faced economic difficulty growth was still 5.6% per year. Another factor why many businesses choose to do business in the country is of its location in the heart of South East Asia making it close to many other nations who have growing economies. The population in Vietnam is of 60% working age meaning there is no labour shortage for businesses looking to conduct businesses in the …show more content…
There is a huge emphasis in the country on the spoken word if promises are made make sure they can be kept because if not your creditability will be lost. It is common to give a gift at the end of the meeting or during a meal with your business associates. The gifts that should be given should be small and are not too expensive. Typical gifts that are given usually relate to your company or something tradition from your country. But, where seniority is important to the Vietnamese you should usually buy gifts that are more valuable for senior officials of a company. In Vietnam it is important to be punctual especially for businesses meetings, it shows respect to your associates if you are on
PROBLEM
This report was made to analyze the business environment, business practices, and the business etiquette of the country of Vietnam. This report intends on answering the following questions:
1) What is the business environment in Vietnam like?
2) The common business practices in Vietnam businesses?
3) What is considered proper business etiquette in Vietnam is?
BACKGROUND
Innovated Global Management commissioned this study and report of how to do business in Vietnam. Before authorizing Innovated Global Management to commence business in Vietnam, the company requested a report examining the business environment, business practices, and business etiquette of Vietnam. Rose Comeau Marketing …show more content…
The research findings are presented into three categories: 1) business environment, 2) business practices, and 3) business etiquette.
Business environment
The business environment in Vietnam has changed quite significantly in the last couple of decades. Such changes include economic, geographic and social changes, government reforms and an increase in economic liberalization.
Economic, Geographic and Social changes
In today’s business environment in the country, the country enjoys many investments from foreign investors and the opening of many international firms. The reason why many foreign investors and companies are conducting business in Vietnam is the country as seen steady economic growth over the past couple of decades from 1991 to 2010 economic growth was about 7.5% per year. Though in 2011-2013 when the country faced economic difficulty growth was still 5.6% per year. Another factor why many businesses choose to do business in the country is of its location in the heart of South East Asia making it close to many other nations who have growing economies. The population in Vietnam is of 60% working age meaning there is no labour shortage for businesses looking to conduct businesses in the …show more content…
There is a huge emphasis in the country on the spoken word if promises are made make sure they can be kept because if not your creditability will be lost. It is common to give a gift at the end of the meeting or during a meal with your business associates. The gifts that should be given should be small and are not too expensive. Typical gifts that are given usually relate to your company or something tradition from your country. But, where seniority is important to the Vietnamese you should usually buy gifts that are more valuable for senior officials of a company. In Vietnam it is important to be punctual especially for businesses meetings, it shows respect to your associates if you are on