Focus on Vietnam

Why should you be considering business in Vietnam?

Who’s doing what?

What should you be selling?

Consumer profile

More Observations, Suggestions and Recommendations

• Make use of trade shows and exhibitions - Vietnamese from all walks of life consider major trade shows a major happening - which is not surprising in a country deprived of quality products for so long and where a variety of affordable entertainment is hard to come by

• Invest heavily now to make your product and company name known - consumer loyalties are being formed and the chances of their remembering your product are greatest if you take advantage of this early period

• Philanthropic PR also has a strong long-term impact on Vietnamese - look for unrelated creative ways to promote a friendly image - money spent to sponsor overseas education of even a handful of select students, for example, can really pay-off if you find ways to receive indirect media attention for this

• A gentle and respectful attitude is very important and patience will be required in any dealings - avoid any overly aggressive stance

• Be generous when hosting guests - if faced with a seemingly ungrateful guest (gratitude is sometimes not overtly expressed), don’t dwell on it - before meetings, prepare enough small gifts to be presented to each attendee, or, at least, to the main host

• Check all your local contacts through others in the business community and don’t expect too much from so-called consultants - there are more and more consultants appearing on the scene each day and more often than not, the most they can offer is some dubious influence with some ministry. It is often better to enlist the services of qualified foreign experts and utilize their proven contacts. However, make sure that the expert is someone who has at least been there for 3 years, as there has been a growing influx of business people in the past year who are not nearly as knowledgeable as the old crowd.

• Be wary of confident advice from local partners - especially an answer of "no problem" when inquiring if something is going smoothly. Many Vietnamese have a tendency to answer without prudently thinking through potential consequences

• Keep a close eye on the government’s development policy. For instance, the government is set on developing the nation as evenly as possible - meaning that projects will be allocated between the north, south and central regions. French oil giant, Total, found this out by losing out to the government’s demand that the first oil refinery be built in the central region (as opposed to the southern region where it economically made more sense). The company ended up pulling out of the project.

• Become knowledgeable in out-of-office business dealings that Asian businessmen regularly practice - this means knowing how to entertain at karaoke bars and talking business over drinks. Many deals are actually sealed with key people in this manner. Incidentally, the black market which caters to these establishments has been valued at $2billion.

What problems will you face?

Latest happenings and trends to watch