a. The advantages on doing business in Vietnam
* Vietnam’s workforces are motivated. Vietnam has a million eager, aggressive business people. * Labor costs are extremely low and Vietnam government has a lot of policy to attract investments from outside such as tax exemption in 10 years,… * Vietnam has a variety of natural resources (oil, precious metals,…) b. The disadvantages on doing business in Vietnam
* The corruption is common “A stitch in time saves nine” * The infrastructure is still limited
It’s important to know that age is highly respected in Vietnam. Older are viewed as more experienced wiser and should be held in esteem. 2. Business Practices
c. Punctuality, appointments and local time
* Punctuality is key, be on time for all business engagements, but being prompt is not important in social events. EX: At the wedding reception, Vietnamese usually don’t come on time. They usually come at least an hour late. So you shouldn’t be on time in the Vietnamese wedding. * In Vietnam the day is written first, then the month, then the year (March 8, 2011, is written 8.3.2011) * Prior appointments are necessary; do not try to make an impromptu office visit. * Time zone in Vietnam is GMT+7; is seven hours ahead of Greenwich Mean Time. d. Negotiating
* The Vietnamese are great fans of bargaining. They dicker over the price of everything from taxi rides to real estate. * Connections are all important in Vietnam. You can’t do anything unless you are know the powerful people. * High pressure and emotion have little place in business in Vietnam. e. Business Entertaining
* Your Vietnamese host will give at least one meal in your honor. You should return their favor a meal at a fine restaurant. * Business meetings are often held over lunch. Dinners are usually considered social occasions....