Vietnam continues as one of the few top choices countries suitable for business considering the good work ethic of its citizens and also lower labour costs complete with attractive government incentives.
For beginners who would like to venture into Vietnam, take note on several key areas – business cards, passport and travel visa. It is best to target your business dealings and expansion projects in Hanoi and Ho Chi Minh City as the economic foundations are focused solely on these two cities. Ho Chi Minh City offers more opportunities and higher chances of business dealings as it has a larger population base and more entertainment outlets. But from another perspective, Hanoi is also a good place for you to start business since officials there are willing to assist you in conjunction with their objective to enhance financial growth within the city.
Of course, you need to conduct thorough research in Vietnam before starting out the business plan. It is very common among Vietnamese business people to test your knowledge on their country before making a deal with you. Therefore, it is extremely important to learn as much as possible about their culture and consumer habits and trends. Impress your Vietnamese counterparts to convince them to conduct business with you.
Bear in mind that when you first meet your Vietnamese counterparts, extend handshakes at the beginning of every business meeting and conference while in rural areas, replaced handshakes with a slight bow. Similar to any other Asian countries, exchange business cards with the associates. Finally, remember to double-check on necessary documents you need to possess to enter the country (as mentioned above such as passport and travel visa.
An insider tip for those who planned to venture into Vietnam – modesty is the best policy in the country. Thus, deny politely when your Vietnamese business associate compliments you as modesty is the best trait to win Vietnamese business associates.
