Why should Singapore businesses consider entering? To make this happen, the government is promoting e-payment services including cards, mobile wallets, mobile apps, internet banking and more, with plans to do away with cash transactions in hospitals, petrol and toll stations, restaurants, retail stores, schools and public services. Moreover, the country’s social security fund has already warned of going bankrupt, and the government plans to increase the retirement age to 62 years old for men and 60 years old for women by 2021. Vietnam - Vietnam - Effects of French colonial rule: Whatever economic progress Vietnam made under the French after 1900 benefited only the French and the small class of wealthy Vietnamese created by the colonial regime. 4. What’s your top advice for SMEs thinking of entering this market? This availability of tech talents and the low operation costs in Vietnam have resulted in the country emerging as an offshore software research and development destination in the region. Danang - A City in Central Region of Vietnam. © 2020 SINGAPORE PRESS HOLDINGS LTD. REGN NO. More than 90% of them were self-funded, meaning that they have the freedom to choose their future career path, and many of them chose to stay abroad. 3. Bolstered by strong exports, investment and fast-growing domestic consumption, Vietnam’s economy grew at a six year high of 6.8% in 2017. These POEs are large family conglomerates with diverse businesses and strong local networks and play an increasingly significant role in driving the domestic economy. This is not always the exact household dynamic; expatriate Vietnamese women are particularly involved in the workforce. CHALLENGES/CONSTRAINTS IN TEACHING TODAY’S ENGLISH IN VIETNAM ... but also import elements of their native language and culture into their usage of English. In addition, people with sought-after skills can land jobs that pay several times higher than the national average. On the other hand, according to the Asian Development Bank, 7% of the country’s population lived below the national poverty line, and 2.6% lived below $1.9 per day. On other days, it was common to see long lines of motorcycles, cars, buses and all kinds of vehicles inching along the streets with frustrated owners honking, yelling, and suffocating from dust and their own vehicles’ emissions. Corruption is prevalent in all sectors in Vietnam in the forms of bribery, gifts, facilitation payments, and political interference. Punctuality is imperative when conducting business. However, many people remain skeptical of these products’ quality even when they have to pay a very high price. We engage the local governments closely and discuss potential projects. Get in touch with our specialists to start planning your holiday to Vietnam 020 3141 2850. This enables companies to set up easily and quickly without the hassle of business registration, renovation and rental agreements. Please confirm for access to all your SPH accounts. Fig. There are 54 recognised ethnic groups in Vietnam, predominantly living in the mountainous regions of Northern and Central Vietnam and each group has its own unique culture and traditions. She enjoys researching and writing about economic and business issues. Hostede (2010) proposed six dimensions of national cultures (see Figure 1) in his book and these dimensions provide guidelines for understanding the differences between cultures. If not, you should consider hiring a professional interpreter for your meetings. In addition, if a nation borrows too much debt from foreign countries, it becomes dependent on foreign economies. Traditionally, in Vietnam, children will take care of their old parents. 59. pankaj thoke. Recent divestments from Vinamilk and Sabeco, widely viewed as key cash generators, have demonstrated that the government is willing to sell off majority stakes in profitable SOEs to achieve its objective. Nonetheless, what terrifies people the most about food in Vietnam is the perceived link between unsafe food and cancer. Here are eight social issues that Vietnam is currently facing: According to the CIA World Factbook, in 2017, the population age 55 and above in Vietnam accounted for nearly 15% of the total population. Furthermore, many Vietnamese students and young scholars who go abroad to pursue their education faced the dilemma of staying in the host country or returning to Vietnam after earning their degrees. Moreover, many people fall victim to scammers and swindlers in the hope of making outsized returns in a fortnight. For example, the recent aggressive real estate development projects have sky-rocketed the price of land in many cities all over the country, making many people rich overnight. By Kim Yen - Quynh Nhu - Nov 18, 2018 | 07:27 AM GMT+7. The 48th CFO World Congress with the participation of more than 500 delegates. For example, In May 2018, 19 students at Tran Phu Elementary School, Quang Ngai Province, were hospitalized after eating jelly and drinking milk tea at a farewell party, causing public outrage and anxiety over food safety in Vietnam. 4. The characteristics of a nation‟s culture are formed when that nation has to confront geographical, climatic, social, historical, economic and political challenges. In the workplace, a strict hierarchy of deference blocks initiative and innovation, and bureaucracy, red tape and low-level corruption abound. Vietnam is also keen to accelerate the privatisation of its State-Owned-Enterprises (SOE) to enhance the competitiveness of its private sector and economy. The writer has a Master's Degree in Economics. The culture of Vietnam is one of the oldest in Southeast Asia, with the ancient Bronze age Đông Sơn culture being widely considered one of its most important progenitors. Your interpreter is one of your key assets, so needs to be chosen carefully. While Vietnamese businesses and consumers generally associate the Singapore brand with quality and reliability, Singapore companies often cannot compete on pricing due to the relatively lower costs of manpower, land and other resources in Vietnam. In Vietnam, companies are required to lease for a period of 2 – 5 years. High-rise, modern apartments and shopping places for the wealthy in Ho Chi Minh City. 1. challenges. The Vietnamese government also recently announced the Vietnam Cashless 2020 initiative to move towards a 90% cashless economy by 2020 through reducing cash transactions and increasing electronic payments. Thus, the first thing Singapore companies need to be very clear on is their value proposition; how their offering makes an intrinsic difference to the customer. What are some of the biggest challenges that businesses would face and how can they overcome these challenges? One way to overcome this is to utilise co-working spaces. thanks this helped me alot . It’s often done as a way to modestly acknowledge what another person is saying without seeming too over-enthusiastic. Singapore companies can contribute their know-how in master planning and smart city initiatives, water and waste treatment, and alternative energy sectors such as solar and wind. From 2001 to 2015, Vietnam’s foreign debts increased five times, borrowing mainly from the World Bank, Japan, and the Asia Development Bank. While the desire to attain wealth is understandable, making money at all costs immediately can be disheartening and unethical. One of the most recent developments in Vietnam is its plan to develop smart cities, especially for Danang, Hanoi and Ho Chi Minh City. Communications remain challenging in Vietnam. It is therefore important to hire an interpreter. In the north, the people place great emphasis on relationships and spend more time building networks and relationships before formally engaging in business discussions. Rice is a staple of the region. 2. Vietnam has had fast and stable economic growth in recent years, but rapid changes have also transformed its society and culture in the process. One of our partners is Toong, a professional large-scale co-working space in Vietnam with six co-working space locations in Danang, Hanoi and Ho Chi Minh City. This problem happened not only in Danang but also in any cities or provinces that run similar programs. Vietnam has been in the background of my life for as long as I remember, for all the wrong reasons I'm afraid. Challenges of Vietnam. The other great challenge for startups in Vietnam is accessing finance. In addition, similar to other advanced countries, the country’s birth rate continually declined, standing at less than 2%. Less use of oil and greater use of vegetables is preferred. The good news is that POEs are commercially driven and receptive to new business ideas. ); even after a few years in Vietnam, a Canadian who has learned to speak Vietnamese will understand about 50% of a conversation. Vietnam has two broad, distinctive cultures — one in the north and one in the south. Having an open mind and a sense of humour will certainly help new arrivals to reduce the impact of culture shock in Vietnam. Mary Norton from Ontario, Canada on May 31, 2018: We worked in Hanoi in May and June of 2017 and really enjoyed it. They also view partnerships with foreign companies positively, including those from Singapore. In 2004, the city initiated Program 922 to provide scholarships for the most competent students to study at prestigious domestic and international universities on the condition that the recipients would come back and work for the city government upon graduation. On the dimension of Long Term Orientation, Vietnam is considered to have a pragmatic culture. Many assume that businesses must be able to speak the local language in Vietnam. The choice of language used in meetings also varies from sector to sector. The age pyramid of Vietnam became narrower at the bottom in 2015, indicating clear changes in the country’s age structure. The demand for safe food coupling with Vietnam’s rising per capita income fuels the rise and profitability of organic and safe food retail stores. VERIFICATION EMAIL, Koh Chong Yu, Regional Director (Ho Chi Minh City) and Hong Anh Bui Thi, Regional Director (Hanoi) from Enterprise Singapore shed light on doing business in Vietnam. There is demand in Vietnam for smart solution providers in transport, urban management, and security and solutions such as intelligent transport systems, flood monitoring systems and e-government services for citizens. Thus, any changes in other countries’ policies or currencies can have a direct impact on the debtor nation. Vietnam has two broad, distinctive cultures — one in the north and one in the south. Nonetheless, with the advance of technology and economic well-being, Vietnamese people are better equipped now to fight for a better life. Many types of noodles and noodle soups are popular here. Despite these very positive aspects, Vietnam does also faces some challenges that hinder its economy: State-owned entreprises need to be reformed; The financial sector needs to become freer and more transparent; Certain closed industries need to open up to more competition and foreign investments I. Vietnam Culture Quiz – True or False. Ho Chi Minh City, August 20, 2019 - Navigos Group, the leading provider of recruitment services in Vietnam, published a report on "Expatriates: Expectations and Challenges when working in Vietnam". Hoi An. Take time to understand the socio-economic aspects of doing business in a country as big and diverse as Vietnam. The Vietnamese language is usually used in meetings when the main representatives are not conversant in English. The husband may also share more of the household work in … However, now most children move out to find jobs or start their own family, leaving the parents to care for themselves. What are some of the latest developments in Vietnam right now? It offers a wide range of set-up options from hot-desking to private offices. In schools, a rigid fact-based curriculum and didactic teaching stifles … In particular, an official from the Vietnam Cancer Association claimed that unsafe food with its cancerous agents caused about 35% of cancer cases in Vietnam. Challenges and solutions for doing business in Vietnam more effectively Approach Doing Business in Vietnam programmes are available seven days a week, 365 days a year, either at one of our training centres in London, Paris, Brussels, Frankfurt and New York or at your offices in any location worldwide. To illustrate, in 2017, Hanoi enjoyed only 38 days of relatively good air quality. However, information on potential partners via desktop research can be limited. Food safety is one of the biggest and the most common concerns among Vietnamese people, rich or poor alike. In Hue, Vietnam’s last imperial city, explore the Forbidden Citadel and learn about Hue culture and the last feudal dynasty. However, the inflow of foreign investments and multinational corporations has made English a more common language of communication. For instance, minority people living in the rural and mountainous areas have limited access to education, poorer infrastructure, and slimmer opportunities to move up the income bracket. The flavors of Vietnamese food rang… However, some aspects of Confucian behaviour are now putting a brake on progress and, in some cases, causing harm. Road to Olympia Peak was supposed to be an annual gameshow to seek the most talented high-schoolers in Vietnam; it awarded them with a full scholarship to study in Australia so that they could come back and contribute to the development of Vietnam. Since 2017, in an unprecedented bid to curb corruption and cleanse the ruling Communist Party, General Secretary Nguyen Phu Trong has launched a national anti-corruption campaign to investigate into high-profile cases of corruption, unveiling the extent and severity of corruption among Vietnam’s corporate and political elite. The byzantine business regulatory regime aside, there is often a disconnect between the … It is not acceptable to exchange gifts with Vietnamese counterparts as it may be seen as a bribe. Cultural trends in Vietnam emerged in 2017, and it was a year of collaborations, commitments, and, inevitably, continued globalization. In this trip, students are welcomed into the stilt house complex in Pom Coong village in the heart of the Mai Chau valley for an immersive cultural experience. Top 5 cultural traditions in Vietnam. Another misconception is that companies can adopt the same business strategy across Vietnam. Hello, your email is unverified. According to the statistics of the Vietnamese Food Safety Agency, in 2017, there were 139 mass food poisoning outbreaks, affecting 3,869 people with 24 fatalities. Interpreters It helps to have a working knowledge of Vietnamese. Many schools admit more students than they can accommodate, leading to poor learning conditions and inadequate attention to young learners. 58. A key challenge is navigating the business landscape and finding the right local partners. While Vietnam’s poverty reduction has lifted millions of people out of extreme destitution and has dramatically improved the standard of living, some social issues have also arisen due to either the modernization and urbanization process or economic transformation. May 26, 2015 @ 6:06 am. Your go-to portal for up-to-date business guides, information, and Culture The Vietnamese believe in the teachings of the early Chinese philosopher Confucius which emphasise the importance of relationships, responsibility and obligation. Vietnamese tend to avoid showing any emotions in their speech and facial expressions. If you are planning to provide services to customers in Vietnam over telecom networks or the internet (e.g. For example, within the technology sector, meetings are typically in English while for more traditional sectors like oil & gas and infrastructure, meetings tend to be conducted in Vietnamese. In April 2016, the central coastal area of Vietnam was hit with the gravest water crisis in decades, killing hundreds of tonnes of fish and causing extensive damages to the marine life and ecosystem. resources for all businesses and investors with an interest in ASEAN. In some notorious cases, the city had to go to court to settle with its “talents” to recoup the scholarship money. Many food producers and farmers are found guilty of using pesticides, antibiotics and other hazardous chemicals for quicker fruit ripening or leaner meat. Subscribe to t.me/BizTimes. According to The World Economic Forum’s 2017 Global Human Capital Report, Vietnam is ranked at 64th out of 130 countries. businesses in Vietnam. Third, build an acute understanding of cultural differences and nuances. Cultural Economy in Vietnam: Challenges and Opportunities. According to the CIA World Factbook, in 2017, the population age 55 and above in Vietnam accounted for nearly 15% of the total population. 3. Of late, a new area that has emerged is technology. On top of this, there are business mentors and advisors available to provide guidance. Additionally, changing cultural values and family structure also pose difficulty in providing care to the elderly population in Vietnam. You do not understand people well yet and you are too overwhelming of all impressions. For example, high public debt can necessitate tax hikes, burdening companies and reducing the propensity to invest, divert capital and resources from more productive and beneficial economic activities, and slow economic growth. A relatively dense network of rivers traverses Vietnam. Julian. However, localisation is important as there are different cultures even within different regions in Vietnam – different people have different ways of engaging for business. The weak rules of law, bureaucracy, and ambiguous legal framework made it even harder to bring the perpetrators to justice. The central cities of Hue and Hoi An are treasure troves for culture lovers, as is Hanoi, the country’s graceful capital. In 2016, more than 130,000 Vietnamese students headed abroad to study in Japan (38,000 students), Australia (31,000), USA (28,000), etc. Ironically, they chose to work in Australia or other developed countries instead, and the show has been ridiculed as a show to choose talent for Australia. We see that the Vietnamese consumer is increasingly sophisticated and more open to new and foreign brands. Enterprise Singapore leverages our in-market connections and offers insights on the current policies, key market and sector developments for companies, as well as introduce them to reliable local partners. For instance, “you stupid” can be used as a term of endearment between husband and wife, like the wife saying this to husband to mean, “you‟re not kind to yourself” in Chinese English (Sharifian, 2009). Highlight the dynamics of the cultural economy of Vietnam, discuss opportunities to integrate knowledge from the fields of culture, economics, and technology, towards a view of increasing the value for Vietnamese cultural products. Vietnam’s huge population of more than 90 million with a fast-growing middle class means opportunities in consumer sectors such as F&B and retail. Dinh La Thang, a former member of the Politburo, faced charges of corruption. An Instagram account of Rich Kids of Vietnam with nearly 100,000 followers showed off how children of wealthy families spent their fortunes on shopping sprees, luxurious designer items, world travelling and so on. As indirect consequences of the tragedy, thousands of fishermen lost their livelihoods, and Vietnamese seafood products were turned down for domestic use and export. Because of this, it’s rude to leave food uneaten, especially when you’re in someone’s home and they’ve cooked for you. It’s an insult to the land and the workers who made the meal possible. Nevertheless, it is useful to employ someone with local language ability to minimise miscommunication and interpret the non-verbal cues during meetings. The report is conducted based on the analysis of the results of the survey of candidates from different continents and a variety of professions. Even experienced managers with good people management skills find it daunting to manage projects in Asia, a region rich in its diversity of cultures and languages. Bill Holland from Olympia, WA on August 06, 2018: A very interesting read! However, Vietnam remains a strong growth story. Although most sectors in Vietnam are already open to majority or full foreign ownership, partnerships are preferred as Vietnamese companies can help them navigate the local regulations and provide access to local networks. Vietnam’s rivers, rice paddies, mountains and deep blue seas are deeply ingrained in the local culture. People living in rural and mountainous areas in Vietnam live mainly on primitive agriculture. As Vietnam pushes for its cashless drive, it is also looking to upgrade payment infrastructure and cyber security for online transactions. Challenges for Vietnam’s economy in 2019. 1. In recent times, Vietnam has faced its fair share of challenges, not helped by global and rapidly changing economic conditions. Compared to 1990, only 1.2 million people born in Vietnam lived abroad. Although some Vietnamese speak French, English, Chinese or Khmer as a second language, the official language of Vietnam is Vietnamese, and is spoken in business transactions and day-to-day meetings. It exhibits great diversity but can be classified into three primary categories pertaining to the north, south, and central regions of the country. Jennifer Rodriguez from Anaheim, California, United States on June 13, 2018: Have been in Vietnam for 4 years and I know this dilemma's inevitable with a developing country. Nevertheless, rumors about the officials’ mismanagement of foreign loans and probable corruption were also epidemic. The report also predicted that until 2026, Vietnam would have 540 super-rich people and 38,600 millionaires, one of the fastest growth rates in the world. Smiling: Smiling can have many connotations in Vietnamese culture. Indeed, with Vietnam’s astonishingly growing economic pie, opportunities to make money are ubiquitous, and the stories of new wealth are rampant. 198402668E, For more market insights on ASEAN and information on how Enterprise Singapore can work with your business to venture to the region, please visit, Asean economies see Q2 drop in remittances, Keppel raises US$400m in first closing for Vietnam-focused real estate fund, Half of Singapore consumers prefer to shop local to help Covid-hit firms: poll, Gaming startup mod.io raises US$4m from Sequoia's Surge. Although the success of the campaign is hard to evaluate, many people hope that it can set a precedent and serve as a warning to would-be offenders. RESEND Corruption is not news in Vietnam. The Vietnamese may also smile or laugh quietly when talking about painful or awkward experiences. Thank you so much. It seems that everywhere in Vietnam, people constantly talk about how to get rich. The country has seen a strong flow of foreign direct investments, especially from Japan, South Korea and Singapore. Vietnamese cuisine is appreciated across the world. Vietnam is also a collectivist country and community concerns will almost always come before business or individual needs. In economic discipline, a high public debt relative to earnings can raise red flags. In Hoi An, witness efforts to preserve hundreds of old houses and intangible cultural spaces. We observe that the technology community has been developing rapidly in Vietnam. What are some misconceptions that businesses have about this market? It has developed a large workforce, with 40,000 new Infocomm Technology graduates each year. Similarly, people may smile when embarrassed… In term of nature, Vietnam is a tropical monsoon country in Southeast Asia, with the paddy-rice agricultural TheLEADER The uncertainty of the economy in the changing trends, the impacts of the US-China trade war and the infrastructure in need of upgrading are the main challenges that Vietnam has to face in 2019. Vietnamese students' top study abroad destination in 2014. According to a report compiled by Knight Frank, a UK-based company, Vietnam had more than 200 individuals whose net worth was over $30 million. This is a way of non-verbally apologising for the listener’s possible discomfort and diffusing it. People in the southern parts tend to be more direct in the way they speak and engage for business. In 2017, the story of how 12/13 winners of Road to Olympia Peak never returned to Vietnam after finishing their study in Australia made headlines across Vietnamese news media. For instance, many farmers and vendors in Vietnam have been accused of using hazardous chemicals, which can be cancerous and unsafe for users, to grow and treat their vegetables and fruits to maximize their profits. Singapore companies should invest substantial efforts in engaging local contacts to identify partners and do the necessary due diligence. The Challenge of Reform in Indochina, 259–292, 1993. Many people cited low wages, shady work environment, lack of promotion opportunities, bureaucracy, and leadership as reasons for leaving the public sector or Vietnam altogether. Expats moving to Vietnam will need to make some adjustments to their lifestyle and behaviour to take into account the nuances of the local culture, as they would when moving to any new country. Extreme cases of poverty are reported daily in many newspapers in the country, calling for donations to help them ease their pains. In addition to the above-mentioned issues, there exist many other problems, such as competing values among generations, political apathy among young people, human rights issues, education reforms, and so on. Although migration is the inevitable result of globalization and Vietnam’s increased integration into the world economy, the concern is that Vietnam is losing its most talented and brightest people to other countries. On the other hand, thanks to progress in healthcare and living conditions, Vietnamese people now lived much longer; the people’s life expectancy increased from 59 years in 1950 to 76 years in 2017. Singapore companies can tap this ecosystem to develop tech-related projects or find tech partners to expand into the market. It is recommended that you use a … In addition, similar to other advanced … Superstition. Mai Thi Thu, and Le Thi Nham Tuyet. While Vietnam is gaining their reputation to become a premier country to outsource IT support, there are still many challenges to deal with. Although there is no reliable research supporting the claim, it confirmed and perpetuated the fear among the people, especially when the number of new cancer cases in Vietnam exploded in recent years, reaching more than 150,000 new cases per year. 5. In Vietnam, Enterprise Singapore works with partners to provide pre-market entry advisory, business matching, in-market consultations and co-working spaces. Because of the scepticism surrounding science in parts of the country, Vietnamese philosophies for life generally rely on emotions or the words of their forefathers. Breakouts of mass food poisonings and contamination incidents caught the national attention regularly. We have more than 750 people with expert knowledge and practical experience ready to advise across all industries. It was estimated that more than 2.7 million Vietnamese people lived abroad with more than 1.4 million people living in the United States, 240 thousand living in Australia, and elsewhere around the globe in 2017. People in the southern parts tend to be more direct in the way they speak and engage for business. Realtors and land hoarders earn a fair amount of profits thanks to information asymmetry and rife speculation in Vietnam. 48Th CFO World Congress with the participation of more than 750 people with sought-after skills can jobs. Only 38 days of relatively good air quality chances of promotion at work will be well addressed so people... More about Vietnam history and culture without the hassle of business registration, renovation and rental agreements equipped to! Vietnam emerged in 2017, Hanoi enjoyed only 38 days of relatively good air quality is urbanising. Or start their own family, leaving the parents to care for the listener ’ s often done a. 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