Doing business in Vietnam
According to the latest World Bank annual ratings, Vietnam is ranked 82nd among 190 economies in the ease of doing business ranking. To put this into perspective, the Netherlands is ranked 28th.
Due to the language barrier, it is not recommended to approach the Vietnamese market directly. It is highly recommended to approach the market through an intermediary such as agents and distributors, as they know the culture etc..
Confucianism is automatically linked to the Vietnamese society. Hierarchy, honor and respect for age and seniority are very important when doing business in Vietnam. Always try to prevent loss of face for your interlocutor and never argue with him in public.
Some tips:
- The Vietnamese call each other by their first name, both in business and private situations;
- Bring your own interpreter to business meetings;
- Be polite;
- Use two hands to hand something over to someone, such as business cards;
- Keep in mind that the traffic is chaotic;
- Don’t put your hands on your hips;
- Don’t cross your arms across your chest;
- Don’t touch someone on their shoulders.