Please do consider and remember
Short term thinking and lack of patience in business is not going to work well in Vietnam or anywhere in Asia. Long term plans are workable.
Choose your expatriate employees and representatives in Vietnam and everywhere in Asia with utmost scrutiny. Focus on resilience, behavior and professional attitude. This also includes being attentive to cross-cultural matters.
Do your homework well. A comprehensive market study, entry and exit strategy and realistic budgeting are all vital. What you need to consider and plan are
- Adequate contact network and right partners
- Markets, clients and logistics (no matter where your clients are)
- The form of a company to be established (JV/LLC, Joint-Stock, FDI, representative office)
- The location in Vietnam, land and facilities
- The process of establishment, the people and partners in it
- Official requirements and the right authorities (State, provincial, municipal)
- Required licenses and permits (incl. work permits)
- Local recruiting (requires strong cultural knowledge and local expertise)
- Protecting immaterial rights (if applicable)
- Your approach to corruption and procedures to control it
- Tax issues, accounting and financial control
- Earning techniques and investment homing instruments
One of the most important matters in Vietnam is the network, who you know and who knows you. Without the network things just won’t go as smooth as they could. It takes enormously of time and effort to build a well working network in Vietnam. Mutual trust and understanding is everything.
Whether being a Norwegian, Finnish or elsewhere from Europe, it is very important to understand the meaning and importance of existing network in Vietnam, especially when this can be obtained through trustworthy people present there already.