Vietnam’s economic and tech scene recently shot to global prominence. Growing aggressively from the ground up, investment dollars are pouring into the rapidly developing country, which can only mean continued exponential growth. So, what are the biggest challenges for a business to open a business in Vietnam?
Language barrier
The first element that should be mentioned is the language barrier. If you don’t speak the same language as your customers, communication is going to be a big challenge. Most high-quality employees in Vietnam can speak English at the basic level. However, it’s not enough to communicate beyond casual communication.
We recommend you to have at least one person in a team who speaks Vietnamese fluently. One should also bear in mind local differences in language and regional culture. As a result, you can have more details on local insight and bring the teamwork closer.
Market size
A key point for any potential entry into any Asian country would be the local market. It’s essential to understand the different opportunities in the various markets in the region.
Let’s take E-commerce as an example. It is seeing explosive growth in Southeast Asia which attracts massive investments. Thus, a foreigner should be mindful and alert before joining the big battle. Go into the niche market to determine its size. The smaller niche you can explore, the clearer picture you can see.
Cultural Sensitivities
It can say that in such a diversified region, the differences in culture and intricacies, especially in a business setting, can be very complicated. For example, an intimate dinner is popular in Vietnam to close-knit the relationship among staff or clients. However, it’s time-consuming in many Western countries.
Besides these cultural nuances, the difference of socio-political across Asia can also cause interesting topical sensitivities which are rarely seen elsewhere.
Local competition
In the context of the Asia-Pacific region’s economies, Vietnam and other Asian countries are in growth. Thus, local businesses now have more capital and more access to sophisticated advisory services to help them compete against foreign businesses.
It’s obvious that you have to deal with import fees and tariffs which is a big weakness compared with local businesses. Therefore, you’ll need to be cautious of what your competitors are doing in order to plan the right dominant strategy.
Hiring quality staff
Last but not least, human resources are the thing that any organization should pay more attention. You will need more staff to handle the increased pressure on your business when run in another country. Obviously, hiring local staff is essential for your growth
However, recruiting more staff is a risk. You’ll not only have increased overheads, but you’ll have to put your trust in new people – potentially even new people you never meet face to face.
So how to get a smart recruitment plan?
With an ethical recruitment team in Vietnam, HR4C will provide you the most tactical recruitment solutions for corporations. Understanding the labor market and local insight, we ensure to assist you in building a strong & matching team in the quickest way. Our services are not narrow in talent hunting but beyond the scope of services, you engaged. It can be mentioned human tactic consulting and nourishing the candidates since they were in the university that meets the diverse needs of Vietnamese and international clients
We specialized in recruiting mid-senior to the highest level of the organization. Truly, we are a group of passionate people who devoted work for clients and employee’s benefits. With the slogan “Talents solution for your thriving future”, HR4C is passionate about accompanying corporations to a blooming future through an ethical HR solution.
Ready to start the best team? Let’s work together!
