Best Tips for Doing Business in Vietnam

The Vietnamese’s Business are incredibly open and optimistic about foreign investment and thus the opportunities brought by increasing integration in international markets. They are also usually very keen to share their proud culture, tradition, and history with foreigners so as to guard their local customs and heritage during a rapidly developing and outward-looking society.

Greetings for Business

Greetings for Business
The Vietnamese language has a stimulating set of pronouns. There is no direct translation for ‘I’, ‘you’, ‘he’ or ‘she’ in Vietnamese because the words wont to address people are decided by generation also as gender. For instance, someone younger than you will be addressed as ‘em’, while a friend the same age is ‘ban’, yet a male your grandfather’s age is ‘Ong’. Dozens of pronouns are necessary to assist fully clarify the strict generational hierarchy of Vietnam. Most teenagers would agree that their parents know what’s best when it involves big decisions about their future.
Experience, wisdom, and pragmatism prioritize over youthful idealism. Therefore, it’s always best to offer a two-hands handshake to the oldest people in the room first, and the youngest last.
When pitching an idea, try to have an experienced colleague focus on the practical real-world solutions you’ve already established, rather than losing your audience in speculative, ideological, or conceptual discussions.

Eating

Generation also plays a key role when eating. Usually, meals are a family occasion, so paying individually may be a baffling practice for many Vietnamese. If you invite a group of people to eat with you, it’s your responsibility to settle the bill, with the oldest male traditionally reaching for his wallet.
Vietnamese people like to eat and are very pleased with their traditional cuisine. They will be overjoyed to listen to foreigners hum while eating and saying the word ‘delicious’. Rice products, noodles, fresh vegetables, and hot-pots form the backbone of the Vietnamese diet, along with every kind of meat imaginable. Tropical fruits like guava or green mango, served with salt, are a standard snack during meetings,
It’s also worth bearing in mind that lunch may be a meal reserved for family. Between 11:30 am and a couple of pm, schools close and workers head home in order that families can enjoy lunch together. As Vietnamese working hours can stretch from 7 am-9 pm in tropical weather, Vietnamese people also like to take a nap around midday. It’s not wise to suggest a call or meeting that might disturb this organization, so a business dinner is a much better idea than a working lunch.

Making conversation in Business

Making conversation in Business When sitting right down to eat, you would possibly be surprised by a number of the questions you’re asked. It is
unpopular for people to ask “How are you?” as there’s no direct translation in Vietnamese (the closest being: “Do you’ve got strength?”)
Vietnamese people may ask “How old are you?” – usually considered a faux-pas. But don’t be offended – this is just to gauge how they should address you as part of the generational hierarchy. In fact, cutting years off your true age may prove detrimental.
More common opening questions in Vietnamese include “Where are you from?”, “How many people in your family?” and “Are you married yet?” The relatives remain very strong in Vietnam, and sharing pictures of loved ones enjoying free time together is going to be very endearing, portraying an individual of wholesome character.
Image is vital in Vietnam, especially when doing business. You must be professional, but it also helps to illustrate that you are a charitable person and a dedicated family member.

Being honest

When sharing photos, try to not be stunned by common Vietnamese compliments like “Your daughter is so beautiful” or “Your family are so rich”. Due to their mother tongue’s simple grammar and logical vocabulary, people in Vietnam generally call things as they see them and like to speak in a very clear and straightforward manner. This can lead Vietnamese people to sometimes encounter to Westerners as quite abrupt, especially if they ask frank questions like “How much does one earn?”
However, some in business might find this refreshing, as cutting to the chase and displaying results are often far more effective than drowning people in euphemisms and jargon.

Negotiating about Business

Negotiating about Business
Don’t be afraid to clarify your position clearly, because you’re going to be negotiating. Like most Asian countries, Vietnamese businesses tend to favor fitted, flexible deals over standardized, fixed arrangements.
The figure you’re quoted first is typically just your trading partner’s target; their ideal results of the negotiations. Your response should then be your minimum amount, which then sets the home in which negotiations can happen.
Vietnam’s exponential growth has created an optimistic economy, but one that’s also increasingly competitive. Businesses are looking forward to foreign investment to realize the advantage. It is therefore important to understand the context in which you are negotiating and offer the right sweeteners to any deal. For example, long-term sustainable partnerships with flexible terms are seen as favorable to strong contracts with short-term gains.
Image is additionally paramount, and doing business with large organizations in developed countries may be a big indicator of success and prestige to Vietnamese consumers. Any deal involving publicity, marketing, and media opportunities boasting international relationships would be very desirable.
It’s also crucial to recollect that Vietnam only joined the worldwide marketplace three months before Jeff Bezos founded Amazon. Free markets are still somewhat of a replacement phenomenon. Vietnamese businesses are keen to find out the secrets of successful, sustainable growth from large multinational firms. Offering cutting-edge software, online technology or simply secrets to international success in your industry will likely sweeten any deal.