Vietnam - USVietnam - USCulture differences in doing businessCulture differences in doing business

Presented: Giang DangPresented: Giang Dang

VietnamVietnam

Hello Vietnam: Hello Vietnam: http://http://www.youtube.com/wawww.youtube.com/watch?vtch?v=VGRc-cI0JbA&featur=VGRc-cI0JbA&feature=relatede=related

Vietnam Key StatisticsVietnam Key Statistics

Located in South East AsiaLocated in South East Asia

Area: 330,000 sq kmArea: 330,000 sq km

Coastline: >3000 kmCoastline: >3000 km

Population: 86 millionPopulation: 86 million

Climate: tropicalClimate: tropical

Capital: HanoiCapital: Hanoi

Vietnam-US relationshipVietnam-US relationship

Relationship normalized in July, 1995Relationship normalized in July, 1995

Cooperation in different areas enhanced: Cooperation in different areas enhanced: economic, education & training, science & economic, education & training, science & technology, political, defense …technology, political, defense …

Bilateral trade agreement signed in July, Bilateral trade agreement signed in July, 20002000

Two-way trade: increase 25%/year since Two-way trade: increase 25%/year since 2001 and reached $12.5 billion in 20072001 and reached $12.5 billion in 2007

US investment in VietnamUS investment in Vietnam

Total investment value: $5.5 billionTotal investment value: $5.5 billion

Rank: 5Rank: 5thth largest investor in Vietnam largest investor in Vietnam

Industries: IT, manufacturing, finance and Industries: IT, manufacturing, finance and bankingbanking

Companies: Intel, Microsoft, Oracle, GE, Companies: Intel, Microsoft, Oracle, GE, Boeing, Citi group, KPMGBoeing, Citi group, KPMG

Culture differences in doing businessCulture differences in doing business

Call people by their first namesCall people by their first names

Give gifts: bigger gifts for senior members, Give gifts: bigger gifts for senior members, equal gifts for employeesequal gifts for employees

Color implication: Black/white not used in Color implication: Black/white not used in business; Red means luck, prospectsbusiness; Red means luck, prospects

Holidays: long holiday (1 week) for Lunar Holidays: long holiday (1 week) for Lunar new year (at the end of January or new year (at the end of January or beginning of February)beginning of February)

Culture differences in doing businessCulture differences in doing business

Don’t do too much touch at the first meetingDon’t do too much touch at the first meeting

Read the business cards when receiving Read the business cards when receiving themthem

Business meeting with meal:Business meeting with meal:– Lunch is appropriate; dinner is the time for social Lunch is appropriate; dinner is the time for social

gatheringgathering

– Sitting: opposite with partnersSitting: opposite with partners

– Ordering food in family style to share the same Ordering food in family style to share the same dishesdishes

How to manage these differences?How to manage these differences?

Learn about the culture differences before Learn about the culture differences before you want to do business with a foreign you want to do business with a foreign partnerpartner

Understand and respect the differencesUnderstand and respect the differences

SourcesSources

https://www.cia.gov/library/publications/thehttps://www.cia.gov/library/publications/the-world-factbook/print/vm.html-world-factbook/print/vm.html

http://www.state.gov/r/pa/ei/bgn/4130.htmhttp://www.state.gov/r/pa/ei/bgn/4130.htm

http://english.vietnamnet.vn/politics/2008/0http://english.vietnamnet.vn/politics/2008/06/789997/6/789997/