Update: What Investors Need to Know About Doing Business in Vietnam

As it relates to the theme of this blog…  In his summer 2010 update “What Investors Need to Know About Doing Business in Vietnam,” Jeff Browne, president of Vietnomics, a consulting company based in Milwaukee, Wisconsin, lists “six key observations that could spell the difference between success and failure in Vietnam,” two of which are directly related to international education and training.

Focus on Future Leaders – Finding good partners is an obvious prerequisite to success in most businesses.  In Vietnam, for many reasons, it may be at least as important to cultivate future leaders as it is to know current ones.  Connection with Vietnam’s most prominent business and political leaders is obviously a plus.  However, future success will depend on relationships with up-and-coming leaders in their 40s, 30s and even 20s, including some of the brilliant Vietnamese scholars now studying in the U.S.  That’s because generational differences in Vietnam are vastly greater than they are in America.

Hire Local Talent – Vietnam has very good financial, investment, legal, and business professionals – especially in Saigon — many of them among the best and the brightest of the high achieving Vietnamese American population, and many of them educated in superior universities around the world.  To manage their initial forays into Vietnam, Americans need to have good connections with established and respected firms and professionals in Vietnam.

Another interesting point is about the political system and the media:

Democracy, Communism and the Media – Although Vietnam is a one-party state and Communist, in some ways, it is increasingly behaving like a western democracy. Examples so far in 2010: public outrage over a new city plan for Hanoi that appears to favor well-connected land speculators; protest over the government’s plan to mine bauxite and award a contract to China to do so; and rejection of a costly government plan to build a bullet train between Hanoi and HCMC.

Vietnomics LLC, with offices in the US and in Hanoi and Ho Chi Minh City, links US and Vietnamese investors and companies. Its advisors provide services regarding import/export, sourcing, marketing, investing, government relations, factory evaluation, social investment, legal solutions, situation analysis, and research.

Here are links to the Vietnomics website and blog.

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