Culture eGuide | Vietnam
Understanding the Importance of Culture When Doing Business in Vietnam
Located along the eastern Indochina Peninsula, Vietnam is a mountainous country that borders Cambodia, Laos and China. Vietnam is also home to 54 ethnic minority groups, including the Hmong, Dao, Tay, Thai, and Nung, however the dominant ethnic groups are the Viet or Kinh (73.6 million) or 85.8 % of the population. The official national language of Vietnam is Vietnamese and is spoken by the majority of the population. Although English is gaining in popularity and is being taught extensively, other languages found in Vietnam include Russian, German, Czech and Polish.
Although language plays a role in defining Vietnam’s culture, it has developed over the centuries from a number of varied influences, including the ancient Dong Son culture which draws on elements of Confucianism and Laoism in its traditional political system and philosophy. Foreigners wishing to do business in Vietnam must be aware of the repercussions caused by a loss of face and the importance of using words and actions correctly.
Although many of its economic sectors are in their infancy, manufacturing, information technology and high-tech industries are becoming an integral part of the national economy. It is becoming a major supplier of oil in Southeast Asia, with an output of 400,000 barrels per day (64,000 m3/d). PricewaterhouseCoopers predicts that Vietnam could have a potential growth rate of almost 10 % annually, making it one of the fastest-growing of the world’s emerging economies by 2025. In 2011, Vietnam’s nominal GDP was estimated at $ 299.2 billion US.
Our Social and Business Culture Guide Vietnam, will help you get up to speed as quickly as possible. Take advantage of this no obligation offer and learn about the soft skills that will increase your chances of success including:
[icon name=icon-screenshot] Proper business etiquette through symbolic gift-giving
[icon name=icon-screenshot] The importance of preserving dignity in negotiations
[icon name=icon-screenshot] The role of social hierarchy
Other interesting information that you will find in our country business guide includes:
[icon name=icon-screenshot] Emerging opportunities
[icon name=icon-screenshot] Sectors of interest
[icon name=icon-screenshot] Successful business operations
Find out about the numerous business opportunities in Vietnam!