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Vietnam - US Culture differences in doing business

Vietnam - US Culture differences in doing business. Presented: Giang Dang. Vietnam. Hello Vietnam: http://www.youtube.com/watch?v=VGRc-cI0JbA&feature=related. Vietnam Key Statistics. Located in South East Asia Area: 330,000 sq km Coastline: >3000 km Population: 86 million

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Vietnam - US Culture differences in doing business

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  1. Vietnam - USCulture differences in doing business Presented: Giang Dang

  2. Vietnam • Hello Vietnam: http://www.youtube.com/watch?v=VGRc-cI0JbA&feature=related

  3. Vietnam Key Statistics • Located in South East Asia • Area: 330,000 sq km • Coastline: >3000 km • Population: 86 million • Climate: tropical • Capital: Hanoi

  4. Vietnam-US relationship • Relationship normalized in July, 1995 • Cooperation in different areas enhanced: economic, education & training, science & technology, political, defense … • Bilateral trade agreement signed in July, 2000 • Two-way trade: increase 25%/year since 2001 and reached $12.5 billion in 2007

  5. US investment in Vietnam • Total investment value: $5.5 billion • Rank: 5th largest investor in Vietnam • Industries: IT, manufacturing, finance and banking • Companies: Intel, Microsoft, Oracle, GE, Boeing, Citi group, KPMG

  6. Culture differences in doing business • Call people by their first names • Give gifts: bigger gifts for senior members, equal gifts for employees • Color implication: Black/white not used in business; Red means luck, prospects • Holidays: long holiday (1 week) for Lunar new year (at the end of January or beginning of February)

  7. Culture differences in doing business • Don’t do too much touch at the first meeting • Read the business cards when receiving them • Business meeting with meal: • Lunch is appropriate; dinner is the time for social gathering • Sitting: opposite with partners • Ordering food in family style to share the same dishes

  8. How to manage these differences? • Learn about the culture differences before you want to do business with a foreign partner • Understand and respect the differences

  9. Sources • https://www.cia.gov/library/publications/the-world-factbook/print/vm.html • http://www.state.gov/r/pa/ei/bgn/4130.htm • http://english.vietnamnet.vn/politics/2008/06/789997/

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