Question: Do and don’ts in Vietnam business?

What are the business practices in Vietnam?

Business customs in Vietnam: 1) The Vietnamese are punctual and expect others to be so to. 2) Handshakes are used upon meeting and departing. Handshakes only usually take place between members of the same sex. 3) Some Vietnamese use a two-handed shake, with the left hand on top of the right wrist.

Is Vietnam good to do business?

Some of the key elements that make Vietnam an attractive location for business development include the low cost to start a business, regulations that encourage foreign investment and it’s government’s openness to the global economy, its strategic location with direct access to some of the world’s main shipping routes, …

What are the risks of doing business in Vietnam?

Challenges and risks when doing business with Vietnam

  • corruption.
  • bureaucracy.
  • grey areas of Vietnamese law.
  • lack of Intellectual Property Rights (IPR) enforcement.
  • inadequate infrastructure.
  • lack of skills.
  • language barrier (so translators and interpreters are often needed)

What you should not do in Vietnam?

15 Things You Should Never Do In Vietnam – Must Read Before…

  • Don’t Forget To Apply For A Visa. …
  • Donʼt Wear Shorts, Short Skirts To Pagoda/Temple. …
  • No Public Display of Affection. …
  • Never buy bottled water without checking the seal. …
  • Never forget to take off your shoes when entering a Vietnamese house.
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What is not allowed in Vietnam?

What is Illegal in Vietnam? Some things that are illegal in Vietnam include Gambling, Prostitution, Drug Use and Distribution, and Pornography. Vietnamese law is built based on the long-standing culture and the characteristics of the local Vietnamese lifestyle.

Is it easy to do business in Vietnam?

Vietnam is home to quite a stable credit environment, and obtaining capital is a relatively smooth process for businesses. However, the lack of a private credit bureau can make the process a little trickier for overseas firms. Investor protection is an area in which Vietnam fails miserably.

What is considered rude in Vietnam?

Palm down when you call someone over

The usual gesture to call people over — open hand, palm up — is considered rude in Vietnam. It’s how people call for dogs here. To show respect, point your palm face down instead. And you also shouldn’t call someone over when they’re older than you.

How can I be respectful in Vietnam?

Respecting Others in Vietnam

  1. It may be a habit to stand with your arms crossed, but avoid this posture when visiting Vietnam.
  2. Don’t stand with your hands on your hips.
  3. Don’t flaunt your money.
  4. Don’t criticize people. …
  5. Always give the highest amount of respect to those older than you.

Why is it hard to do business in Vietnam?

Vietnam’s regulatory regimes and commercial law, and the overlapping jurisdictions of some government ministries, can result in a lack of consistency in government policies. There’s also poor corporate disclosure standards and a lack of financial transparency, which can add to challenges for due diligence and KYC.

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What income is considered rich in Vietnam?

According to Knight Frank’s report, in order to be included in the 1% richest people in Vietnam, one needs to have assets worth at least US$160,000. For Monaco, which has the world’s densest population of super-rich, the entry point for the principality’s branch of the 1% club is US$7.9 million.