Get in touch with our specialists to start planning your holiday to Vietnam 020 3141 2850. Here are eight social issues that Vietnam is currently facing: According to the CIA World Factbook, in 2017, the population age 55 and above in Vietnam accounted for nearly 15% of the total population. Nonetheless, what terrifies people the most about food in Vietnam is the perceived link between unsafe food and cancer. Vietnam's fifty-four different ethnic groups are increasingly engaged in the outside world, and concepts of multiculturalism within the country have tremendous importance. Hello, your email is unverified. Rising economic inequality can be easily spotted in big and crowded cities in Vietnam such as Ho Chi Minh City, Hanoi, etc. Mai Thi Thu, and Le Thi Nham Tuyet. This enables companies to set up easily and quickly without the hassle of business registration, renovation and rental agreements. Second, Vietnam’s privately-owned enterprises (POEs) could be good local partners for Singapore companies. For instance, many farmers and vendors in Vietnam have been accused of using hazardous chemicals, which can be cancerous and unsafe for users, to grow and treat their vegetables and fruits to maximize their profits. Similarly, people may smile when embarrassed… Because of this, it’s rude to leave food uneaten, especially when you’re in someone’s home and they’ve cooked for you. 4. Compared to 1990, only 1.2 million people born in Vietnam lived abroad. Vietnam’s abundant labour, competitive wages, network of Free Trade Agreements and connectivity to global centres of demand make it a choice location for manufacturing, particularly in electronics, textile and garment, and food processing. According to the 2017 Provincial Competitiveness Index compiled by VCCI Vietnam in collaboration with USAID, 53% of companies surveyed stated that they had to make unofficial payments for customs procedures. Third, build an acute understanding of cultural differences and nuances. Although migration is the inevitable result of globalization and Vietnam’s increased integration into the world economy, the concern is that Vietnam is losing its most talented and brightest people to other countries. For example, the recent aggressive real estate development projects have sky-rocketed the price of land in many cities all over the country, making many people rich overnight. As Vietnam pushes for its cashless drive, it is also looking to upgrade payment infrastructure and cyber security for online transactions. They also view partnerships with foreign companies positively, including those from Singapore. It was estimated that more than 2.7 million Vietnamese people lived abroad with more than 1.4 million people living in the United States, 240 thousand living in Australia, and elsewhere around the globe in 2017. Mary Norton from Ontario, Canada on May 31, 2018: We worked in Hanoi in May and June of 2017 and really enjoyed it. In addition, if a nation borrows too much debt from foreign countries, it becomes dependent on foreign economies. Vietnam Culture Quiz – True or False. In addition to the above-mentioned issues, there exist many other problems, such as competing values among generations, political apathy among young people, human rights issues, education reforms, and so on. However, Vietnam remains a strong growth story. Corruption is not news in Vietnam. In addition, similar to other advanced … Bolstered by strong exports, investment and fast-growing domestic consumption, Vietnam’s economy grew at a six year high of 6.8% in 2017. As many men in Vietnam have very labour-intensive jobs, husbands and sons are rarely expected to do chores around the home. Towards these achievements, various changes have been made to Vietnam’s economic and social policies such as a friendly attitude toward foreign investment, tax incentives and structures, international cooperation, administrative reform, and employment forms. Enterprise Singapore leverages our in-market connections and offers insights on the current policies, key market and sector developments for companies, as well as introduce them to reliable local partners. Moreover, the country’s social security fund has already warned of going bankrupt, and the government plans to increase the retirement age to 62 years old for men and 60 years old for women by 2021. According to the CIA World Factbook, in 2017, the population age 55 and above in Vietnam accounted for nearly 15% of the total population. You do not understand people well yet and you are too overwhelming of all impressions. 3. Although there is no reliable research supporting the claim, it confirmed and perpetuated the fear among the people, especially when the number of new cancer cases in Vietnam exploded in recent years, reaching more than 150,000 new cases per year. Additionally, changing cultural values and family structure also pose difficulty in providing care to the elderly population in Vietnam. Punctuality is imperative when conducting business. In April 2016, the central coastal area of Vietnam was hit with the gravest water crisis in decades, killing hundreds of tonnes of fish and causing extensive damages to the marine life and ecosystem. The report is conducted based on the analysis of the results of the survey of candidates from different continents and a variety of professions. What are some of the biggest opportunities? What are some of the biggest challenges that businesses would face and how can they overcome these challenges? We engage the local governments closely and discuss potential projects. In societies with a pragmatic orientation, people believe that truth depends very much on situation, context and time. They show an ability to adapt traditions easily to changed conditions, a strong propensity to save and invest. While the desire to attain wealth is understandable, making money at all costs immediately can be disheartening and unethical. Vietnam - Vietnam - Effects of French colonial rule: Whatever economic progress Vietnam made under the French after 1900 benefited only the French and the small class of wealthy Vietnamese created by the colonial regime. Cultural trends in Vietnam emerged in 2017, and it was a year of collaborations, commitments, and, inevitably, continued globalization. Similarly, due to Vietnam’s long-lasting patriarchy, women frequently receive lower wages and slighter chances of promotion at work. Your interpreter is one of your key assets, so needs to be chosen carefully. Because of the scepticism surrounding science in parts of the country, Vietnamese philosophies for life generally rely on emotions or the words of their forefathers. Vietnamese cuisine is appreciated across the world. thriftiness and perseverance in achieving results. Many assume that businesses must be able to speak the local language in Vietnam. Communications remain challenging in Vietnam. For instance, “you stupid” can be used as a term of endearment between husband and wife, like the wife saying this to husband to mean, “you‟re not kind to yourself” in Chinese English (Sharifian, 2009). The report also predicted that until 2026, Vietnam would have 540 super-rich people and 38,600 millionaires, one of the fastest growth rates in the world. Nonetheless, many of them never came back, and among those who came back, many were dissatisfied with their jobs and decided to resign and repay the scholarships. In 2004, the city initiated Program 922 to provide scholarships for the most competent students to study at prestigious domestic and international universities on the condition that the recipients would come back and work for the city government upon graduation. Thus, any changes in other countries’ policies or currencies can have a direct impact on the debtor nation. Take time to understand the socio-economic aspects of doing business in a country as big and diverse as Vietnam. Road to Olympia Peak was supposed to be an annual gameshow to seek the most talented high-schoolers in Vietnam; it awarded them with a full scholarship to study in Australia so that they could come back and contribute to the development of Vietnam. The problem of income inequality is further complicated by the low level of economic mobility among various disadvantaged groups in Vietnam. In the north, the people place great emphasis on relationships and spend more time building networks and relationships before formally engaging in business discussions. The choice of language used in meetings also varies from sector to sector. From 2001 to 2015, Vietnam’s foreign debts increased five times, borrowing mainly from the World Bank, Japan, and the Asia Development Bank. In the past few years, Danang, a city in the Central Region of Vietnam, also captured the national attention with stories of losing talents. On the other hand, according to the Asian Development Bank, 7% of the country’s population lived below the national poverty line, and 2.6% lived below $1.9 per day. Superstition. In sum, despite brimming with potentials, Vietnam still has a lot to work on to move forward. It’s often done as a way to modestly acknowledge what another person is saying without seeming too over-enthusiastic. TheLEADER The uncertainty of the economy in the changing trends, the impacts of the US-China trade war and the infrastructure in need of upgrading are the main challenges that Vietnam has to face in 2019. Many people cited low wages, shady work environment, lack of promotion opportunities, bureaucracy, and leadership as reasons for leaving the public sector or Vietnam altogether. We observe that the technology community has been developing rapidly in Vietnam. If it’s the first time for you in Vietnam, you won’t see the differences as well. According to a report compiled by Knight Frank, a UK-based company, Vietnam had more than 200 individuals whose net worth was over $30 million. For example, high public debt can necessitate tax hikes, burdening companies and reducing the propensity to invest, divert capital and resources from more productive and beneficial economic activities, and slow economic growth. In term of nature, Vietnam is a tropical monsoon country in Southeast Asia, with the paddy-rice agricultural On the other hand, thanks to progress in healthcare and living conditions, Vietnamese people now lived much longer; the people’s life expectancy increased from 59 years in 1950 to 76 years in 2017. Vietnamese tend to avoid showing any emotions in their speech and facial expressions. Smiling: Smiling can have many connotations in Vietnamese culture. The age pyramid of Vietnam became narrower at the bottom in 2015, indicating clear changes in the country’s age structure. The increasing demand for energy also opens doors for Singapore oil and gas companies, especially in the Liquefied Natural Gas (LNG) sector. Leasing an office space can also be challenging due to regulatory requirements and high overhead costs. The Vietnamese may also smile or laugh quietly when talking about painful or awkward experiences. Rice is a staple of the region. To illustrate, in 2017, Hanoi enjoyed only 38 days of relatively good air quality. As the age structure alters, the Vietnamese economy also needs to adapt to respond to a declining labor participation rate, increasing costs of healthcare and related services for the elderly, shifting growth driving force, and generational gaps in the workplace. In the workplace, a strict hierarchy of deference blocks initiative and innovation, and bureaucracy, red tape and low-level corruption abound. What are some of the latest developments in Vietnam right now? These cities are part of the ASEAN Smart Cities Network, an initiative spearheaded by Singapore as chair of ASEAN 2018. Although the success of the campaign is hard to evaluate, many people hope that it can set a precedent and serve as a warning to would-be offenders. Beyond that, Vietnam is rapidly urbanising and looking to improve the quality of life for its people. 4. I do hope that the usual problems that accompany development will be well addressed so more people will benefit from it. However, the inflow of foreign investments and multinational corporations has made English a more common language of communication. This availability of tech talents and the low operation costs in Vietnam have resulted in the country emerging as an offshore software research and development destination in the region. The historical view of Vietnam as either Kinh or Cham in precedence (Mus, Parmentier, Aymonier) leaves out many of the details of its rich cultural heritage (Hickey). 1. Danang - A City in Central Region of Vietnam. While Vietnam’s poverty reduction has lifted millions of people out of extreme destitution and has dramatically improved the standard of living, some social issues have also arisen due to either the modernization and urbanization process or economic transformation. In addition to water pollution, air pollution is also an issue, especially in Vietnam’s big cities. Through it all, the Vietnamese have a strong sense of pride in their traditions and way of life. Julian. Interpreters It helps to have a working knowledge of Vietnamese. 58. On top of this, there are business mentors and advisors available to provide guidance. A recent example was the collapse of Bitconnect and iFan, Ponzi cryptocurrency trading schemes that disappeared abruptly, leaving thousands of people in debt. Without a long-term development strategy with an emphasis on sustainability, the state of pollution in Vietnam is likely to become worse. Vietnam’s huge population of more than 90 million with a fast-growing middle class means opportunities in consumer sectors such as F&B and retail. For this reason too, this list of cultural sights and activities is useful when planning your trip. In some notorious cases, the city had to go to court to settle with its “talents” to recoup the scholarship money. resources for all businesses and investors with an interest in ASEAN. Since 2017, in an unprecedented bid to curb corruption and cleanse the ruling Communist Party, General Secretary Nguyen Phu Trong has launched a national anti-corruption campaign to investigate into high-profile cases of corruption, unveiling the extent and severity of corruption among Vietnam’s corporate and political elite. In 2016, more than 130,000 Vietnamese students headed abroad to study in Japan (38,000 students), Australia (31,000), USA (28,000), etc. In particular, an official from the Vietnam Cancer Association claimed that unsafe food with its cancerous agents caused about 35% of cancer cases in Vietnam. Moreover, many people fall victim to scammers and swindlers in the hope of making outsized returns in a fortnight. A relatively dense network of rivers traverses Vietnam. The Vietnamese language is usually used in meetings when the main representatives are not conversant in English. This problem happened not only in Danang but also in any cities or provinces that run similar programs. According to the statistics of the Vietnamese Food Safety Agency, in 2017, there were 139 mass food poisoning outbreaks, affecting 3,869 people with 24 fatalities. More than 90% of them were self-funded, meaning that they have the freedom to choose their future career path, and many of them chose to stay abroad. While Vietnamese businesses and consumers generally associate the Singapore brand with quality and reliability, Singapore companies often cannot compete on pricing due to the relatively lower costs of manpower, land and other resources in Vietnam. Cultural Economy in Vietnam: Challenges and Opportunities. Vietnam is also a collectivist country and community concerns will almost always come before business or individual needs. We see that the Vietnamese consumer is increasingly sophisticated and more open to new and foreign brands. In Hoi An, witness efforts to preserve hundreds of old houses and intangible cultural spaces. 59. pankaj thoke. By Kim Yen - Quynh Nhu - Nov 18, 2018 | 07:27 AM GMT+7. 2. The central cities of Hue and Hoi An are treasure troves for culture lovers, as is Hanoi, the country’s graceful capital. Fig. VERIFICATION EMAIL, Koh Chong Yu, Regional Director (Ho Chi Minh City) and Hong Anh Bui Thi, Regional Director (Hanoi) from Enterprise Singapore shed light on doing business in Vietnam. Extreme cases of poverty are reported daily in many newspapers in the country, calling for donations to help them ease their pains. This is very good and useful article to know about my Vietnamese country, make me understand more about Vietnam history and culture. 1. 1. It has developed a large workforce, with 40,000 new Infocomm Technology graduates each year. One of the most recent developments in Vietnam is its plan to develop smart cities, especially for Danang, Hanoi and Ho Chi Minh City. Try not to take more than you can eat, and be sure to give out many compliments. Another misconception is that companies can adopt the same business strategy across Vietnam. It seems that everywhere in Vietnam, people constantly talk about how to get rich. Vietnam has two broad, distinctive cultures — one in the north and one in the south. The Vietnamese language is very demanding with its 5–6 tones, its nuances and discussion levels (e.g., you cannot talk to a youth as you would to an elder, etc. The writer has a Master's Degree in Economics. The crisis was met with unparalleled protests and critics from Vietnamese people both in Vietnam and overseas and called attention to Vietnam’s deteriorating environmental quality due to rapid urbanization and intense economic activities. Having an open mind and a sense of humour will certainly help new arrivals to reduce the impact of culture shock in Vietnam. Challenges and solutions for doing business in Vietnam more effectively Approach Doing Business in Vietnam programmes are available seven days a week, 365 days a year, either at one of our training centres in London, Paris, Brussels, Frankfurt and New York or at your offices in any location worldwide. Top 5 cultural traditions in Vietnam. Why should Singapore businesses consider entering? Nevertheless, rumors about the officials’ mismanagement of foreign loans and probable corruption were also epidemic. The common cultural expectation is that the mother will fulfil domestic duties and care for the children. In schools, a rigid fact-based curriculum and didactic teaching stifles … Vietnam has been in the background of my life for as long as I remember, for all the wrong reasons I'm afraid. Although most sectors in Vietnam are already open to majority or full foreign ownership, partnerships are preferred as Vietnamese companies can help them navigate the local regulations and provide access to local networks. Expats moving to Vietnam will need to make some adjustments to their lifestyle and behaviour to take into account the nuances of the local culture, as they would when moving to any new country. It is recommended that you use a … Corruption is prevalent in all sectors in Vietnam in the forms of bribery, gifts, facilitation payments, and political interference. 198402668E, For more market insights on ASEAN and information on how Enterprise Singapore can work with your business to venture to the region, please visit, Asean economies see Q2 drop in remittances, Keppel raises US$400m in first closing for Vietnam-focused real estate fund, Half of Singapore consumers prefer to shop local to help Covid-hit firms: poll, Gaming startup mod.io raises US$4m from Sequoia's Surge. The good news is that POEs are commercially driven and receptive to new business ideas. Of late, a new area that has emerged is technology. In addition, similar to other advanced countries, the country’s birth rate continually declined, standing at less than 2%. ); even after a few years in Vietnam, a Canadian who has learned to speak Vietnamese will understand about 50% of a conversation. RESEND Challenges of Vietnam IT Outsourcing. Vietnam is also keen to accelerate the privatisation of its State-Owned-Enterprises (SOE) to enhance the competitiveness of its private sector and economy. challenges. In economic discipline, a high public debt relative to earnings can raise red flags. It is therefore important to hire an interpreter. For example, In May 2018, 19 students at Tran Phu Elementary School, Quang Ngai Province, were hospitalized after eating jelly and drinking milk tea at a farewell party, causing public outrage and anxiety over food safety in Vietnam. This is part of our Plug and Play Network, which aims to ease market entry for SMEs in over 45 major cities in 6 key markets across India, China and South-east Asia including Vietnam. Vietnamese students' top study abroad destination in 2014. One way to overcome this is to utilise co-working spaces. The 48th CFO World Congress with the participation of more than 500 delegates. Despite these very positive aspects, Vietnam does also faces some challenges that hinder its economy: State-owned entreprises need to be reformed; The financial sector needs to become freer and more transparent; Certain closed industries need to open up to more competition and foreign investments Singapore companies can contribute their know-how in master planning and smart city initiatives, water and waste treatment, and alternative energy sectors such as solar and wind. Culture The Vietnamese believe in the teachings of the early Chinese philosopher Confucius which emphasise the importance of relationships, responsibility and obligation. Traditionally, in Vietnam, children will take care of their old parents. 5. Thus, the first thing Singapore companies need to be very clear on is their value proposition; how their offering makes an intrinsic difference to the customer. The byzantine business regulatory regime aside, there is often a disconnect between the … Less use of oil and greater use of vegetables is preferred. Nevertheless, it is useful to employ someone with local language ability to minimise miscommunication and interpret the non-verbal cues during meetings. Challenges of Vietnam. Vietnam inherited its cultural wealth from thousands of years of history, sprinkled with a handful of outside influences. Furthermore, many Vietnamese students and young scholars who go abroad to pursue their education faced the dilemma of staying in the host country or returning to Vietnam after earning their degrees. Bill Holland from Olympia, WA on August 06, 2018: A very interesting read! Realtors and land hoarders earn a fair amount of profits thanks to information asymmetry and rife speculation in Vietnam. Vietnam has two broad, distinctive cultures — one in the north and one in the south. The culture of Vietnam is one of the oldest in Southeast Asia, with the ancient Bronze age Đông Sơn culture being widely considered one of its most important progenitors. Although some Vietnamese speak French, English, Chinese or Khmer as a second language, the official language of Vietnam is Vietnamese, and is spoken in business transactions and day-to-day meetings. Subscribe to t.me/BizTimes. 1. It's nice to read and learn about your country. Vietnam’s rivers, rice paddies, mountains and deep blue seas are deeply ingrained in the local culture. This is a change from earlier years, when the economy was dominated by SOEs. Singapore companies can tap this ecosystem to develop tech-related projects or find tech partners to expand into the market. According to The World Economic Forum’s 2017 Global Human Capital Report, Vietnam is ranked at 64th out of 130 countries. Indeed, with Vietnam’s astonishingly growing economic pie, opportunities to make money are ubiquitous, and the stories of new wealth are rampant. One of our partners is Toong, a professional large-scale co-working space in Vietnam with six co-working space locations in Danang, Hanoi and Ho Chi Minh City. For more market insights on ASEAN and information on how Enterprise Singapore can work with your business to venture to the region, please visit www.enterprisesg.gov.sg/ASEAN, For daily updates on weekdays and specially selected content for the weekend. Please confirm for access to all your SPH accounts. In recent times, Vietnam has faced its fair share of challenges, not helped by global and rapidly changing economic conditions. It’s an insult to the land and the workers who made the meal possible. An Instagram account of Rich Kids of Vietnam with nearly 100,000 followers showed off how children of wealthy families spent their fortunes on shopping sprees, luxurious designer items, world travelling and so on. It exhibits great diversity but can be classified into three primary categories pertaining to the north, south, and central regions of the country. For instance, minority people living in the rural and mountainous areas have limited access to education, poorer infrastructure, and slimmer opportunities to move up the income bracket. Recent divestments from Vinamilk and Sabeco, widely viewed as key cash generators, have demonstrated that the government is willing to sell off majority stakes in profitable SOEs to achieve its objective. However, information on potential partners via desktop research can be limited. May 26, 2015 @ 6:06 am. The Challenge of Reform in Indochina, 259–292, 1993. In this trip, students are welcomed into the stilt house complex in Pom Coong village in the heart of the Mai Chau valley for an immersive cultural experience. where the millionaires live in high-rise, luxurious, and—more often than not—gated communities, right next door to the poorest slums. Food safety is one of the biggest and the most common concerns among Vietnamese people, rich or poor alike. In 2017, the story of how 12/13 winners of Road to Olympia Peak never returned to Vietnam after finishing their study in Australia made headlines across Vietnamese news media. As indirect consequences of the tragedy, thousands of fishermen lost their livelihoods, and Vietnamese seafood products were turned down for domestic use and export. In the past, Vietnam’s Confucian heritage has served the country well. However, some aspects of Confucian behaviour are now putting a brake on progress and, in some cases, causing harm. Many types of noodles and noodle soups are popular here. Hoi An. 3. 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