Doing Business in South-East Asia

Doing Business in South-East Asia

A. Introduction

The network we are creating in South East Asia (and in particular in Vietnam) allows us to fully understand the business opportunities existing in those areas for Italian companies as well as the problems and difficulties to overcome in order to do business in those markets. Let us first of all start with Vietnam and then let us add something about the other countries of the region.

B. Why invest in Vietnam?

In January 2007 Vietnam has become a member of World Trade Organization. Since then it has changed its constitution, its economic structures, its policies and its rules for accepting foreign investments. In general all these changes have made domestic and foreign investments more attractive. In recent times European Union has become a very important export market for Vietnam, second only to the United States, and the fifth import market. It is interesting to note that presently Vietnam is negotiating a free trade agreement with EEU.

For more information on import-export problems, on Vietnam’s economy and on the best business opportunities click here.

C. Types of business enterprises in Vietnam

Doing business in Vietnam is not particularly complicated but it is necessary to know that there are rules and procedures to follow and that one must choose among different types of enterprises.

In order to get more detailed information on these types , on the nine steps to go through to set up a new business and on the prerequisites needed to start a new business click here.

D. Doing business in South East Asia

The first step to do business in South East Asia is to understand people’s culture, or in other words to understand the whole of meanings, values, symbols, myths, beliefs that influence the lifestyle and the behaviour of individuals and organizations and in particular their relationships with people coming from other cultural worlds.

While often people’s culture is significantly different from country to country, in South East Asian countries it is basically the same.

As a consequence to know Vietnam’s culture means to know the culture of neighbouring countries as well.

In order to get more information on Vietnamese culture and in particular on those aspects that have more impact on business relationships click here.

E. ASEAN six major economies

The Association of South-East Asian Nations (ASEAN) include ten members: Vietnam, Thailand, Indonesia, Philippines, Malaysia, Singapore, Lao, Cambodia, Brunei e Myanmar. The six major economies of the area are: Singapore, Thailand, Indonesia, Philippines, Malaysia e Vietnam.

In order to get more information on the economies of the six more developed countries click here.

F. Conclusions

Vietnam is an emerging country that can be very interesting for companies looking for new markets.

The country has a qualified workforce, interesting raw materials, touristic areas not yet developed and, due to its large population, is a potentially attractive market. The fact that negotiations to establish a free trade agreement with EEC are under way testifies that it is Vietnam’s intention to open its economy to foreign trade and investments.

On the other hand investing or trading in Vietnam could be for Italian companies a first step toward a further penetration in other South East Asian Countries.

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