internship report on business strategy for local market expansion at alps electric vietnam co ltd

i UNIVERSITY OF NICE – SOPHIA ANTIPOLIS IAE School of Business Administration & THANG LONG UNIVERSITYMaster of International Management and Business INTERNSHIP REPORT on BUSINESS STRATEG

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UNIVERSITY OF NICE – SOPHIA ANTIPOLIS

IAE School of Business Administration &

THANG LONG UNIVERSITY

Master of International Management and Business

INTERNSHIP REPORT on

BUSINESS STRATEGY FOR LOCAL MARKET EXPANSION AT ALPS ELECTRIC VIETNAM CO., LTD

Submitted by:

DAO HUY HOANG, class AMI9B

Academic supervisor: Dr LE THANH BINH

Dean of International Relation Office

Thang Long University

Company supervisor: Ms DOAN LINH CHI

Sales Leader,

ALPS Electric Vietnam Co., Ltd

Hanoi, November 2019

ACKNOWLEDGEMENT

I am truly grateful to my academic supervisor, Dr Le Thanh Binh, for her time, expertise and support for the completion of this report If it had not been for her constant encouragement and tremendously constructive supervision, my report could not have been accomplished

I highly appreciate the enthusiastic instruction of the supervisor, Ms Doan Linh Chi, sales leader and all of ALPS Electric Vietnam’s staff, particularly the staff at the Sales Department for their help and support during my internship

I would like to take this opportunity to express my deepest thanks to all professors at the Thang Long University and the Nice Sophia Antipolis University for their dedication, valuable lectures and instructions throughout the master AMI course

Finally, I am grateful to all of my colleagues and my family for their support, encouragement, and understanding Without their support, sympathy and kind help, it would have been very hard for me to accomplish the internship and to render my full efforts and time to finish the internship report

iii ABSTRACT

This paper is the result of my internship from 1st June 2019 to 30th September 2019 at ALPS Electric Vietnam Co., Ltd It presents my understanding of the company and proposals to develop the market of ALPS Electric Vietnam Also, it is the result of how I put the best use of my theoretical knowledge into practice

Through the internship, I have applied the academic theory into ALPS Electric Vietnam’s business activities This was also an opportunity for me to gain knowledge in a new business environment in a field I have little experience After four months, I knew how to study the market, design a plan to boost sales, upgrade the company’s market presence, improve the customer care service of the company What makes the internship really worthwhile is that my suggestions and initiatives, as well as the plan to expand the market of ALPS Electric Vietnam are highly appreciated by ALPS Electric Vietnam’s staff and partly applied to enhance ALPS Electric Vietnam’s performance

The report consists of five main sections The first and second sections provide the background information and describe the organizational structure of ALPS Electric Vietnam, respectively The third part highlights the assigned tasks that the intern was expected to complete The fourth part introduces a draft strategy to expand ALPS Electric Vietnam’s business to local customers with analysis and concrete actions to be made In the last chapter, I offer suggestions and solutions to improve the business performance of ALPS Electric Vietnam

1.4 Key Financial figures 7

CHAPTER 2: COMPANY STRUCTURE AND ORGANIZATION CHART 10

2.1 ALPS Electric Vietnam Organization chart 10

2.2.5 Ho Chi Minh Office 12

2.3 My internship position and role 12

CHAPTER 3: THE MISSION: ASSIGED TASKS AND GOALS 13

3.1 The assigned tasks 13

3.2 The link between the subject matter and mission 14

3.3 The goals to reach 14

3.4 Contribution to the company 15

3.5 Theorical knowledge to be put into practice 15

CHAPTER 4: DEVELOPMENT 18

4.1 Stakeholder matrix 18

4.2 Macro environment analysis (PEST-L analysis) 20

4.3 Porter’s five forces analysis in Vietnam Electronics Industry 23

INTRODUCTION

Over the past decade, Vietnam’s rapid economic grow and increasing trade links with the outside world has boosted income levels and allowed consumers to spend on high-tech products, which also attracted huge foreign investment into Vietnam electronics sector The electronics industry plays a crucial role in the vibrant Vietnamese economy According to General Statics Office of Vietnam, it accounted for 28.9% of all exports in 2017, up to 5% in 2010 The sector has booted Vietnam GDP, accounting for 14% of GDP in 2017, up from a mere 5.2% in 2010 However, the domestic production of electronic components is still underdeveloped with mainly participate in packaging, simple plastics and metal parts The supply of electronic components and supporting products come mainly from imports and have only been produced in Vietnam in recent years by FDI companies

Such a huge demand imported electronic components supplied in the industry leads to a fast increasing in the numbers of electronics manufacturers or big electronics distributors come to Vietnam for expanding their business To catch this chance, ALPS ALPINE Co., Ltd (the former is ALPS Electrics Co., Ltd), one of the biggest electronic component manufacturers in the world has established its affiliate as ALPS Electric Vietnam Co., Ltd since 2015 After 4 years, the company has enjoyed sustained development with increasing sales and profits year-on-year For the sustainable development, ALPS Electric Vietnam has set a number of challenging targets and continues to expand its market share into the local customers That requires a well-thought-out strategy to access into potential markets

When working as an intern in ALPS Electric Vietnam, I was assigned to be a member of the Sales Department where I can put my academic knowledge into practice The internship also gave me the chance to gain more knowledge and expertise in the field of electronic component distribution I have also involved in making strategically expand the company’s business sphere into local customers, which as a sustainable stand in the Vietnam electronics industry

This report presents the result of my internship, with a focus on analysis and recommendations to expand ALPS Electric Vietnam’s market to local customers with internal and external factors taken into consideration

Following is the basic information of the company:

Registered Name ALPS Electric Vietnam Co., Ltd (ALVN)

Address Head office: Unit 3, 4th Floor, Office building, No.165 Thai Ha str., Lang Ha ward, Dong Da Dist., Hanoi,

Ho Chi Minh office: Room 702, 7th Floor, Me Linh Point tower, No.2 Ngo Duc Ke str., District 1, Ho Chi Minh

Business License 0106891437 – KD

Business scope Implement the export right, import right, wholesale distribution right and retail distribution right in respect of electronics component products (listed in Business License);

Provide maintenance and repair services for products which the Company implements the import and distribution rights;

Provide management consulting services

Chartered capital USD300,000

100% foreign investment from ALPS ALPINE Co., Ltd (Japan)

Number of staffs 16 staffs

Contact information Phone: (+84) 24 3217 1486 Hotline: (+84) 976 909 365 Fax: (+84) 24 3217 1488 Website: www.alps.com

Legal representative Mr Kazuaki Hamada – General Director

Logo and philosophy

After 4 years of development, ALPS Electric Vietnam Co., Ltd has gained a considerable success The milestones of the company are listed as below:

• 01st August 2015: Completed registration to do business in Vietnam Start of ALPS Electric Vietnam Co., Ltd

• April 2016: Completed to start doing business with all motorcycle customers in North of Vietnam

• June 2016: Started implementing Field Application Engineer (FAE) function for smartphone customer

• April 2017: Started doing business with Consumers customers in North of Vietnam • October 2017: Succeeded in expand business with consumer customers in South of

Vietnam

• April 2018: Started business with LG Vietnam in Hai Phong

• April 2019: Opened Representative Office in Ho Chi Minh city to support FAE functions in south areas and expand business with the customers these

1.2 Products and services

By "perfecting the art of electronics," ALPS Electric Vietnam (ALPS ALPINE in general) is committed to developing new value that contributes to the prosperity of society and brings convenience to people's lives Electrical and electronic equipment has become an indispensable part of our life These devices are increasingly becoming high-performance, multi-functional and compact, and are dependent upon the even smaller electronic components inside them, which carry out a variety of highly specific functions ALPS’ electronic components are incorporated into all kinds of products, including automobiles, home appliances, cellular phones, PCs, printers, and game consoles In this way, our electronic components contribute to making people’s lives safer, more convenient, and comfortable

For many years, ALPS companies have responded to the market and customers’ needs by

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which the company sets out to supply products generating new value in a broad range of domains, including mobile devices, consumer electronics and automobiles, as well as healthcare and energy-related devices, which will be vital in the year ahead ALPS companies will do this with an emphasis on three growth engines – Human-Machine Interfaces (HMI), SENSORING™ (sensing) and Connectivity

Figure 1: Varieties of ALPS electronic components

When entering into Vietnam market, ALPS Electric Vietnam selects the fundamental and suitable products for Vietnam industrial status, which are divided into 03 types of customers’ operation:

- Automotive: ALPS Electric Vietnam selected sensors and power switches which are

used in motorcycle and automobile of Honda and Yamaha These products provide excellent safety and reliability, with the long-operation working time (circle life around 100,000 ~ 500,000 cycles) Diagnosis, Redundancy and Fail safe are required for automotive devices which ALPS products can adapt:

Figure 2: Products for automotive uses of ALPS Electric Vietnam

- EHII (Energy, Healthcare, Industry, Internet of Things): The requirement of long-time

operating life and stable performing are the major requirement for the components used by these fields of products type To adapt to these requirements, ALPS Electric Vietnam supplies mainly switches with a variety of TACT Switch™ and Contactsheet™ These two kinds of switches are ALPS’s traditional and honors of the ALPS brand among worldwide electronics manufacturers, which have a proven record for incorporation into electronic divides that demand high accuracy with regard to contact stability, operating temperature range and lifespan With the special and effective designs, TACT Switch™ and Contactsheet™ have kept the no 1 of market share entire the world

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Figure 3: TACT Switch™ and Contactsheet™ of ALPS

- Mobile: To catch growing demand for mobile phone and smartphone autofocus camera

mechanisms that save space and ensure high-quality images, combined with the transferring of mobile manufacturing place from China to Vietnam, ALPS Electric Vietnam has supplied the Lens actuators for its main Korea customer as LG Innotek Vietnam Hai Phong since April 2018 The Len actuator is an electronic component that adjusts focus by moving multiple lens holders according to the change in current via magnets and a coil built into the component, also called a voice coil motor (VCM)

Figure 4: Len Actuator (VCM) of ALPS

Beside of supplying electronic components as above, ALPS Electric Vietnam also provides maintenance and repair services for products which the Company implements the import and distribution rights This service is conducted by the company’s experienced and skilled engineers, who almost the expats from Japan or Korea designing centers With the customers who have not purchased company’s components, ALPS Electronics provides the management consultant service in specialized in the electronics manufacturing industry, such as giving technical advises and doing market analysis

1.3 Main customers

With the business form of Business to Business (B2B), ALPS Electric Vietnam possesses numerous clients which are almost the famous companies within the country and abroad As mentioned in the article 1.2, the company divides its main customers into three different application groups:

- Automotive group: mainly are Honda Vietnam and its tiers

- Consumer group: some famous Japanese brands for consumer products such as Canon

Vietnam, Olympus Vietnam…

- Mobile group (Korean customers): Obviously it is LG with their current 02 companies

LG Innotek and LG Electronic locate in Hai Phong

1.4 Key Financial figures

The general overview on the financial status of ALPS Electric Vietnam in last 02 fiscal years are presented in below Income statement:

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Table 1: Income Statement in FY2017 and FY2018

ALPS Electric Vietnam Co., Ltd Income Statement over last two years

Currency: Vietnam Dong

Revenue from sale of goods and rendering of services

Cost of goods sold, and services rendered (3,325,732,057,649) (186,357,483,113)

Gross profit from sale of goods and rendering of services

Accounting profit before tax 108,034,799,319 6,950,145,326

Current corporate income tax expenses (19,719,059,318) (1,394,270,415)

ALPS Electric Vietnam Co., Ltd has fiscal year counted from 1st Apr of this year till the end of 31st March of next year The table shows that sales, expenses, revenues in FY2018 have increased drastically in comparison with the same period of FY2017 Look at the philosophy part in article 1.1, after starting business with LG factories in Hai Phong since 2017, the company’s revenues have increased approximately 16 times which reflects the effectiveness of company business operation It makes the net profit after tax has increased from 5.56 billion VND to 86.42 billion VND, which equivalent to 15 times in accordingly This plentiful financial statement makes company has decided to expand the business operation into the local market as a brand promotion activity initially

Below is the graph presented entire sales revenues of ALPS Electric Vietnam from its beginning of operation until now:

Figure 5: ALPS Electric Vietnam Sales revenues by customers and application

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CHAPTER 2: COMPANY STRUCTURE AND ORGANIZATION CHART 2.1 ALPS Electric Vietnam Organization chart

The company’s organizational structure is illustrated in the following chart:

Figure 6: ALSP Electric Vietnam’s organization chart

2.2 Functional description

2.2.1 Board of Management

Board of Management is the highest authority of the Joint venture and consists of senior level representatives from three parties which are a Sales Director from the mother company in Japan – ALPS ALPINE Co., Ltd, the General Manager of the region office in Thailand, and General Director of Vietnam affiliate The chairman is elected by the Board of Management as the General Manager of region office

The Board of Management shall convene an official board meeting twice a year and/ or irregular meetings based on the request of its chairman or members The Board of Management is empowered to discuss and decide all major problems of the venture such as expansion program, proposals for production and operating activities, the budget for revenues and expenditures, distribution of profits, plans concerning manpower and pay scales, the termination of business and the appointment or employment of key positions

In handling ad-hoc issues, the Board of Management shall reach a final decision through consultation by the three parties to the venture, in accordance with the principle of equality and mutual benefit

2.2.2 General Director

General Manager is the legal person of ALPS Electric Vietnam for a main date of 3 to 5 years ALPS Electric Vietnam’s general director is actually at the same level as Managing Director or Direct of other ALPS’s affiliates who manages day-to-day business operations and is to instruct the business into the future with effective planned growth, ensuring that all stated objectives, aims and targets are met and lead to the overall company goal

2.2.3 Accounting and Administration Department

As the name of it, Accounting and Administration Department is combined functions for both accounting and administration It’s managed by a manager who is also company Chief Accounting There are 04 staffs under this manager: one for administration jobs, 03 staffs support for accounting functions

Administration functions: assists all departments in the recruitment and selection of staff, wage and salary compensation management, administrative support, health and safety initiatives, and employee relations, support for Japanese interpreting if it’s necessary Through staff development and career planning, it endeavors to improve the capabilities and competencies of the company’s workforce and maintain a vital succession of management, professional and skills talents Although there is only one administration staff, but she takes care the operation for both Hanoi and Ho Chi Minh offices

Accounting function: Organizing the financial and accounting affairs with the duties of

- Bookkeeping procedures;

- Creation of a balance sheet and income statement;

- Make periodically financial report and profit and loss account; - Provision of management information; Raising Finance; - Follow-up of accounts receivable and payable

The chief-accounting manages 03 staffs in charge of accounts receivable and payable, and taxation duties

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Sales department has responsibilities for the implementation of sales in domestic market with major customers as well-known FDI manufacturers There are 03 sales executives who take care one of three types of customers: Korean customers, Automotive customers and Consumer customers These sales executives play as a bridge between customers and ALPS manufacturing locations for dealing with production plan and quality issues Having business as a trading company which major task is importing goods from oversea ALPS factories to supply to Vietnam customers, there are 04 sales operators support to these sales executives who in charge in handling customs clearance processes and cooperating with out-source companies to implement transportation goods from ports to warehouse and customers’ plants The Sales manager has responsibility to ensure the effectiveness of the department in order to achieve sales target However, he spends almost the time on the most valued customers group, the Korean customers team So, there is a sales leader takes roles in managing 02 other customers teams

Recently, after 05 years operating in Vietnam market in handling major customers who transferred from other ALPS affiliates in Asia Pacific area, company’s operation has been more stable and its current financial situation is in excess of normal administration cost, ALPS Electric Vietnam decided to expand its market into local customers by finding more potential customers, then make them become company’s partners Sales department is recruiting new member to support the sales leader in this mission

2.2.5 Ho Chi Minh Office

Ho Chi Minh office has just established since April 2019 with a main function to support southern customers on technical issues Currently, there is only one Japanese expat in engineering stays in Ho Chi Minh Office In the future, Ho Chi Minh city will hire more local staff to cooperate with Hanoi Office to receiving handover southern customers and promote ALPS products as well

2.3 My internship position and role

As mentioned in above, Sales Department has expected to increase their sales revenue by expanding their operation into local customers During my internship, I have been assigned to work as an assistant to Sales Leader in this new function I myself seized the opportunities to work in a professional environment from an International company where I can contribute my knowledge gained from the AMI courses and my personal experience to the company through the project of penetrating into local customers and expand business with current ones.

CHAPTER 3: THE MISSION: ASSIGED TASKS AND GOALS 3.1 The assigned tasks

As mentioned in the previous chapter, I have taken my internship at Sales Department, Automotive customers group, since June 2019 By the supervising and instructions from Sales Leader, Ms Doan Linh Chi I am involved in carrying out reports on market research, analysis as well as contributing ideas for developing business strategy of local market expansion for the company and implement direct sales contacts and promoting ALPS products and brands via meeting potential customers Sometimes, I took part in promoting activities like supporting in mini-exhibition at potential customers’ venues

The following table is my intern’s schedule which divided into different periods of time, the target was set for each task included instructions from the supervisor

Table 2: The intern’s schedule

1st June –

16th June

Get to know the company, its products and the department

- Have an overview of the company’s business

- Understanding the target customers and subjected products accordingly, competitors,

company’s culture

- Get training from Administration staff and Sales Leader

- Research product catalog and sample box

- Participate in regular sales meeting to exchange ideas and get suggestion from other members

- Take business trip to Ho Chi Minh for visiting some current customers (with Sales Leader)

17th June –

30th June

Study the project of developing business expansion

- Understand the purpose of project, potential of new market

- Read all documents relating to the project

- Attend all direct meeting of the company, and TV conference with Developing Market Manager from

14 1st July

–

17th August

Market research - Collect related

information which are accurate and up to date

- Analysis all collected data

- Understand the company’s strengths and weaknesses, its products, and factors of the new business environment

- Collect information related to Electronics Industrial in Vietnam and the potential customers, competitors, consumer habit

- Use SWOT, PEST tools to analyzes external and internal factors which could influence to the project implementation

18th August –

3.2 The link between the subject matter and mission

From the intern’s schedule above, it can be clearly seen that the subject matter and my mission are closely related when I was assigned to support Sales leader in the expanding business project Firstly, I have to understand well the company and its products Secondly, collecting information of the electronics manufacturing industry in Vietnam is the key step to get the overview of the market, which can be utilized for our analysis to find potential customers and business opportunities Finally, after having data analysis, which in supporting by the sales leader, Sales Department and the Board of Management can get result to build up strategy to expand the business into domestic customers in Vietnam

3.3 The goals to reach

After four months, together with other members in Sales Department, the intern and sales leader must propose a draft promotional strategy to develop electronics component market that enhance and promoted ALPS products in Vietnam market

3.4 Contribution to the company

Graduated as engineer automatic engineering, I am always interested in electronics parts and technology In additional with personal career target in sales field, and the experience in business development section at previous position, I can utilize my knowledge and experience to gather as much as possible the useful information regarding to new potential customers in Vietnam and outline the most important data can be used in building strategies for market expansion With the theoretical knowledge learnt from AMI courses, I can offer the suitable methods to analyze new market which help the management level has an overall picture about internal and external factors or present the advantages and disadvantages of the company when expand its business to new customers Furthermore, with many experiences gathered from the actual work with overseas factories and the Developing Market Section in Region Headquarter, I believe that my intern can assist the company in proposing a strategy which is effective and competitive to expand the business into the domestic market

3.5 Theorical knowledge to be put into practice

During the two-year of AMI courses, I have obtained a variety of theoretical knowledge that can be put into practice Each subject brings me certain knowledge and skills in dealing with related issues and is extremely essential and useful in my internship at ALPS Electric Vietnam

The following table gives a detailed description of how the related subjects are beneficial to my internship tasks:

Table 3: The application of AMI courses

1 International Economics and Globalization

Through this course we deeply understand the process of globalization, the opportunities as well as challenges It creates the opportunity to develop, to promote the economy Besides of advantages, it also poses the challenges and enormous risk to the countries around the world, especially to developing countries The course helps us to take the correct orientation of business in global market

2 International Business

Communication As the domestic market are wholly occupied, it is necessary that

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how to adapt its products, services to suite tastes of customers in different market With the point of view as an international company plans to penetrate into oversea market, this subject helps me to understand the types of customers of various geographical or cultural features and how companies apply marketing strategies appropriately to approach them

3 International and

Intercultural negotiation

In the business world, very often, we have to conduct

negotiations or meetings with people of different cultural background The understanding of culture enables us to get to know better the partners, win their trust, as well as avoid mistakes that can harm our partnership The subject introduces typical cultural features of people from different parts of the world, like the US, China, Europe, the Middle East Their living and thinking patterns which are parts of culture can affect a lot their decision- making process That is why the subject provides us with negotiating skills that help me conduct successful meeting with foreign partners

4 International Strategy Market researching plays an important role in understanding demands of customers so that the company can design their development strategies This subject provides different techniques, models and tools in building strategies like SWOT and PEST analysis Those tools help us to analyze External and Internal factors which can influence the business so that we can have right directions for future

5 International Business Plan

This course helps me understand an important business tool, absolutely necessary before creating any new business, expanding an existing business or introducing new technologies, new product I can seek out what should be focus on to make a feasible plan It’s useful for making promotional plan

6 International

Distribution Channel

This subject helps me to realize how the products and services are distributed to customers Moreover, it also helps us to solve the customers’ problems as soon as we can The subject helps

us to do marketing and create distribution channel in the market we are interested in

7 Financial Risk Management

The subject introduces a number of financial risk management that a company may have in such a volatile market, most notably credit risk and operational risk In the case of ALPS Electric Vietnam, I assume that the currency risk is one of the most concerning ones As ALPS Electric Vietnam is an importer of electronics component from a number of markets, the currency fluctuation may cause huge loss that need to be hedged and managed wisely Another risk is financial risk may get from new customers

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CHAPTER 4: DEVELOPMENT

To accomplish the major task assigned, I have participated in some market researches to understand the market situation and gather ideas for company’s expanding strategy Several techniques and tools are used such as Stakeholder matrix, PEST-L analysis, Porter’s five force model and SWOT matrix

4.1 Stakeholder matrix

While implementing my internship, I have suggested the strategy should be built in harmonized the expectation of all related parties and can utilize their contribution in the most effective way By applying academic knowledge from AMI courses, I would like to present the Stake Matrix to clarify the attitudes of people and organizations being impacts to the operation of the company

Table 4: Stakeholder Matrix Analysis

Related people and

- Increase brand’ value - Development orientation - Strategic decision

- Market expansion - Increase profit

- Company development and growth

- More customers - Increase benefits

- Experience

and skills in Electronic components in both national and international management

- High bonus and salary - Stable job

- Good working Environment

existence and development of the company through daily works

- Good experience

- High salary

- Good working Condition - Good remuneration

Customers - Money through purchasing products of the company

- Low price - Safe services

- High quality services

- Good and trustworthy Brand Business partners

(distributors)

- Mutually beneficial cooperation between Company and partners - Experience and skills - Wide-distribution channel with strong relationship with potential customers

- Development of the customer base

- Business expansion to Vietnam

- Gaining new customers - Company growth - Get more benefits from business activities

capacity

- Engineering support

- Large order

- Long-term relation - On-time payment Vietnam Government - Impose tax and incentive

Japan Government - Impose tax and incentive policies

- Grant all licenses - Security

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4.2 Macro environment analysis (PEST-L analysis)

This sub chapter will study the macro-environment of the Vietnam market by using PEST-L analyzing model The five factors will be discussed in detail and tailored towards their impacts on the application of the expanding business strategy of ALPS Electric Vietnam

Political & Legal factor

To the business of ALPS Electric Vietnam, the political & legal factors bring both opportunities and threats for its business in Vietnam

Vietnam is a socialist country operating with the only one party of the Communist Party in the political arena, the role and influence of it is unique The Communist Party keeps the political environment relatively stable with nearly zero riots so far In other side, bureaucracy and corruption remain at a high level despite the government making effort to apply solutions In 2014, Vietnam ranks at 119 in 175 countries being reported in Corruption Perceptions Index (Transparency International 2014) Such factors clearly have an uncontrollable impact on any business, especially foreign and non-state-owned organizations Despite dispersing small political opposition Vietnam politics, in general, are believed to be more stable than those of the neighboring countries As a result, more and more FDI is being poured into Vietnam

Over the years, the Vietnamese government has improved its legal and institutional framework to create a transparent and fair investment environment for investors This has been reflected in the improvements in Vietnam’s Ease of Doing Business ranking from 99th in 2014 to 69th in 2019

Participation in strategic trade agreements, including the AFTA, EU-Vietnam FTA and CPTPP, demonstrates the commitments of Vietnam towards trade openness with other countries This is an opportunity for enterprises enjoy the incentives from these FTAs, which can take effect for them enhancing their competitiveness among global supply chain It is appeared that many current and potential customers of ALPS Electric Vietnam have been considering expanding their business in Vietnam, which to utilize the incentives on their products “made in Vietnam” For our own products, beside of opportunities to increase revenues due to increasing customers’ demand, ALPS Electric Vietnam can also utilize our advantages of having suppliers in the countries signed these FTAs to enjoy the import tax incentives

However, importing to Vietnam is still highly regulated by the government, in spite of becoming a more open economy To order to import into Vietnam, the importers need to obtain