Vietnam - US Culture differences in doing business Presented: Giang Dang Vietnam Hello Vietnam: http:// www.youtube.com/wa tch?v =VGRc-cI0JbA&featur e=related Vietnam Key Statistics Located in South East Asia Area: 330,000 sq km Coastline: >3000 km Population: 86 million Climate: tropical Capital: Hanoi 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 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 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) Culture differences in doing business Don’t 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 How to manage these differences? Learn about the culture differences before you want to business with a foreign partner Understand and respect the differences 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/2008/06/789 997/