Vietnam is a booming market for many foreign investor as the country is friendly to new development from the foreign companies, and the location is ideal for a number of industries, including textiles, technique, and raw materials.
For Indians considering doing business with Vietnamese corporate, there is extension to do better on trade and investment between the two countries. According to the Vice-President Hamid Ansari of Indian, when he was on a four-day visit to Vietnam to participate in events marking the conclusion of 40 years of friendship and five years of strategic partnership between the two countries, he hopefully said that there will be more movement on business and investment in Vietnam by Indian companies which is ordinary compared to that made in the larger ASEAN community.
Earlier in the day, Indian businessmen and company representatives from a host of sectors such as pharmaceuticals, health care, banking, general trading and coffee processing attended the meeting. And Indian corporations like Godrej (furniture), Nagarjuna and KCP (sugar), Phillips Carbon Black, Marico, Fortis Health Care and CCL (coffee) are all venture capitalists in Vietnam but none of them have enormous investment. The big pharmaceutical firms such as Torrent, Zydus Cadila, Glenmark and Panacea Biotech have also established offices to promote their products in Vietnam. By this way, India becomes one of the largest exporters of pharmaceutical products to Vietnam.
Also, the Vietnam visa and custom procedures is also not so difficult for Indian businessman. Getting Vietnam Business Visa for Indian passport holders can be much more time-saving & convenient with Visa On Arrival method. There are 4 visa types for Indians to choose basing on their regular business trip in Vietnam: 1 month-single entry; 3 month-single entry; 1 month-multiple entry; 3 months-multiple entry. For the best transparency, the best convenience & highest level of information security, Vietnam-visa.com service provider is strongly recommended.
Smooth business meetings from 2 nations are promising to boost bilateral trade relations.
Beside the advantage in investment in Vietnam, Indian investors should find out the drawbacks of the picture to put a smart and potential investment in Vietnam market in the future.
Regarding the stumbling block, between Vietnam and India, there is a lack of awareness and consciousness as a business partner to be better trade relations. With ASEAN, Taiwan, Korea and Japan who are showering their attention on Vietnam, and China offering appealing loans for projects using Chinese equipment, the disinterest in India as a partner is probably understandable. And the case of Tata Steel who was planning a great investment in setting up a steel plant in the country but it is now on the pending, though they have not given up, the company could not secure the right incentives from the Vietnamese government.
The second consideration is that there is no direct flight between the two countries which is a big obstacle to not just business but also tourism. In case that most Vietnamese are Buddhists, there is potential to leverage the Buddhist tourism circuit in India but without a direct flight, it is far away from the starting point. However, the difficulty can be minimized by convenient flight & immigration custom process which help facilitating traveling between the two nations. With vast opportunities to invest, which was at around $4 billion and the aim is to take it to $7 billion by 2015, the business relation between India and Vietnam seem to take the next step of improvement and development.
Another point that Indian investors should study is the Vietnam general business. The common principals in Vietnam business culture is respecting the authority, being polite, and being generous. The main dissimilarity is that you should also try to build the personal networking wherever possible. You can use the internet to advertise your business in Vietnam, but you’re likely to get much further through recommendations. In case you want to establish a new branch of your business in Vietnam, it is necessary to talk to local chambers of commerce and community business leaders to get your foot in the door and start building your connection.
Focusing your investment in Vietnam has never been tough if you are proactive to catch the potential chance as well as knowing the difficulties to pass over. The business relationship between the two countries may have been stronger these days that lead to a big opportunity in investment.
For further support about Vietnam Visa & other Vietnam culture, feel free to contact us through Hotline +84. 946.583.583 or email [email protected].