Ho Chi Minh city shopping centers filled with idle air

For years, in Ho Chi Minh City, big shopping centers, such as Diamond, Parkson, Vincom, and Now Zone, were the places many people wanted to stroll around when feeling the need for entertainment or bored.
But now, those who want to entertain themselves by walking around such places, may get sadder, as the unexciting shopping atmosphere caused by falling demand is haunting those shopping spheres.
“Take this! The popular trend is belts with big buckles.”
“Take it please, we are selling at a discounted price, VND800,000 each. Normally we sell it for a few million dong.”

This was heard at the Polo booth selling belts, and wallets at discount prices at Parkson shopping centers on Le Thanh Ton Street in District 1. Two employees were trying to persuade a customer to buy the belt.
The customer excitedly took the belt out of the box, but then fitted it on her waist and turned around tentatively. The group started to laugh out loud.
The customer, who wore the uniform of an employee there, turned out to be an employee of a neighboring booth, Alain Delon.

Professional Hello to Vietnamese Business People

Vietnamese economy relies on other countries for import products such as petroleum products, vehicles, heaving engineering, and electronic equipment. In the meantime, the country did export textile, furniture, rice, coffees and many other products worldwide. This bilateral transaction had force both Vietnamese and foreigner partners to “meet and greet” in order to sustain the business relationship.

Professional Greetings

First business met normally will start with professional greetings. Handshake is a common form of greeting when entering and leaving a business meeting. The handshake is not as firm as American type and short. It is acceptable to shake hand with women and make sure it is quick and polite to avoid from further intimidation. To play safe, when woman and man are greeting each other, you can nod to each other or let the women to initiate the handshake first.

Dress to Impress

You might be heard the term “Dress to impress.” Business suit with conservative colours such as black, navy blue and dark grey is perfect. You will observe Vietnamese businessman like to wear a white shirts matched with red or maroon neck tie in many formal occasions. During summer, you may attend casual meeting by wearing Polo T or short-sleeve shirts with black pants or khakis. Be in mind that your Vietnamese partner will spend their first 30 second of meet up to screen your appearance before moving to the meeting agenda.

Financial Stress: Wake up Call for Small Entrepreneurs

Financial stress may happen to small enterprises or multinational organizations. As a small business, you might have a small network and less reputation and slow business operation will result a financial stress.

Get Real about your Situation

You have to get real when you are under financial stress. Detail analysis such as current profit, liabilities & asset and current debts need to be done to see where your company stand is financially.  By doing profit and loss report, you will measure your source of income and review your expenses. From here, you may cut some of the unnecessary expenses and strengthen your financial.

Reset your Goal

Re-evaluation of your company’s mission and vision will bring you back on the business track. The business goal must be matched with your current situation and have a relevant time frame to achieve. You may work on short-term goal and merge it with your long-term mission. Taking step by step action will alleviate your financial stress, and your business will be easy monitored. 

Franchise as a Business in Vietnam

We always hear that franchise is a “money making” business. Franchise is a strategic relationship between groups of connection with objective to dominate the market and attracting more customers from the competition. It can be considered as business strategies which apply to gain and sustain their consumers by creating an image to current and future consumers.  However, there are some wrong mindsets about franchise business such as, thinking that become a franchisee is “buying a franchise”.

The fact, franchisee are investing their asset in the franchise system to use the brand, operation system and continuous support from their franchisers. In Vietnam, popular franchisers such as Pizza Hut, Shop & Go, Circle K and Lion City Restaurant are aggressively expanding their business by using this franchise system.

Understanding The Concept of Saving Face in Vietnamese Culture

Asian was born with a very unique culture called as “Saving Face culture”. From typical Japanese business etiquette to wet market transaction in the smallest village in central Vietnam, this social culture is still applied in everybody’s daily life. If you make someone losing face even not on purpose, this infraction is rarely forgiven.

The Concept of saving Face

First of all, let’s describe the concept of “face” in Vietnam. It’s a combination of reputation, social standing, dignity and individual honors. “Losing face” is an action to cause someone look down in front of their friends or community and “building face” is the process of making someone feel good in front of others. This is totally different compared to Western cultures which is very outspoken towards any matters. However, in Vietnam, building face will come first during early stage of business meeting before proceeding to the real deal.

Making Noise

Shouting or arguing in public is strictly prohibited. This scene wills actually making the person lose face toward bystanders through embarrassment. Even when you feel frustrated, it is better for you to calm down and be patient until both parties get a solution. For Vietnamese, at least small compromise can be considered as a solution.

Executive Search: Get Local Talent with International Competencies

Current economic growth had attracted numbers of worldwide Foreign Direct Investment (FDI) to Vietnam. This positive growth had contributed towards human capital development in organization and challenging recruiters to be more competent in sourcing suitable candidates for the company. Assigning Executive Search & Job Placement Agencies such as Navigos Group, Adecco and Vietnam Manpower Solution is another option for employers to speed up the recruitment process and engaging the best person on board.

Specialization by Industry

In every organization, there will be various division and vacancies which need recruiters to be expert in the area. For example, one Executive Search agency may specialize in banking and financial recruitment and some other may be good in pharmaceutical industries. By using Executive Search agency, they know the market and most of Executive Search Company are very focus on certain industry which is general HR did not.

Skill Oriented

Headhunters are target oriented. One of their missions is to fulfill their client’s recruitment assignment within the timeline. Headhunters have a professional skills which is normal HR people do not posses or use very often. Headhunters are trained with skills such as how to cold call candidates from competitors and how to qualify whether the candidates are interested with any carrier movement opportunities.

Umbrella-ing your Business in Vietnam with Insurance

Global economic uncertainties and sudden climate change makes many organization worry about the effect to their business. This is where insurance play part which is to protect their business from risk. Just like the way you protect your car and home with insurance, you need to do the same way to protect your business asset in case there are any liabilities or natural disaster which you may cannot handle by yourself.

Link with Insurance Agent
You may choose to work with insurance agent from your provider of choice such as Prudential, Baoviet Insurance or AIA Insurance or professional Insurance Broker such as Grass Savoye Willis Vietnam or Jardine Lloyd Thompson (JLT Asia). Some professional prefer to work with brokers as they are not only limit themselves with one insurance and as a broker, they are good in customizing your insurance policies according to your needs.
In summary, insurance is a must in order to minimize your business risk and gaining trust from your subordinates and clients.