Tips for the successful business in Asia (Hanoi)
Asia with its fast economic development is becoming a favorite and potential investment destination of many entrepreneurs and institutions
While global economic powers China, Japan, India, and South Korea continue powering through, some countries like Indonesia, Malaysia, Philippines, Thailand, Vietnam and Sri Lanka have entered the path to long-term and stable growth.
Their charming culture and people may hold you back for an idea of expanding or starting up your business. What do you need to know and prepare?
1. Culture differences.
Undoubtedly, every country has their own an interesting culture and which sometimes really strange to others. However, taking time to discover a culture where you want to do business is necessary. You can find a common model for local customers, potential partners. Don’t try to change them, but change your company to suit them.
Another mistake that some foreign companies could suffer is they treat all Asia as one country "We’ll do business the same way in Indonesia as we do it in Japan or China." If that thought has ever come to your mind or that’s what you’re doing now: fail to respect the cultural differences of each country, sadly to say sooner or later you will end up paying the price.
2. Local employees who understand the language
English is the second language in many Asia countries, but it is still an obstacle when you consider to start up in here. Planning on hiring some staffs who could easily communicate with you and local customers as well as deeply understand the culture will boost your successful rate.
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3. Showing your commitment
Expressing a strong commitment to long-term relationships with your business partner whether in prosperous or difficult duration is a key element to success.
Most Asia people have a strong sense of loyalty to people and to communities, which creates a good company image and builds the trust and confidence with your customers.
China is a striking illustration, trust lies at the core of all relationships and it is critical given guanxi is regarded as the key to unlocking profitable and highly productive business dealings
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