Vietnam Business Guide: Getting Started in Tomorrow's Market Today
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Vietnam Business Guide Getting Started in Tomorrow's Market Today

Edited by Kimberly Vierra · Brian Vierra
John Wiley & Sons November 2009

Specifications

ISBN-13
9780470824528
Publisher
John Wiley & Sons
Publication
November 2009
Format
Paperback , 224 pages
Jurisdiction
Vietnam ? Countri(es) for reference only

Details

Kimberly and Brian Vierra have written the most useful guide I have seen for foreigners who want to do business in Vietnam. I’ve spent years in the country, but I learned a lot from this book. It’s full of practical information about unique aspects of Vietnam’s business culture; registration, legal and tax issues; working with local business partners; living conditions in Vietnam and industry-specific opportunities. Interviews with experienced expatriates bring the issues to life. The Vierras are very frank about tough problems such as corruption, but they also convey a real affection for and understanding of this wonderful country.

Raymond Burghardt
Former US Ambassador to Vietnam
Director, Indochina Capital Corporation

Vietnam Business Guide is the book that every seasoned Southeast Asia hand, bellied up to a Saigon bar, says he ought to write. Be thankful the Vierras made good on this common boast. Unstinting, pragmatic, penetrating and incredibly accessible, this highly readable volume may not keep you from the suffering the pain of starting up, but—if read closely, with a yellow highlighter—may very well spare you the agony of undue blood-letting. There will be blood, but Vietnam Business Guide will mitigate the flow.

James Sullivan
Managing Director, Mandarin Media
Author, National Geographic Vietnam and Over the Moat

Vietnam Business Guide provides practical and balanced information about Vietnam for foreigners to plan their first steps to enter the market. What separate this book from others are its reality and practicality, brought about by both the authors who themselves are entrepreneurs having walked the same journey and the experts who contributed their experiences on different topics throughout the book. The business landscape in Vietnam is speedily changing. Some facts, by the time you read the book, may need updating but still it serves best in providing newcomers essential starting points—a should-read book for those who consider doing business in Vietnam!

Vu Minh Tri
General Director, Yahoo! Vietnam Co. Ltd.

I believe that Vietnam Business Guide has been very objective and true to its purpose. It covers almost all relevant business and personal challenges that one would face in Vietnam, with the authors’ firsthand experience shining through in their handling of culture issues and the Vietnamese mindset. Despite the constraints on size, it has sufficient details and a wealth of references to guide entrepreneurs and business executives in the right direction. Crisply written with interviews and real-life anecdotes, it makes for a very interesting read. A must-read book and an invaluable tool kit for anyone looking to Vietnam for business.

Manish Dhawan
Vice President – Coffee Division, Olam International Limited

Table of Contents

Preface.

Introduction.

Structure of the Book.

Part 1: Considering Vietnam-Get Ready!

Part 2: Starting up In Vietnam-Get Set!

Part 3: The Daily Challenges-Go!

Part 1: Considering Vietnam - Get Ready!

Chapter 1. Why Vietnam?

A Snapshot of Vietnam's Economy.

Economic Overview.

Summary.

Web Resources.

Endnotes.

Chapter 2. Living in Vietnam-It isn't for Everyone.

Part 2: Starting up in Vietnam-Get Set!

Roadmap to Starting your Business in Vietnam.

Chapter 3. Establishing Your Presence.

Getting Started: A Vietnamese Perspective.

Legal Structure.

Work Permits.

Work Permit Exemptions.

Outline for Process of Obtaining a Work Permit.

Renting Office Space.

Exit Strategy.

Summary.

Endnotes.

Chapter 4. Navigating the Business Landscape.

Business Protocol.

Meetings.

Business Attire.

Business Entertaining.

Time Sensitivity.

Corruption.

Negotiating with the Vietnamese.

Dealing with the Different Government Departments.

Import and Export Considerations.

Banking and Money Matters.

Banking.

Repatriating Profits.

Exchange Rate.

Interest Rates.

Pricing and Naming Considerations.

Summary.

Endnotes.

Chapter 5. The Labor of Labor.

Overview of the Labor Landscape.

What to Expect: Local Candidates.

Summary.

Skill Set Gaps.

What to Expect: The Viet Kieu Candidate.

What to Expect: Working Regulations.

Wages.

Working Hours.

Overtime.

Annual Leave.

Other Leave.

Sick Leave.

Child care Leave.

Maternity Leave and Special Benefits.

Marriage and Death Leave.

Working Age.

Recruiting Procedure.

Labor Contracts.

Compulsory Insurances.

Employment of Expatriates.

Summary.

Endnotes.

Chapter 6. Working with Local Business Partners.

Why Do You Need a Partner?

Finding a Partner.

Protecting Yourself.

How to Approach and Structure a Partnership.

Managing Your Business from Abroad.

Summary.

Endnotes.

Chapter 7. Legal and Other Administrative Hurdles.

Permitting.

Regulation and Overall Ease of Doing Business.

The Post Office Metaphor.

Laws you Have Probably Already Broken.

Endnotes.

Part 3: The Daily Challenges-Go!

Chapter 8. Manufacturing, Outsourcing, and Agricultural Production.

Manufacturing in Vietnam.

Quality Concerns.

Strikes.

Tax Incentives.

Outsourcing to Vietnam.

Quality Concerns.

Education and Literacy.

Agricultural Production.

Summary.

Endnotes.

Chapter 9. Selling into the Vietnamese Market.

What the Vietnamese Want.

Branding and Name Recognition.

Local Competition.

Distribution.

Managing a Local Sales Force.

Advertising.

Pirated Products and Copies: How They Are Viewed.

Summary.

Endnotes.

Chapter 10. Intellectual Property Rights.

IPR Challenges and Realities in Vietnam.

The Path to Protection.

Patents.

Copyrights.

Trade Secrets.

Trademarks.

Intellectual Property Rights Resources.

Legal Counsel and IPR Advice in Vietnam.

Endnotes.

Chapter 11. Tax.

Taxation Overview.

Business Taxation.

Calculating Business Taxable Income.

Deductions.

Depreciation.

Losses.

Capital Gains Taxation.

Withholding Tax.

Dividends.

Interest.

Royalties.

Foreign Income and Tax Treaties.

Transactions Between Related Parties.

Transfer Pricing.

Debt to Equity Proportion Requirements.

Consolidated returns.

Indirect Taxes and Duties.

Value-added Tax (VAT).

Special Consumption Tax (SCT).

Accounting Standards.

Corporate Tax Administration.

Personal Taxation.

Determination of Taxable Income Prior to 2009.

Personal Income Taxes from January 1, 2009.

Inheritance Tax.

Gift Tax.

Tax-related resources.

Endnotes.

Epilogue-Can you Handle the Truth?

Appendix A. Industrial and Economic Sector.

Overview.

Export Production.

Agricultural Sector.

Power Generation and Related Services/Products.

Construction.

Telecommunications Equipment and Services.

Oil and Gas Services/Machinery.

Airport Support Services and Equipment.

Environmental Services.

Health Care.

Education and Training.

Franchising.

Information Technology.

Endnotes.

Appendix B. Vietnam Living Conditions.

Severe Climate.

Pollution, Sanitat5ion Issues and Disease.

Vaccination Schedule for Shorter Stays.

(Less than Four Weeks).

Hepatitis A.

Typhoid.

Hepatitis B.

Vaccination Schedule for Longer Stays.

(More than Four Weeks).

Japanese Encephalitis.

Rabies.

Tuberculosis (TB).

Other Diseases.

Inadequate Medical Facilities/Questionable.

Pharmaceutical Products.

Crime.

Traffic and Transportation Concerns.

Social, Cultural and Recreation Outlets.

Hanoi.

Ho Chi Minh City.

Hanoi.

Infrastructure Concerns.

Religious Matters.

Housing.

Ho Chi Minh City.

Hanoi.

Goods and Services.

Air Travel from Vietnam.

Endnotes.

Index.

About the Author

Brian Vierra graduated from Whitman College with a B.A. degree in Economics and went on to complete a Master’s degree in International Management at Portland State University. Prior to founding two successful
businesses in Vietnam, he was the import manager for the New York branch of a global logistics firm. Before this, he served as a Peace Corps Volunteer in Tanzania, East Africa, working as a university economics instructor. Brian is currently the director of Embers Asia Ltd. and the managing director of Phat Tire Ventures. Both companies have operated successfully in Vietnam for more than seven years.

Kimberly Vierra graduated with a Bachelor’s degree in Economics (honors) from Lewis and Clark College, and a Master’s degree in International Management from Portland State University. Kimberly has been a Senior Consultant with ORC Worldwide’s Singapore office since March 2007, after relocating from Dalat, Vietnam where she was the co-founder of Embers Asia. Previously, she was a consultant in ORC’s New York headquarters where she consulted with Fortune 500 companies on their international assignments programs. Prior to ORC, Kimberly worked in the International Assignment Solutions Technology Group of PricewaterhouseCoopers in New York City, and before this worked in the International Human Resources department at Nike, Inc.’s world headquarters.

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