Canada-Vietnam trade has increased significantly in the last decade. In fact, trade value vastly surpassed $1 billion in 2008: Canada imported $953 million while exports reached almost $317 million. In that same year, Canada was the sixth largest investor in Vietnam. Agriculture, agri-food, education, training, the forestry industry, IT and communications are the sectors that offer the best opportunities for Canada.Read More
In 1986, the Vietnamese communist party undertook a reform process (renovation policy “Doi Moi”) aimed at progressive market liberalisation to favour an increase in productivity and the growth of exports. Since then, Vietnam has developed itself in a phenomenal fashion and has achieved enormous progress in the eradication of poverty. The country has switched from survival agriculture to export agriculture. 52% of the active population works in this sector. Its economy has also become more diversified. The part of GDP generated by the agricultural sector has reduced from 42% in 1989 to less than 20% in 2008. Although the private sector is expanding, state companies still oversee the majority of industrial production, which represents over 40% of GDP.
There is still a lot of progress left to be made before Vietnam catches up with the more developed ASEAN countries. Nevertheless, its membership of the ASEAN free-trade agreement (AFTA) since 1995 and more recently of the WTO shows the willingness of the authorities to stabilise its economy.
Source: Economist Intelligence UnitRead More
Composed of more than 54 official ethnic groups, the country takes its name from the majority group, the Viet. The official language, Vietnamese, is their mother tongue. Until the 18th Century, the writing system used Chinese characters. The system was romanised following the arrival of Western missionaries and is still used today. Although Vietnam is part of the French-speaking world, French is only spoken as a second language by about 100,000 people and one very small French community. English dominates over French in terms of languages learnt.Read More
Chia-Yi Tung, president of Orchimedia, was one of the finalists for the “2009 Business Woman of Quebec Award”
Montreal, September 2, 2009 - Chia-Yi Tung permanently moved to Quebec in 1999 and obtained a Master’s degree in communications from UQAM. Her natural skill for socialising and her impeccable French, in addition to the other languages that she currently speaks and writes (Mandarin, Taiwanese, English), allow her to rapidly integrate into society.
“Shortly after my arrival, I realised at what point Asia, notably China, can be a brain-teaser for Quebec companies,” said Ms Tung. “Conscious that they can no longer evolve in a sealed vase, they are still hesitant to do business in countries whose languages and cultures are so distant. I thus founded my marketing-communication agency to accompany these companies in the development of their marketing strategies and to help them succeed in these markets”.
More information at: http://rfaq.com/prix/Read More
Here is a five-point list of things to look out for if you do business with a partner from India:
- As in most Asian countries, India is a collectivist country. Maintaining harmony is essential in all negotiations and all kinds of confrontation should be avoided. Categorical and direct refusals are not well perceived.
- Indian society is also very hierarchical, higher ranking officials, in particular those who are older, are very well respected. Final decisions are made at this level.
- Permitted physical contact is limited and is condemned with someone of the opposite sex. Although the use of a handshake is widespread in a business context, a man meeting a woman should wait for her to initiate the gesture. In case she does not, it is recommended to abstain and to opt for a Namaste, the traditional local greeting.
- Gift exchange is very common in India. Giving alcohol is not very widespread, it is preferable to opt for sweets or corporate gifts. The gift should not be too expensive and the packaging should never be black or white.
- It is imperative to use your right hand when engaging in a handshake or to serve yourself food.
It is understandable that a company whose brand or brands have a huge notoriety would prefer to change as little as possible when trying to penetrate foreign markets. But it could be disastrous to transplant a product from any cultural context to another without carrying out certain adjustments. This is particularly true in India. Kellogg’s learned this when it wanted to launch its product Corn Flakes a few years ago in a country where it is common to eat a bowl of warm vegetables for breakfast, and where the minority who do eat cereal for breakfast prefer to eat them with warm milk. The flakes could not stand up to the heat, became soggy and much less appetising. Paired with a very high price, the product did not experience the success that was expected.
He who wants to win, wants the ball…
Who could have believed that McDonald’s, whose main product is a hamburger, would succeed in a market where the vast majority of people don’t eat beef and a quarter of the population eat no meat at all? Yet, there are currently 160 branches across the country! This is because McDonald’s adapted its products to match local taste in a distinct menu, with no beef or pork but lots of vegetarian options. In fact, more than 70% of the menu is indianized (compared to a general average of 33% in Asia). Besides, they were able to keep their branding and link it to an image of quality, impeccable services, cleanliness and world-wide values.Read More