This small island covered in enchanting scenery, which has earned the name “Ilha Formosa” (the beautiful island), has about 23.1 million inhabitants. Two-thirds of the surface area is mountainous – the largely urban population is spread out over the habitable surface area, thus making it one of the world most densely populated countries. Mandarin is the official language, but unlike mainland China, it is still the traditional writing system that prevails. Well educated, Taiwanese people have a predilection for engineering. Incidentally, the Republic of China is one of the top five countries producing PhD’s engineers (Engineering Trends). Taiwanese people are very fond of high-technology: the capital Taipei has been well-known to possess the largest Wi-Fi network in the world (Taipei Times), and their prime minister is working hard so that the entire island will be recognized for it in the near future.
“Taipei 101″, was the tallest building in the world until it was surpassed in height by the Burj Khalifa in 2007.
Throughout Vietnam, recent economic growth has benefited a certain portion of the population who has actually seen their purchasing power increase. Indeed consumers are becoming more open to novelties and diversity, especially those under the age of 30 who represent more than 50% of the population. Foreign brands, perceived to be of better quality, are warmly welcomed by wealthier people. In order to benefit from these opportunities, it is important to take into consideration certain idiosyncrasies of the Vietnamese market.
Also, recent economic growth has contributed to the emergence of a bigger class of wealthy people. This wealth is concentrated in urban areas: the GDP there is six to eight times higher than in rural areas. More than a third of the urban population (Hanoi / Ho Chi Minh) are now a part of the upper-middle class.
Furthermore, it is necessary to geographically divide the market into parts according to the product or service that is to be offered. It is in Ho Chi Minh that consumers are most fond of foreign brands. In fact, more than half of foreign consumer goods are bought there. On the other hand, foreign companies specialized in infrastructure development (energy, environment, aviation, telecoms, etc.) should be looking more towards Hanoi, as it is where the majority of state company’s headquarters are located, which are responsible for a significant proportion of total imports.
Attitudes towards brands differ from man to woman. Women shall choose products based on efficiency (perceived), whereas men choose certain brands in order to project an image of success and social achievement.
In all cases, it is important to remember that although brands influence the decision-making process of the Vietnamese consumer, he remains very sensitive to the price. It is still the number one criteria when it comes to making a purchase decision.
Source:U.S. & FOREIGN COMMERCIAL SERVICE AND U.S. DEPARTMENT OF STATE, 2008.Read More
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
India is among the 13 priority markets where Canadian opportunities and interests have the greatest potential for growth, according to the Canadian government. In 2008, bilateral exchanges grew by 24% to reach an unprecedented value of 4.6 billion dollars. Compared to 2007, Canadian exports to India increased by 33% to reach 2.4 billion dollars while Canadian imports from India rose to 2.2 billion. In the same year, Canadian FDI in India was valued at $1.022 billion, while it was the recipient of $801 million from India. The priority sectors include agriculture, food-processing, infrastructure, ICT, mining and quarrying, life sciences and basic services.
Source: http://www.ic.gc.caRead More
India possesses a highly qualified and educated workforce. Its universities are renowned throughout the world and are ranked as leaders in fields such as mathematics, sciences and technology. Three quarters of the GDP is generated by typical industries of the knowledge-based economy like IT, biotechnology, car parts and electronics. Last year, the country succeeded in launching a rocket and putting numerous satellites into orbit. India’s vast intellectual capital resources will allow its economy to grow and, according to Goldman Sachs, become the world’s third strongest economy in 2035.Read More