The accession of Vietnam to the WTO opens up great opportunities for foreign companies to develop new business lines in Vietnam.

Policies aimed at opening of Vietnamese economy, attract more potential investors.

However, in order to avoid cross-cultural misunderstandings that could adversely affect the relations with Vietnamese partners, we offer a few tips to follow that will lead you to success in business.

Search for contacts

In most cases, business contacts in Vietnam are set on the basis of internal information.
About the best prices and deals they usually learn from proven non-official sources.
This information has its price, but not necessarily in the form of money – it can be replaced by dinner at a restaurant or a rest in a massage parlor.
To start business talks, first of all, it is necessary to establish personal relationships – in Vietnam it is above all.
The fate of the contract can be solved exactly in an informal lunch, not at the negotiating table.
Nevertheless, cold calls and direct contacts found in the public domain on the Internet are common.
You can also get the information at the exhibitions, fairs, from catalogs, brochures and handouts.
If you want to invest in any enterprise, you can contact the Chamber of Commerce of Vietnam or the mediator.

Business relations

Any business relationship with Vietnamese partners becomes interpersonal shortly.
In contrast to Western business relations, which remain purely professional and neutral, even after a long period of time, relations in Vietnam immediately become social.
The more you share your personal life, discuss the political news, hobbies, free entertainment, the quicker you gain confidence and trust of a partner.
After the discussion of abstract topics not related to business, the partner expresses his opinion about the vision of the prospects of relations, relying only on your personal and communication data.

Subordination

Duties subordination is very important in Vietnam, especially if you’re dealing with government officials.
Instead, Mr and Mrs, the version of the appeal by post is acceptable, for example: President Thang, Director or Manager, Dung Hai.
Handing over your business cards or brochures, be sure to start with the most senior partner. When exchanging business cards, keep the card with both hands.
At the negotiation or meeting, it is advisable to take seats according to the rank or position.

Entertainment
Most lunches and dinners are arranged in the hotels and restaurants.
In order to establish relationships in advance of business negotiations, the entertainment is held in the first half of your visit. It is expected that you, in turn, will also invite to dinner your partners.
Usually business topics are not discussed during the dinner, although it is possible at lunch.
The dinner consists of several dishes, and they are usually served in sequence. In Vietnam the sticks are used, but many modern restaurants have European cutlery.
Vietnamese beer as well as imported wine or liquor are also served at dinner.
Exchange of toasts is also appropriate, and the host said the first toast.
During the toast, you should stand up and raise a glass with both hands addressing the most honorable representative.
In the toast, we can mention the beauty of Vietnamese nature, hospitality of partners, or prospects of the relationship.
You can tell the back toast sitting. Dinner is usually finished by fruit or sweets.
Before leaving, you should shake hands with everyone present and thank for dinner.