Global Business Cultural Analysis of Vietnam



Abstract

This study is based on the overview of Vietnam's current economic conditions as compared to their history. It highlights the entire sectors of economy in which Vietnam is growing. From the spending pattern of the people to their educational level, from the improved standard of living to the growth in the technological sectors and medical care products, all are being discussed in this study.

Furthermore, the study has classified the important elements of the culture of Vietnam, along with their dimensions, and how the local businesses run with such rules and cultural values to follow.

The following part then discusses the comparison of Vietnamese cultures with that of the US cultures and its values. It further highlights the principal contradictions among these two countries in their societal views. Than the study also discusses the implications for companies who want to start a business in Vietnam.

Through this entire study, one will be able to learn different norms and cultural values of Vietnam, and will be able to understand how strongly they follow their culture, not just in the family life but also in the business level.

Table of Content

Abstractii

Introduction1

Global Relations1

Economy1

Trade2

Major Elements of culture and their Dimensions in Vietnam3

Cultural Dynamics of Vietnam3

Households4

Spending on Consumer Goods4

Lifestyle5

Ethnicity6

Language6

Education6

Customs and Practices7

Religion8

Technology in Culture8

The Doi Moi Approach9

Integration of Elements and Dimensions by Local Business9

Comparison of Vietnamese Culture and Business with US14

Personal Relationships14

Showing Respect14

Communication14

Concept of time15

Individual and Group Dynamism15

Gender Issues16

Implications for US Businesses16

Market Opportunities17

Market Challenges18

Entry Strategy19

Conclusion21

Draft Outline of Research Paper22

References26

Annotated Bibliography29

Global Business Cultural Analysis of Vietnam

Introduction

Vietnam, officially known as The Socialist Republic of Vietnam, is located in Southeast Asia. It is a single-party nation, which is known as the Communist Party of Vietnam. This party is responsible for all matters of the country, such as governmental, political, and social. All the administrative functions, state appointments, and policy making comes under the responsibilities of this communist party.

Global Relations

Vietnam's global relations have grown to a significant amount from past decades. There strong relationship with their neighboring country, China, is a strong evidence of their developments. They have reform their foreign policies in a bid to improve their economic condition. To further strengthen their global progress, they have established relationship with 172 countries on an ambassadorial level, which also includes the US (Vietnam Embassy - US, 2010).

Economy

In past, Vietnam was mainly an agricultural-based economy. They were more focused on the production of watery rice. However, due to the destruction caused by the Vietnam War, they faced severe implications on their land reforms. Than they had planned their economy to give a new lease of life to their agricultural reforms, and make the nation an industrialized economy. However, with the passage of time, Vietnam has flourished their economy with the focus on areas of manufacturing, high-tech industries, and information technology. These three areas are the most growing part of their economy today. Vietnam has also formed policies to focus on the oil industry. They have started their progress in this area, as well. By far, they are the third ...