If there was to be a Conference on Investing in Vietnam, what topics do you believe should be included?
Ask:This conference is targeted at companies which plan or thinking of investing in Vietnam. Aside from the political & economy framework, foreign investment law, employee contract law, taxation etc.... what else?
Answers:I have been going back and forth about answering your question, and finally decided to put in my $0.02 worth.
I have been to Vietnam recently a few times, and have business opportunities in the works right now. There are challenges that can be difficult to understand, let alone describe, in doing business or investing in Vietnam.
Right now, Vietnam is raw capitalism, where there is more risk and fewer means for recourse if something happens to you and your business there. Vietnam's civil court system and processes are in it's infant stage and pretty much useless. Therefore, it is best to have business and investment matters not rely or utilize their legal system as means of resolution. In other words, Vietnam is an investor-beware environment, and investors should make sure their ducks are inline when they drop their money there.
The communist government and how their system works is quite different compared to the U.S. What we may consider unethical (i.e. paying off government officials) is accepted as normal in Vietnam. Those who don't understand this may find their Vietnam investments very difficult to manage.
Of course, you should touch on the wealth of opportunities that are opening up in Vietnam. Vietnam's most valuable resource is their people. Their workforce is young, educated, work like dogs, loyal to their employers and (currently) cheap.
I would love to attend your seminar if it's convenient enough for me to do so. Feel free to contact me if you want more of my opinions concerning Vietnam.