Vietnam has garnered international praise for its swift and effective response to the COVID-19 outbreak. Although the country is not immune to the global economic downturn, its prospects for recovery remain positive and are the brightest among Asian countries, so more and more foreign capital still heading to Vietnam.
Market Entry Services or consultants as they are called provide valuable consultancy services to businesses of all sizes in addition to NGOs, when they decide to deploy in a new market. The services help with solving different business-related problems which are related to but not limited to manufacturing, outsourcing, human resources, marketing, etc.
When getting into a new market, there are many variables which are hard to know. Businesses are often challenged by competitors and environments that they weren’t prepared for during the planning phase. Then there is also the fact that the business’s practices need to be adapted to local culture. All of this is made possible with the help of good market entry services.
Help Businesses Grow in New Environments
Market entry services for the most part help businesses foster good relationships and grow in new markets. Consultants can help gauge stability, demand and interest of a particular product before the company even takes a step towards moving.
Consultants can also provide figures and information regarding competition, growth and overall potential. Additionally, they can help to prepare a business strategy, carry out extensive cost-benefit analysis and risk analysis while developing a business plan for the organization.
Usually, the diplomatic missions and trade associations of countries that are heavily dependent on exports provide these market entry consultancies to big businesses. However, private consultants work in just about every country, and they help facilitate every aspect of moving to the native market. As a rule of thumb, new foreign businesses should seek out local talent including local consultants as they may have insight that’s beyond what the bureaucracy can provide.
Native Speaking Translators – A big Plus
Many if not all Market Entry Services have a team of local translators. These translators can be a big help when it comes to helping businesses convert their marketing, advertising and sales content from one language to the native one. Plus, these translators can be indispensable when it comes to ensuring that the company’s message and products are culturally appropriate in every possible way.
Another exciting aspect of hiring a company which has a team of translators is that you get a great deal of insight about what motivates locals of the region to buy. For instance, in some countries ‘free’ may not always be considered good, though ‘discounted’ and other related terms may work better. That’s the kind of information you simply cannot get anywhere else except from local translators who have experience helping businesses migrate to the region.
When to Hire Market Entry Services?
The best time to hire these consultants is when the company has decided to grow into a new market. However, before you open up regional offices or start hiring people, a consultant can help prepare the groundwork. If anything, it saves your business a great deal of time and effort. Not to mention the fact that the company will hit the ground running with everything needed to succeed because the chances of failure have been minimized if not eliminated.
In Vietnam, Global Business Services (GBS) is a good choice for foreign investor as it is one of the best business law firms with a network South East Asia, Middle East, Japan, HongKong, Malta and Poland. You may contact Sophie Dao, Partner of GBS at sophie@gbs.com.vn or visit the website: https://gbs.com.vn
GBS is a reliable partner for successful market entry of many foreign investors in Vietnam. The firm offers a structured approach to market entry with its professional network having a strong understanding of international and cross-cultural issues for successfully doing business.
Its multicultural team of advisers with diverse backgrounds and experience including tax, legal, mergers and acquisitions, payroll, accounting, audit and consulting are always up-to-date with the latest developments in the region in tax, accounting and legal and can add value to your expansion plans.
GBS has a team of highly skilled professionals across Vietnam, it can identify opportunities, capture them for you, eliminate cultural, language, social and communication barriers and create a foundation for success.
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Source: Vietnam Insider