Business Partner Search
Vietnam is one of the fastest growing markets in the world. PWC expects an average annual GDP growth rate of 5.1% until 2050. This growth is mainly attributed to the positive development of the local manufacturing sector. These developments lead to numerous opportunities for international companies in sales and purchasing.
-Low wages, positive legal conditions and an advantageous geographic location let Vietnam become a workbench for the markets in East Asia and worldwide. Local manufacturers have become an attractive alternative to Chinese suppliers, especially in metal processing, electronics and textile.
-Vietnam is one of the fastest growing markets in the world. PWC expects an average annual GDP growth rate of 5.1% until 2050. This growth is mainly attributed to the positive development of the local manufacturing sector. These developments lead to numerous opportunities for internVietnam’s manufacturing industry has a high demand for machinery, equipment as well as other related products and services. Moreover, the ongoing industrialization process of the country creates an increasingly wealthy middle class, which appreciates German consumer goods. Because of rising wages the building sector is also booming. Demand of construction above and below ground for high-quality building materials and services are soaring.ational companies in sales and purchasing.
Challenges in establishing business relationships in Vietnam VN
International companies usually do face two obstacles: Firstly, finding potential business partners through the internet is difficult because websites of local companies are often non-existent, provide insufficient information or are only available in Vietnamese language.
Secondly, even if data of local companies is available, contacting them constitutes an additional challenge. When calling Vietnamese companies in English, foreigners will often be turned away; e-mails usually remain unanswered. We are able to bypass these entry barriers and support you with an individualized business partner search.
Process of business partner search
Our Vietnamese industry experts research potential partners based on predefined criteria. This process results in a longlist with enterprise names, address and standard contact data.
The long-listed companies are contacted via phone. The direct approach conducted by our Vietnamese staff and our good reputation in Vietnam are working as a “door opener” for you. We introduce your company and your partnership intentions to the long-listed enterprises. Afterwards, we evaluate their ability to cooperate and their interest into a cooperation with you. The result will be a final report, in which we introduce the interested and available partners with comprehensive company profiles and the findings of our evaluation..
As in many other Asian countries, the personal connection with local businesses plays an important role in Vietnam. Therefore, personal meetings and site visits with potential partners are highly recommended before establishing business relationships. This especially applies to sourcing projects, in which an on-site assessment of production facilities is essential. In this phase, we will make appointments as well as arrange a travel itinerary and accompany the visit to support you consultancy-wise as well as linguistically and culturally
In some cases, local companies in Vietnam are not competitive due to a lack of “economies of scale” as well as high input material cost. For some products we highly recommend to request offers before you come to Vietnam to visit potential suppliers (and thereby save costs if they prove to be non-competitive). Because local companies often answer to RFQs from non-personal contacts in a sluggish way we can support you with taking over this process.
By establishing relations with a new business partner, it may make sense to check the financial situation and creditworthiness. In collaboration with external databases we can generate comprehensive company reports. Please click here for more information