Investing in Vietnam: Why is Market Entry Strategy important for foreign investors?
Entering a new market is a complicated process and requires a clear understanding of local culture, behavior, language, and foreign business regulations and practices, market entry services advisors can support you through your investment decision making process and advise you on a range of issues.
Market analysis, selection, and entry method can create a foundation for success before entering a foreign market. In Vietnam, many local and international professional services firms are providing Market Entry Advisory Services to companies that plan to grow, expand or relocate their business to the markets.
“These services range from assisting firms in market research, formulating modalities of market entry (Greenfield or M & A), through to the support in more efficient day-to-day operations on the new markets”, Sophie Dao, Partner at GBS told Vietnam Insider.
According to our research, the Market entry services may include:
- Market Intelligence – perform in-depth market research and analysis to help guide market entry strategy and decision making.
- Site Selection – assist in selecting the most appropriate location for your international expansion project.
- Market Entry Strategy – develop and execute a market entry strategy that works best for your business and the target market you want to enter.
- Company Formation – establishing a legal entity and scan the legal landscape. Let us guide you through the complicated process of expanding your business into new foreign markets.
- Business Development – identification of potential customers, creating new contacts, searching for distribution channels and partners, and introduction to third-party service providers including freight forwarders, translation companies, law firms, accountants, and banks.
- Marketing & Promotion – providing ongoing marketing communications and public relations support to help strengthen your company’s brand and positioning.
- Country profiling and bench-marking – When operating or considering expansion across multiple countries or regions, you need to prioritize limited resources. The market entry services advisors help evaluate opportunities in competing markets with our global team of political, economic, regulatory and technical experts.
- Competitor intelligence – Using our market leading expertise in the collection and analysis of layered information market entry services advisors help you understand the strengths, weaknesses, plans and intentions of competitors to maximize your advantage.
- Due diligence – As well as providing intelligence and analysis on partners and critical stakeholders, market entry services advisors forecast risks, whenever possible, for the full duration of your investment. Market entry services advisors can go well beyond traditional standards for due diligence through reviews of partners’ compliance, risk management and governance programs, as part of the pre- or post-transaction process.
- Political and economic risk assessment – both local and international firms like GBS will cover all aspects of the investment journey, including security and reputational risk, our joint consultancy overlays geopolitical and economic scenarios to bring new insights and direction.
Market entry provides many opportunities for new investors, but also opens the door to unknown risk. You can invest in Vietnam at your own risk or contact a market entry consultant to identify opportunities and manage risk. It’s your choice.
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