Human Resource Management Essay

2233 words - 9 pages

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BUMKT6942 International Business
Semester one 2010

Individual Assignment

Lecturer:
Dr. Mohan Dass Mohan

Prepared by:
Phuong Hien Vu/ 30067265

Due: 30-04-2010
Executive summary

Foreign investment is dramatically increasing and has played important role for economic growth in globalization. Economic and financial globalization and the expansion of world trade have brought substantial benefits to countries around the world. However, differences in culture, political and legal, and economic environment can lead investor failure in doing business in this country. Hence, analysis a country factors, considering the competitive strengths, weaknesses, opportunities and ...view middle of the document...

The cultural, political and legal, and economic environments of Vietnam

Culture

According to Smith and Pham (1996), to compete successfully business in Vietnam, the foreign business should understand, respect, and adapt Vietnamese culture.

- Concept of time: Under effect of by Confucian virtue in personal life as well as in business, Vietnamese can be expected to take a longer view of time and be suspicious of the need for urgency in making decision or culminating a business deal.

- Personal relationship: Vietnamese are generally interpersonally formal and will concentrate on getting to know your background, your expertise and character.

- Individual and group dynamics: an individual’s public image is important so criticism is best handled privately and indirectly. Moreover, Vietnamese also try to avoid conflict and direct confrontation and a direct refusal or negative answer is considered impolite and crude.

- Attitudes toward age: Vietnamese believes that age carries experience and wisdom, so the oldest member is often treated with great deference, regardless of his official position or rank. This attitude should be recognized as an important characteristic of Vietnamese culture.

Economic

- Vietnamese authorities have implemented an economic liberalization and international integration. Vietnamese have moved to implement the structure reforms needed to modernize the economy and to produce more competitive (UHY Audit and Advisory Services Limited, 2008).

- In 2009, the Vietnamese economy recorded an annual growth rate of 5.32%. The Vietnamese Government forecasts an annual GDP growth rate of 6.5% in 2010. Vietnamese plans to focus on economic growth; control inflation; stabilize the macroeconomic environment; maintain a reasonable and sustainable growth rate; and to prevent an economic recession (Grant Thornton (Vietnam) Ltd, 2010). The growth rate acquired in the recent years, made Vietnamese economy have the third highest growth rate in the Asia - Pacific Area after China and India (Vision, nd).

| |2003 |2004 |2005 |2006 |2007 |2008 |
|GDP Growth |7.34% |7.8% |8.4% |8.17% |8.48% |6.23% |

- The structure of the Vietnam's economy has been undergoing a considerable transformation over the last few years, with the agriculture sector declining its contribution while the industrial and service sectors increasing their shares (Vision, nd).

| |2003 |2004 |2005 |2006 |2007 |2008 |
|Agriculture & Forestry |3.62% |4.36% |4.02% |3.3% |3.00% |3.79% |
|Industry & Construction |10.48% |10.22% |10.69% |10.37% |10.4% |6.33% |
|Services |6.45% |7.26% |8.48% |8.29% ...

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