Market insights are critical while building your strategic plan for a successful market entry into Vietnam. It can help you assess your target market’s needs for your product or services, your audience’s needs, and aid in determining what kind of marketing messages you should provide and how you should deliver them. However, one question remains: what is the best way to enter Vietnam market?
Vietnam market entry: the traditional way
Vietnam Market Research: Hiring an Agency
A market research agency focuses on using standard market research tools, knowledge, and skills to make research campaigns more effective. Otherwise, they have a good network to find the right audience for the survey needs.
While there are several advantages to outsourcing market research, the cost is once again a disadvantage. Because employing a third party entails bearing the company’s revenues and incurred expenses, making the operation cost more than it truly is.
Choosing a suitable market research firm to collaborate with can also be a tough task. Businesses must consider selecting reliable, experienced, and highly qualified partners to conduct their research campaigns for reasons of information security and data accuracy, so that the investment yields positive returns. Furthermore, not all firms are the same when it comes to honesty; the more respectable the company, the more expensive it will be.
Planning business on your own
Once receiving the information about the market that you want to enter, the next step is to come up with a business plan. Think of the business structure, learn of the country’s laws and regulations before entry, look for people to recruit and build your team, understand the new tax system, etc. There are literally a bazillion things to prepare for and to learn.
Even so, small businesses without thorough research, questioning skills, and knowledge of the market put themselves at risk of receiving inaccurate information to set up their business plans and goals. Therefore, if done superficially, without proper planning and research, it can doom a business before it even starts.
Because it is not a market research company equipped with professional analysis tools, the collection and synthesis of information analysis is still manual, thus wasting time and human resources.
Set up legal entity
After researching and planning, it’s time to put your feet on the ground and start your own company. Setting up a company seems to be easy to get done via agencies, but it is ongoing work with all the administration as well as tax and accounting tasks. Although you can outsource those bureaucratic hassles, information about a new product or an upcoming campaign is likely to leak when working with a third party. Although it can be overcome by being bound by the terms of the contract signed between the two parties, the risk is still there; not to mention the recurring costs.
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Vietnam market insights: Getting an Employer of Record
With our EOR service, you can get good insights into the Vietnamese market by local specialists, especially you can have your team handpicked by our recruiters, have full control of the quality of your staff, and start having a team on the ground as soon as within 7 days, with ZERO administrative and bureaucratic hassles as well as very little risk of managing a business in a foreign country, focusing and developing your core business while saving costs at the same time.
Whether you’re a recruiter who offers contract staffing or a business leader looking to hire abroad, you need to make sure employees are classified correctly, paid accurately, and employment issues are handled.
Since 2013, Metasource has provided an employer of record and back office solutions for recruiting agencies and other businesses. We have supported clients world-wide, as well as having partnerships in other countries to help Vietnamese businesses expand.