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2024/04/09
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Is it a competitor or a potential market? What you need to know to develop the Vietnam market!
For foreign traders, Vietnam has been one of the most troublesome competitors in recent years. With the rapid development of Vietnam's industry, Vietnam has also begun to launch an attack on the foreign trade market.

Since Vietnam's labor costs are low, it also has more advantages in price, and high quality and low price are actually a major advantage of my country's foreign trade exports, which has led to the loss of many foreign trade orders to Vietnam.

Although Vietnam has become a competitor of my country's foreign trade exports, due to its rapid industrial and economic development, Vietnam has also become one of the potential markets for my country's foreign trade exports.
 
 
 
As early as last year, Vietnam became one of the top ten countries in my country's total trade volume, with bilateral trade volume reaching 1.6 trillion yuan. In the first two months of this year, my country's total trade volume with Vietnam increased significantly by 25.7%, and the growth rate ranked among the major trading partners. second. Therefore, Vietnam has become one of the markets that foreign traders can develop. So, what do foreign traders need to know before developing the Vietnamese market?

Focus on interpersonal relationships

Vietnamese culture attaches great importance to interpersonal relationships, which is also reflected in their business interactions. Establishing good interpersonal relationships will be more conducive to completing transactions. When dealing with Vietnamese customers, foreign traders must remain polite and friendly, and invest time to build trust and intimacy. Frequent social activities or face-to-face communication are effective ways to build solid relationships.

Highly price sensitive

Vietnamese customers are relatively good at calculation, so foreign traders will most likely encounter bargaining during negotiations with Vietnamese customers, including express delivery fees, stakeout fees, etc. Therefore, foreign traders must be mentally prepared before negotiating with Vietnamese customers and try to stay calm and stable so that they can actively find a win-win cooperation plan for both parties.

Pay attention to word of mouth and credibility

Vietnamese customers usually prefer to cooperate with suppliers with good reputation and excellent reputation. Therefore, foreign traders must pay attention to product quality and service quality to maintain good credibility and reputation.

However, the overall creditworthiness of Vietnamese customers is relatively average, so foreign traders must do a good job in risk management to avoid payment defaults. You can use trace data to check the customer's past transaction status to make a basic back-up adjustment.
 
 (Source:ueedata)
 
For example, we searched for the buyer named "VIET NAM WEILAN OPTICAL COMPANY LTD". We will find that its purchasing volume is very large, and it has cooperated with multiple suppliers hundreds of times, including many suppliers from China. business, then the other party is still relatively trustworthy in terms of reputation.

work efficiency

The overall efficiency of Vietnamese customers is relatively low. Sometimes they even take 2 to 3 days to reply to an email. Therefore, whether it is developing customers or communicating, foreign trade people must be more patient. In addition, actively confirming details and mastering the pace of negotiations will be more conducive to advancing the negotiation process.

If you want to know more about the characteristics of Vietnamese customers, you can send us a private message~
 
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