Global Glimpse

Buddhist Principles still heavily influence Vietnamese culture.

©Copyright Nick Rivette.

Vietnam: “Paddy to Prada”

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July 21st, 2008

Vietnam’s challenged yet dynamic economy can be conceptualized in its transition from rice paddies, characterizing an agricultural and developing nation, to one with the equivalents of a New York City Fifth Avenue Prada store. As you work and travel is this rapidly growing nation, both ends of this developmental spectrum are starkly visible.

This last installment in the Vietnam Global Glimpse will provide a summary of various glimpses that reflect Vietnam today.

People

Vietnam is a nation of 84 million with a rapidly growing class and entrepreneurs in a new booming consumerist middle class. Buddhist and Confucius philosophies influence and affect daily life and culture. It is a nation of smiles and family. There is a feeling that the people are happy and excited with the changes and improvements in their country. Additionally the power of the extended family unit and members assisting and taking responsibility for each other is

unique as compared to other cultures.

The War (s)

When most Americans here about work and travel in Vietnam, their first reaction is why? This, of course, is followed by a barrage of questions about how the Vietnamese feel about Americans since the end of the war.

The war, or more accurately, the wars that have been fought with the Americans, French, Chinese and others for over a thousand years in Vietnam are no longer issues, they are memories.

This closure of Vietnam’s war torn past is personified by American vets now helping removing

land mines in the country, stories from ex Viet Cong fighters who were “just fighting for their nation’s independence,” to the military sites and museums that are slowly losing attendance and significance.

Vietnam has entered into a new chapter of history and the wars are now memories that are a source of national pride, but do not represent issues or concerns for business and people to people relationships.

Business

This is a nation of business. Examples include its recent admission in the WTO, growth and expansion of new production facilities, the traditional presence of street vendors, Vietnam’s emerging stock market, international joint ventures, and privatizing companies.

Vietnam is not an exception to the current global economic issues; inflation, fuel and commodity prices, stock market instability and the effects of the U.S. sub prime real estate and resulting financial crisis.

These global economic issues affect developing nations such as Vietnam on a broader and more significant basis. The government will be challenged in the years to come to address these macro economic issues in order to provide the stability to continue, and in some cases, control the amount of foreign direct investment in the country.

Education and Knowledge

From rural schools to universities with joint venture partners, the government and educational institutions are ensuring that Vietnam does its best to prepare and participate in the global knowledge economy.

Progressive businesses in Vietnam are also investing in training and education for their employees and seeking out guidance and recommendations from western consultants.

Conclusion and Contacts

There is various information available on-line through search engines on the readers areas of interest in Vietnam.

If your business is interested in assessing the opportunities in Vietnam, please contact Global Perspective Consulting at rivette@prodigy.net.

If you are interested in a personally guided tour of Vietnam, please contact Viet Orient Tours at viet@vietorienttours.com.vn and visit the web site www.vietorienttours.com.

If your business is interested in more information on equipment leasing and property and development financing, please contact Sara Sakon at ssakon@wirtleasing.com and visit www.wirtleasing.com.

 

Best Wishes,

Clarence Rivette

Nick Rivette

 

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