Lack of experience, along with general mistrust of foreigners, does not help the Vietnamese to understand our long-term marketing practices, the need to invest heavily in analysis and promotional practices, and to capture and build market share. We consider a reduction in advertising and marketing dollars as adversely mortgaging our future. However, Vietnamese Joint Venture partners continuously push for short term profits, have no cash to increase their share, and feel cheated if early profits elude them. Relationships Are the Key . Foreign investors must understand while business in Vietnam requires the establishment of close relations, political relations consultants are not worth their weight in salt.
Every door is open to American and Japanese investors.
We know, because we came to Vietnam knowing no one. Now, members of our team have weekly meetings on the projects of our clients' with the highest levels of government and industry. Long term relations do not mean there is a need for or acceptance of lengthy legal contracts. They can be a waste of money and give a false sense of security to back-home Board Members who have not been properly briefed on business in Vietnam. The Vietnamese side signed the contract immediately but did not read it for months.