+ 44 20 8144 3706Introduction
International marketing is defined as process under which principles of marketing are applied to satisfy need and wants of individual across borders or in multiple nations. People and conditions in each nation always remain different from each other. It becomes very important for any company going to launch campaign in any foreign country to understand people residing there. In respect to this often business managers do PESTLE analysis. In present research study business environment of Vietnam is analyzed and ways in which its components may affect marketing efforts are identified.
1. Country Overview
Vietnam is the one of the South East Asian nation of the world. It is located in the South of China. In the year 1976 unification of Vietnam happened and it’s now known as “The socialist republic of Vietnam. Vietnam now days are witnessing the development at a fast rate. It is observed that in the Vietnam Government is stable and in recent years economic well as other indexes are showing improvement in the mentioned nation on multiple fronts (The World Bank in Vietnam. 2020). Vietnam has less trade barriers and due to this reason it is receiving huge foreign direct investment which almost account for half of its GDP. It is a member of WTO and ASEAN. It is the second largest exporter of rice across the world after India. Along with this, it is also the second largest exporter of coffee after Brazil. Like India it is also nation of youngsters and 50% of its population is young. From last 30 years its economy is growing at 5% on yearly basis. Hanoi is the official capital of the nation and Ho Chi Minh is its economic capital.
Conclusion:
On the basis of the above discussion, it is concluded that there is significant impact on the business environment on the firms. All factors, whether they are political, economical, social, technological and legal to large extent affect business firms, and due to this reason firms must closely analyze these factors and accordingly must bring change in the business. With change in business environment change in business is inevitable in order to remain ahead in the competition. Economically Vietnam is on growth stage but income distribution is unfair across the nation. Country Government is making efforts to improve technology base in the nation which will further accelerate growth of the nation.
References:
Books and journals:
Chau, H. T. C. and et.al., 2018. Occurrence of 1153 organic micropollutants in the aquatic environment of Vietnam. Environmental Science and Pollution Research. 25(8). 7147-7156.
Dang, Q. V., 2016. The impact of corruption on provincial development performance in Vietnam. Crime, Law and Social Change. 65(4-5). 325-350.
Ehambaranathan, E., Samie, A. and Murugasu, S., 2015. The recent challenges of globalization and the role of employee engagement-The case of Vietnam. International Journal of Human Resource Studies. 5(1). 69.
Hoang, T. C., Abeysekera, I. and Ma, S., 2018. Board diversity and corporate social disclosure: evidence from Vietnam. Journal of Business Ethics. 151(3). 833-852.
Khuong, M. N. and An, N. H., 2016. The factors affecting entrepreneurial intention of the students of Vietnam national university—a mediation analysis of perception toward entrepreneurship. Journal of Economics, Business and Management. 4(2). 104-111.
Khuong, M. N. and Hoang, D. T., 2015. The effects of leadership styles on employee motivation in auditing companies in Ho Chi Minh City, Vietnam. International Journal of trade, economics and finance. 6(4). 210.
Le, V. and Harvie, C., 2016. Regulatory reform and the growth of private entrepreneurship in Vietnam. In Government, SMEs and Entrepreneurship Development (pp. 121-134). Routledge.
Long, H. C., 2015. The impact of market orientation and corporate social responsibility on firm performance: Evidence from Vietnam. Academy of Marketing Studies Journal. 19(1). 265.
Nguyen, M. and Truong, M., 2016. The effect of culture on enterprise’s perception of corporate social responsibility: The case of Vietnam. ProcediaCirp. 40. 680-686.
Nguyen, N. A. and et.al., 2016. The impact of petty corruption on firm innovation in Vietnam. Crime, Law and Social Change. 65(4-5). 377-394.
Nguyen, Q. A., Sullivan Mort, G. and D’Souza, C., 2015. Vietnam in transition: SMEs and the necessitating environment for entrepreneurship development. Entrepreneurship & Regional Development. 27(3-4). 154-180.
Vo, X. V., 2017. Determinants of capital structure in emerging markets: Evidence from Vietnam. Research in International Business and Finance. 40. 105-113.
Online
The world bank in Vietnam., 2020. [Online]. Available through:< https://www.worldbank.org/en/country/vietnam/overview>.
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