In this article, we’ll help you navigate buying a business in Vietnam, and we offer essential tips for informed investment.

1. Some of the main advantages of buying a business in Vietnam include:

1. Prime location and lease.
2. Pre-established operations.
3. Immediate cash flow.
4. Financial history for predictability.
5. Acquiring assets and experienced staff.

2. Where to find listings for businesses for sale in Vietnam?

For the best way to find businesses for sale and investment opportunities, consider using platforms like Smergers.com or Bizspective.com. Smergers.com has a global presence with many listings but limited customer service in Vietnam. On the other hand, Bizspective.com offers a comprehensive list of options and stands out with exceptional support tailored for entrepreneurs in Vietnam. They also provide a wide range of services, including legal, consulting, tax, and accounting support. Here are bizspective’s business for sale listings.

3. Common legal structures

• Family household business: Common among small businesses in Vietnam with tax advantages, but can’t be sold directly to foreigners; must convert to Vietnamese-owned LLC first.
• Vietnamese-owned LLC: Foreigners buying these need investment approval, realistic charter capital, and not all business lines are open to foreign investment.
• Foreign-owned LLC: Easier for new foreign investors to purchase, but approval and realistic charter capital still required.

4. What are ‘business lines’ and why are they important?

In Vietnam, businesses must register specific activities called “business lines,” like management consulting, retail, marketing, etc. They’re restricted to these registered lines but can add or remove them later with some time and fees. Check the online registration database before buying a business, as not all are open to foreign investors.

5. Investment capital requirements.

In Vietnam, companies must register and contribute “charter capital” to operate. The minimum capital requirements vary by location. For instance, cities like Ho Chi Minh and Ha Noi require around USD 15,000 (as of 09/23), while Da Nang and Hoi An demand more, roughly USD 35,000-45,000 (as of 09/23).

 If you’re buying an existing company, it often has already met the “sufficient capital” requirement, making the process somewhat less strict. However, local authority approval is still necessary. Ownership change approvals are generally easier than for new ventures. Notably, the amount of registered charter capital also affects your visa options.

6. Main foreign business restrictions in Vietnam.

1. Location restrictions: In places like Da Nang and Hoi An, foreign business ownership is restricted for security reasons. Consult with us or your lawyer for guidance.
2. Business line restrictions: Certain sectors are off-limits to foreign investment due to security or market protection concerns. Some require Vietnamese co-ownership or specific qualifications. If unsure, contact us for clarification. We can also verify legal status and permitted activities for both Vietnamese and foreign-owned companies.

7. What visas can an investor obtain?

1. Investor visa: If your capital contribution is under VND 3 billion, you can get a 1-year multiple-entry visa, renewable annually.
2. TRC (Temporary Residence Card): For contributions over VND 3 billion, you can obtain a TRC valid for 3 years, renewable.
3. Work permit & visa: Consider this if you meet all requirements, but it’s more complex and costly. Investors with over VND 3 billion are exempt from the work permit. Keep in mind factors like tax implications, social insurance benefits, and payment preferences. Dividend tax (for investors visa and TRC holders) is 5%, while personal income tax varies by salary bracket in Vietnam (for work permit- and visa holders).

8. Buying a business in Vietnam: procedures, time, and costs

To purchase an existing company in Vietnam, you’ll need to complete specific administrative and legal steps. These procedures vary based on factors like current ownership, desired ownership, location, and registered business lines. It’s worth mentioning that purchasing equity in an established business is another viable option. For a more in-depth exploration of this topic, you can refer to this link to access a comprehensive article.

Time frame:

1. If the target company is fully Vietnamese-owned, and you want to buy 100%, it may take 3-5 weeks.
2. If the company is already partially foreign-owned, and you want full ownership, it could take 4-6 weeks. Adjustments may be needed for business lines not open to foreign ownership.

Fees:

Administrative fees are relatively affordable in Vietnam but procedures can be complex and time-consuming. Most foreigners prefer to work with Vietnamese service providers for a smoother process.

Our Bizspective team can connect you with professional service providers across Vietnam. Fees vary based on complexity but typically range from 500 to 1000 USD.

9. Considerations for business operations:

Successful handover

• Handover: Negotiate a handover period with the current owner for training and knowledge transfer. Request SOPs for crucial tasks and processes.
• Systems: Ensure you have access to and understanding of the business’s systems.
• Data: Collect essential data, including invoicing, POS records, contacts, customer database (CRM), and digital assets like social media accounts and email addresses.

Effective business transition:

• Negotiate a handover period with the owner for training and knowledge transfer. SOPs for recurring tasks can be valuable.
• Monitor employee turnover after acquisition to ensure retention and stability.

Due diligence checklist:

• Review necessary licenses and certificates, including the Investment Registration Certificate (IRC), Enterprise Registration Certificate (ERC), and any required sub-licenses.
• Scrutinize the lease agreement, including the ownership certificate (pink book), duration, priority upon lease expiration, and liquidation clauses.
• Examine financial reports and ask for statements like profit and loss, balance sheet, and cash flow. Consider alternative methods like customer count for businesses with mainly cash transactions.
• Verify tax compliance and reports, including social insurance, VAT, and business license tax.
• Identify the finance and accounting team handling the company’s books, along with any third-party accounting firms involved.
• Evaluate the Point of Sale (POS) system’s readiness and functionality for efficient financial management.
• Validate the company’s bank account balance to match financial reports.

]]> 13981 https://thegbm.com/vietnam-igaming-market-opportunities-challenges/ Tue, 05 Sep 2023 09:42:49 +0000 https://thegbm.com/vietnam-igaming-market-opportunities-challenges Although gambling has an important place in Vietnamese culture, local governments have banned virtually all forms of gambling in the past few decades. Due to the lack of legal options, Vietnamese players often visit overseas online gambling websites. Transactions on these sites are estimated to be in the billions, with US$ 10 billion a year spent on black market sports betting alone by Vietnamese players.

Results from the Vietnames government’s pilot program that allowed two casinos to accept local Vietnamese players for a three-year period.

With the Vietnamese government implementing policies to legalize certain forms of gambling and the local market witnessing a surge in players frequenting overseas gambling websites and border casinos, the industry’s development prospects appear promising, making it an enticing space to capitalize on.

Localising the Key to Vietnamese Players

As the Vietnamese gambling market faces fierce competition, with international gambling companies entering one after another, establishing an iGaming platform designed for the local market is key to attracting players.

Vietnamese Language – International iGaming sites remain distant to many players despite increased English proficiency amongst the Vietnamese. iGaming sites which can offer users the option to use the site in Vietnamese can position themselves as the preferred choice for local players.

VND Currency –Platforms offering transactions in local VND have an advantage by lowering the entry point for Vietnamese players. It eliminates the need for currency conversion and enhances the user experience, increasing trust and convenience. Incorporating VND transactions is a strategic move to enhance appeal and competitiveness in the Vietnamese gambling market.

Vietnamese Games – Including traditional Vietnamese games in your platform allows you to differentiate yourself from competitors and forge a strong bond with the local player base. Some examples of popular Vietnamese games that you can consider incorporating are Bầu Cua Tôm Cá, a traditional dice game; Tài Xỉu, a dice game known as Sic Bo; and Rồng Hổ, a card game similar to Baccarat.

White-label providers like Kzing which offer customised front-end sites in Vietnamese, and payment gateways accepting the local currency are valuable in getting operators started on the right foot when entering the Vietnam market.

Popular Games in the Vietnamese iGaming Market

In addition to providing localized games, it is crucial to offer top-notch classic online gambling games on your platform. According to insights gathered by Kzing, Vietnamese players exhibit a strong preference for games that are not only easy to understand but also offer fast-paced and exciting gameplay. Among the plethora of options available, slots have emerged as the undisputed favorite among Vietnamese players.

Other favourites include:

• Baccarat – attracting both experienced and new players
• Roulette – various betting options, providing an exciting gambling experience
• Blackjack – widely recognized card game offering strategic gameplay
• Poker – variations like Texas Hold’em and Omaha, attracting competitive players

However, there is a growing trend towards LIVE games, driven by live streaming and social media platforms like Facebook where players can engage with real-life dealers in real-time, providing an authentic casino atmosphere and social interaction. This shift reflects the desire for more immersive and interactive experiences. To succeed, operators should embrace live games and integrate social media features to cater to the evolving preferences of Vietnamese players.

Working with a white label provider can mean launching your iGaming platform quicker by integrating your platform with ready-to-play games. Kzing has partnered with game developers like Sexy, SABA, Jili, Dream Gaming, KingMaker, and CWIN to offer games like Baccarat, Cock-Fighting, and local favourites like slots, V8, Kingmaker, CF and Jili – all ideal for the Vietnam market.

Mobile is the Method

In Vietnam, mobile internet users have exceeded 70 million, and mobile devices being adopted at a high rate. Therefore, providing mobile applications can make it more convenient for players to access and play games, and improve user retention rates. In addition, the usage rate of Vietnamese cryptocurrencies is also very high, with about 18.6 million people holding some kind of cryptocurrency, such as Bitcoin, Ethereum, Ripple, Litecoin, and Bitcoin Cash. Electronic wallets are popular alternatives to traditional bank accounts. Some of the most popular ones include Momo, Moca, ShopeePay (AirPay), ZaloPay, and Viettal Pay. For Vietnamese white-label solutions providers, cooperation with these payment channels is very important.

Effective Marketing Strategies for the Vietnamese iGaming Market

Vietnamese iGaming companies use various marketing strategies, including SEO, Google, Affiliate, Facebook, SMS, Banner, and articles. Effective marketing campaigns are essential to attract and retain players, and the Vietnamese market responds well to personalized ads. White-label solutions providers can offer Vietnamese customer service, E2 fraud and compliance, staff hiring, and apps that support the Vietnamese market, especially sports.

In Vietnam, social media plays a vital role in people’s daily lives, and integrating social media platforms into iGaming apps and sports-betting apps can improve user engagement and retention rates. White-label solutions providers can offer social media integration with popular Vietnamese platforms such as Zalo, which has a large user base in the country. This integration can better connect with users and enhance the overall user experience.

Challenges Worth Overcoming

In conclusion, while the Vietnamese iGaming market is still evolving and navigating regulatory challenges, it holds tremendous potential for growth for these reasons:

Lucrative Market – Vietnam has a large and growing population, especially among the younger demographic, making it a promising market for iGaming operators.

Increasing Internet and Mobile Usage – With the rise in Internet and mobile penetration, Vietnamese players have easy access to online gambling platforms, creating a favourable environment for operators.

Shifting Regulations – The Vietnamese government has shown a willingness to explore certain forms of gambling, paving the way for potential future liberalization and expanded opportunities.

Vietnam is a fast-growing market with high potential that operators, existing and aspiring alike are quickly noticing. It will take speed, expertise, and experience of the market to capitalize on the opportunities and shape a sustainable future in this promising iGaming market.

THE KZING WHITE LABEL ADVANTAGE

Kzing white label has helped operators enter Asian markets since 2012, creating customised, white label iGaming packages which are designed to meet your market needs, from China, Thailand, Indonesia, India, and especially, Vietnam.

Kzing’s all-in-one white label solutions include:

• Payment system
• Affiliate system
• Intelligent risk control
• Tiered membership system
• Rewards/Events system
• Rebate system
• Multi-language support
• Data reporting system

Kzing’s additional services to help you go to market are:

• Assistance in setting up overseas operations points
• Back office training

Creating your own iGaming platform doesn’t need to be a daunting and resource-intensive task. Collaborating with a white label provider offers a fast and seamless entry into this dynamic industry. If you’re prepared to embark on a new venture with a trustworthy partner offering exceptional products and services, explore Kzing’s white label packages tailored for the distinct markets of Asia. Visit our website for more information or reach out to our team for a complimentary professional consultation to get started on your journey.

What to consider when choosing a broker

There are several factors to consider when choosing a forex broker in Vietnam. One of the most important factors is the broker’s reputation and regulatory compliance. Investors should research the broker’s history and look for any red flags, such as regulatory violations or customer complaints. It is also a good idea to check if the broker is a member of any industry organization.

Another important factor to consider is the broker’s trading platform and the tools and resources it provides to investors. Investors should look for a broker that offers a user-friendly and reliable trading platform, as well as a range of tools and resources such as charts, news feeds, and market analysis to help them make informed trading decisions.

Another factor to consider is the broker’s fees and commissions. Investors should compare the fees and commissions charged by different brokers to find the most competitive rates. It is also a good idea to understand the broker’s margin requirements and any other fees that may be involved, such as withdrawal fees or account maintenance fees.

In addition to these factors, investors should consider the broker’s customer service and support. A reliable broker should have a team of knowledgeable and responsive customer service representatives who can help investors with any questions or issues.

Avoid scams

Forex scams are fraudulent activities that aim to take advantage of investors by promising unrealistic returns or manipulating the market in some way. Here are some steps that investors can take to avoid forex scams:

1. Research the broker: Before opening an account with a forex broker, investors should thoroughly research the broker’s reputation and regulatory compliance. Look for red flags such as regulatory violations or customer complaints.
2. Check the broker’s regulation: Investors should choose a broker that is regulated by a reputable financial authority, such as the State Securities Commission (SSC) in Vietnam. Make sure the broker is registered with the appropriate regulatory agency and follows any rules and regulations that apply to their activities.
3. Be wary of unrealistic promises: Be cautious of brokers or other individuals who promise unrealistic returns or guarantee profits. The forex market is inherently risky, and there is no guarantee of profits.
4. Don’t let the pressure to act quickly influence your decision: Scammers may try to pressure you into making a decision quickly, but it is important to take the time to thoroughly research and consider any investment decision before committing any money.
5. Seek the advice of a financial professional: If you are considering investing in the forex market, it can be helpful to seek the advice of a financial professional or do extensive research before making any investment decisions. There are websites that can help you find honest forex brokers.

Conclusion

Overall, choosing a forex broker in Vietnam requires careful research and consideration. Investors should take the time to thoroughly evaluate different brokers and consider all of the factors mentioned above before making a decision. It is also a good idea to seek the advice of a financial professional or do extensive research before opening an account with any broker.

GBS – Global Business Services LLC has been named the “Best Market Entry Advisory Firm, Vietnam 2021” Award by Asia Insiders Magazine, the ranking was based on customers’ perception and satisfaction, media reputation and business performance.

GBS, established in 2009, helps foreign investors to fulfill their international expansion goals to Vietnam. With clients coming from across the world – GBS helps ambitious companies to successfully establish themselves in Vietnam as a new market and to use it as a launch pad into South-East Asia, and also Vietnam-based companies looking to trade internationally.

Entering a new market is a complicated process and requires a clear understanding of local culture, behavior, language, and foreign business regulations and practices, GBS can support its clients throughout all stages of the market entry process.

“From helping clients forming a foreign invested enterprise, a branch, a venture company or a representative office in Vietnam; place their products with distributors and retailers, to finding key service partnerships and channels and fixing common legal issues in daily business operations, ​the team’s business development services form a vital part of the process, which has been our key differentiator”, ​said Sophie Dao, Senior Partner at GBS.

GBS’s implementation services ensure these new companies get up and running as soon as possible, as whatever their market entry strategy may be, finding customers as quickly as possible is imperative. For any competitive economies such as Vietnam, it is vital to have a comprehensive market entry plan and it pays to get the right advice early on.

“This award is testament to the fantastic team we have pulled together at GBS. They are all experts in their field and extremely passionate about what they do, and about seeing our clients succeed”. Sophie added.

GBS also offers Corporate and Commercial Law Advisory Services, Employment and Labor, Tax Accounting Services and Mergers & Acquisitions to a wide range of clients and makes recommendations to help them plan towards meeting their business goals and objectives.

Interested in expanding your business into Vietnam? Call the GBS’s team on +84903189033 or email: ask@gbs.com.vn

For more information about Asia Insiders Magazine, visit: https://asiainsiders.net

For enquires please contact our consultants agent at +84903189033 or via our email at: info@gbs.com.vn

Source: GBS

Trading closed out yesterday at 1,339 points on the VN Index, so a stagnated week overall with only a 7-tick difference. Pressure will remain on this market into the 4th quarter.

There has been a consistent miscalculation of GDP forecasts in Vietnam and the reality. The forecasts prove repeatedly that they need to be taken with a pinch of salt. Naturally there will be a drag on Vietnams GDP so price that in.

Elsewhere

China certainly isn’t slowing down on its authoritarian, totalitarian, surveillance state and dictatorship rule. Pick one yourself, but all apply. The latest pearl of wisdom to come out of China is a continuation of the crackdown on all areas of life. China’s ongoing crackdown on the country’s entertainment industry stepped up a notch last Thursday after the state media regulator called for the boycott of “sissy” boy bands and effeminate men on television, the end of reality talent shows and a ban on vulgar social media influencers among a raft of other measures. Certain big names have already been wiped off the face of the earth essentially with a removal of all references to them on the internet and even scrubbed from any credits on film and TV shows. (Zhao Wei & Zhang Zhehan the actor/ess are prime examples). The likes of Jet Li and Jacky Chan probably should also be worried as they seem likely to be targeted just for having second passports!

I offer second citizenship in 18-countries, and it is widely reported and known that a huge amount of the Chinese population has applied, and been granted, second citizenship somewhere even though it is illegal in China. I expect that run to continue for those fortunate to be in a position and able to apply.

Naturally I have no interest in listening to modern ‘boy bands’ in China (I’m more of an old skool Red Hot Chili/Nirvana/Amy Winehouse kind of guy. No ‘sissys’ in there) but there are a whole generation of screaming teenagers that do, and they like to spend their pocket money/earnings on all things connected. It’s as old as time. Remember Beatles Mania as one of the original boy bands or the Beach Boys on the other side of the pond, and the swooning screaming lunacy that followed them? Somethings just never change.

From a markets perspective this will have a knock-on effect which many will not have considered. It is one thing to smirk or raise an eyebrow to all of this but consider the total revenue of China’s entertainment and media industry by the end of 2021 will be approximately US$358.6bn and reach roughly US$436.8bn by 2025. Now take out all those cancelled reality TV shows, aired concerts, talent-shows and you have just wiped-out billions in lost revenues. Would you be wishing to hold any of those media companies right now? Probably not. Check your portfolio and drop them like a hot potato.

It isn’t all unusual or bad news from China. August exports data absolutely smashed expectations with a 25.6% rise YoY and a rise from the 19.3% in July. A very impressive rebound from a recent Covid slump.

Cryptos – The love/hate relationship continues

The value of the world’s cryptocurrencies plunged to a low of about $1.9 trillion yesterday, wiping off nearly 15% in less than 24 hours. Reflecting a loss of more than $410 billion. The roulette table of betting on black or red continues for investors in cryptos. But as I have always maintained, that is exactly what cryptos are. Nothing more than a gamble, a punt. Any asset that can not have its actual value calculated is speculative. It is driven by market sentiment only and should be approached with a certain amount of caution and consideration as to whether this is the right asset class and investment tool for you.

So why the recent slow climb in value before the battering yesterday? Almost certainly it is to do with the petri dish experiment that El Salvador has allowed itself to become. It is the first country to make Bitcoin legal tender and that just went live. The Government itself bought about 25 million USD of coins and there have been major glitches in the immediate rollout. This an experiment that will be widely watched around the world. In a country where 70% of the population have no access to normal financial tools and a little over 50% have access to the internet. Many of those with access have spotty internet access at best. It naturally remains to be seen how the effects of this experiment will pan out. There have been demonstrations on the streets, and you do have to wonder if a currency such as crypto is ready for the general population as a legal tender, given its volatility. Can the poorer in the community take in their stride a 15% drop in a day? Of course not.

Naturally any news like this always has a rise in the run up to the event and then collapses straight after. “Buy the rumour, sell the fact”. If you aren’t familiar with that term, I suggest you look it up as it stands true repeatedly. Even more so in speculative assets.

I do own a basket of cryptos and have done so since 2017. I bought them knowing it was a punt and only bought what I was willing to lose. I am fortunately up, and I will continue to hold them for the longer-term. But this is NOT for the weak hearted and should only be a small part of a portfolio. If you are looking for short-term gains, then you may be in for a bit of a bumpy ride.

There is a very valid reason why the expression “Don’t put all your eggs in one basket” was first coined around 1710. That is over 300 years of experience being passed down through the generations and yet still, it is unfortunate that it isn’t listened to and adhered to. Diversity always wins through in the end. Have your betting money and have your safety net in place. Greed is the biggest killer in financial planning.

Have some cryptos and perhaps even venture out into the NFT’s market if you know what you are doing. But spread it out and have exposure to lots of asset classes as well. Stocks, bonds, money markets, real estate. Spread the love around. Unless of course you are OK with 15% movements in a day that keeps occurring! If you aren’t and you need help, then come and talk to me and I will assist you. Lawrence.young@holbornassets.com

Other Global Market News

The Confederation of British Industry (CBI) has urged the UK government to relax its immigration rules to allow in more foreign workers and ease labor shortages caused by the coronavirus pandemic and Brexit.

According to a report published by IHS Markit, the UK construction sector grew at the slowest pace since February, as “sustained, and severe, supply chain disruption” hit building firms, and drove up costs sharply.

Research group Sentix’s index of eurozone investor confidence has dropped to 19.6 points in September, the lowest reading recorded in the last five months.

CURRENCIES – MONETARY POLICIES

On Monday (06.09) sterling dropped against the US dollar, coming in at $1.38. Economists at MUFG noted in a report that the pound’s underperformance is unlikely to persist and suggested that the cable (GBP/USD pair) would hit $1.40 by the end of the year.

The euro lost ground, trading around $1.18 (-0.26%) against its US counterpart on Monday (06.09). I suggest that the pair could head higher towards $1.19 on a hawkish message from the European Central Bank after its board meeting later this week.

The US Dollar Index (DXY) edged higher on Monday (06.09), coming in at 92.26. Investors continue to digest Friday’s Nonfarm Payrolls disappointing report and will be focusing on Thursday’s ECB board meeting.

STOCK MARKETS

On Monday (06.09) the Nikkei 225 in Japan gained 1.85%. The Shanghai Composite Index surged 1.12% while the Hang Seng Index soared 1.06%.

The FTSE 100 gained 0.68% (7,187.38) on Monday morning (06.09). In Germany, the DAX 30 was up by 0.62% (15,879.51), while in France, the CAC 40 climbed by 0.69% (6,735.77).

METALS

The price of gold lost ground on Monday (06.09) reaching $1,824 per ounce. After gaining more than 2% in the previous week, gold advanced to its strongest level since early August.

Get in touch with Vietnam’s Leading Wealth manager for more information or advice on any of the following. All consultations are naturally FREE to members of this group.

By Lawrence Young | lawrence.young@holbornassets.com

When businesses have exhausted growth opportunities at home, they turn to global expansion to help grow their business.

For many companies, international expansion offers a chance to explore markets and gain access to millions of customers, thus increasing sales.

Once your company has been successful in your home country, it’s time to look at markets overseas. However, before you enter the new market, it’s vital to do research. Whether it’s looking at emerging markets in South America, advanced technology hubs in Asia or exploring developed markets in Europe, each region offers plenty of opportunities for expansion success.

Vietnam has become a safe and attractive destination for foreign investors.

You do not need to turn to tax havens for tax optimization, but may easily register your business in Vietnam, a country with stable economic a political situation.

GBS will assist you and your clients in establishing a company or buying a ready made one to start your business same day.

Moreover, GBS will help you open bank accounts. We cooperate with almost all banks in Vietnam.

Contact GBS for more details via info@gbs.com.vn or WhatsApp: +84903189033

Foreign direct investment into Vietnam rose 3.8 percent from a year earlier to USD 10.5 billion in January-July 2021. Meanwhile, FDI pledges, which indicate the size of future FDI disbursements, dropped 11.1 percent in the year to $16.7 billion.

The manufacturing and processing sector is set to receive the largest amount of investment (47.2 percent of total pledges) followed by gas water and electricity distribution (32.8 percent). Singapore was the top source of FDI pledges, followed by Japan and South Korea.

The founder of the Vietnam Public Relations Network (VNPR) shared about the role of young people in developing the Public Relations (PR) and Communications community in Vietnam and how they join an organization to develop and contribute to their profession.

Over two years since its establishment, VNPR has initiated and implemented many activities for the community of PR and Communications in Vietnam as a network of dynamic and professional PR practitioners. VNPR has been on an inspiring journey to welcome more members and fellows, including young people to join the organization.

With the support of Vietnam Insider, a fast-growing media site with deep finance, enterprise, tech, travel, life and other industry verticals in Vietnam, Global Business Magazine talks with My Nguyen, VNPR Chairman, about young people working in public relations and communications, why they should stand in their professional organizations, and VNPR’s development plans for young people this year.

Over 20 years of experience in the field of PR and Communications, how do you evaluate the current young PR practitioners working?

Young people today have more opportunities to learn and develop, plus the support of technology makes access to knowledge easier than ever. That is, of course, an important advantage and a solid foundation for you to train yourself and soon to succeed in your career.

On the other hand, many statistics show that young people nowadays (especially Gen Z onwards) are more interested in social and professional issues from an early age. From the PR and Communications perspective, that means our target audience is getting younger, so we need younger professionals who understand the language of this group of target audiences, be able to gain control of business tools, and have the “predestined relationship” with the profession to go further with us. Therefore, we are ready for a younger generation of colleagues who are good at technology and responsive to social changes.

Why does VNPR want young employees to join?

An interesting point is that although the founders are not too young in terms of age, VNPR is a very young organization. We always welcome young energy, because we believe that the organization must be further developed by young people. It is the ones who decide the future of VNPR.

So why VNPR? What’s in it for the young PR practitioners in Vietnam?

VNPR is a professional organization. Therefore, the very first value we want to bring to PR practitioners in Vietnam in general, including young people, is the inspiration and pride in what we do. PR and Communication is not only a job but also a career, an art, and a way of life. Those who are passionate about it will be more motivated to work better. Young people get inspiration and confidence from their predecessors. Thus, VNPR is the place where young PR practitioners find their community and meet themselves in the future.

And they will also join us to share the same enthusiasm in developing their community, thereby contributing to this industry and society. We don’t wait for the day when we are fully qualified or become successful enough to do this. At any time, you can share to create opportunities for others. Don’t wait until you’re ready, because you never know when you’ll be ready. Taking action at a young age allows you to mature earlier, contribute to the community sooner, and move faster on your career path.

I think VNPR is a place for young people and ourselves to have the opportunity to share and exchange energy.

Anyway, VNPR is still an organization that started with experts. What do you think when experts and “young colleagues” work together in the organization?

First of all, it must be said that every organization has many different generations working together. Many organizations stagnated because each group stuck to its point of view without creating an energy collaboration. Groups tend to negate each other’s value. The front-runner sometimes seems to be condescending to the latter, and the latter thinks that the “elder group” is outdated.

This will not be changed by any written command but by our way of life – dealing with others, understanding ourselves, understanding people, and embracing diversity. It is the story of each individual’s culture. The openness, mutual respect, the spirit of cooperation, and full understanding of our values to share and work towards a common goal are the keys to solve the problem of the generation gap.

VNPR has that spirit. The personnel operating VNPR are all millennials. Recently, VNPR has welcomed internship students, all of whom were born after 2000, who are very conscientious and fast-paced individuals. We are working together, discussing, exchanging, and understanding each other better through each project. I am also learning to change every day.
I think VNPR is a place for young people and ourselves to have the opportunity to share and exchange energy. Those who have been in the field for many years look at the spirit of young people and are motivated to be ready to learn, equipped with new knowledge and trends. In contrast, young people are also inspired by experience – they need confidence in applying their knowledge. They need to share to have faith that they will have good results when they are steadfastly moving on the right path.

Looking broadly at large models, creating continuity of generations is extremely important. That is change management. Whoever manages the change process well is the one who succeeds in creating momentum for that organization.

Can you share some outstanding activities of VNPR in the second half of 2021?

In 2021, VNPR has launched the PR90s program, where experts and influential figures share their views and experiences around PR activities. We received many compliments for the project. In the coming time, PR90s will continue with a new look, diverse topics, and guests who are leading experts in the field, with the same goal: to contribute knowledge to the community.

In 2021, VNPR receives good news when we become a member of The Public Relations and Communications Association (PRCA). Being an active member of the world’s largest organization of PR will give VNPR members the chance to “go global”, step out into the world with many opportunities for development and networking. In the immediate future, we are working with PRCA to transfer the leading PR and Communications training courses to our members. I hope this will create a lot of value for the community.

At the end of April 2021, VNPR signed a Memorandum of Understanding with Van Lang University in training students of the Faculty of Public Relations and Communications. We are implementing collaborative activities in both teaching, training, and networking opportunities together with the Faculty of Public Relations and Communications. At the end of this year, VNPR aims to organize an event honoring its professional community, an award that we cannot share much at the moment, but we are very excited and devoted to it.

In addition to activities for the PR professional community, we expect to use our professional strength to contribute to enhancing Vietnam’s image and building national pride. In 2020, we conducted the nationwide photo contest “Resilient Vietnam” and this year we will return with an activity to continue that spirit with companies and organizations of the same values.

We believe that these activities will allow VNPR to find enthusiastic, like-minded colleagues to go further and accomplish bigger goals. For young people, new members of VNPR, this is an opportunity to catch up with the exciting vibes of the PR and Communications industry at home and abroad. VNPR can’t wait to have your presence and companion soon.

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My Nguyen is the Chairman and Co-founder of VNPR. He is also the General Director at MConsultant.  Starting as an International Relations Specialist of a ministry, My Nguyen has now had more than 20 years of experience in the field of Public Relations, reputation management, and business development. His most recent position was the Director of Communications and External Relations of Coca-Cola Southeast Asia and Anheuser-Busch InBev ASEAN. Currently, My Nguyen is the Chairman of the Vietnam Public Relations Network (VNPR), the first organization for PR professionals in Vietnam, and a member of The Public Relations and Communications Association (PRCA).

GBS has been named “Best M&A Advisor Vietnam 2021” by World Economic Magazine.

In what has grown into one of the most anticipated competitions in wealth management scene, the annual World Economic Magazine Awards recognizes outstanding achievement and progress across the consulting, asset management, banking, wealth management, alternatives and investment segments.

According to the jury, consisting of a panel of high-profile advisors, bankers, legal advisors and technologists, GBS stands out in the M&A industry for its “outstanding track record of delivery in strategic advice, performance improvement and change management projects for the investors.”

According to the publisher, its data shows that during the current awards period, GBS acted on eight of the top M&A deals.

GBS was a deal advisor to a consumer finance enterprise, crafting a particularly innovative solution for a re-organization that spanned three listing jurisdictions and a complex process involving a sware swap merger via a scheme of arrangement.

So, GBS has become an active and influential leader across the country M&A landscape. According to the data, it was an advisor on many domestic deals with a total transaction value of hundreds of million of us-dollars. This gave it more than 15% market share.

The largest transaction of all was for a consumer finance enterprise. The private-owned group’s acquisition of consumer finance assets heralded a key step in the reform of the network, opening market access to small, non-state-owned oil and gas producers and distributors.

GBS is very strong in the finance, tech sector and it was also the advisor for many foreign invested enterprises in Vietnam. It was also the lead on one of the market’s largest follow-ons of the awards period.

About GBS

GBS is a global consulting powerhouse. It began the operations since 2002 and have grown due to excellent relationships with its clients. The firm has offices in multiple countries with hundreds of people working inside them.

GBS achieved its success because of how successfully the firm integrate with clients. GBS covers many industries such as financial, tech, energy, business services, consumer products.

Contact GBS at: ask@gbs.com.vn, hotline: +84903189033 or website: gbs.com.vn

About World Economic Magazine Awards.

World Economic Magazine has looked at each firm and its portfolio of transactions over the past year to discover the best M&A firms. Its analysis was based on the following criteria: the power, influence and magnitude of deals done, revenue, history and leadership of founding partners and size of the firm. More information about the Awards can be founded in the website of World Economic Magazine.

The shutdown of two contract manufacturers in Vietnam due to Covid-19 could worsen Nike’s sneaker supply problems, a market research company has warned.

The fact that South Korea’s Changshin Vietnam and Taiwan’s Pou Chen Corp in HCMC have stopped operating since last week “may exacerbate the supply chain disruptions that the company has had to deal with,” S&P Global Market Intelligence said in a report.

Vietnam accounted for 49 percent of U.S. seaborne imports linked to Nike and its products in the second quarter, it said.

Nike said in fiscal 2020 contract factories in Vietnam made roughly 50 percent of its branded footwear.

There is a refocusing on China, the report said, pointing out that in the second quarter of this year, growth of U.S. seaborne imports linked to Nike from Vietnam was 6.6 percent year-on-year while it was 54.6 percent for China.

A Nike spokeswoman told CNBC in an emailed statement: “We continue to work with our suppliers to support their efforts in response to the dynamic and unprecedented nature of Covid-19.”

Vietnam’s HCMC has recorded over 39,500 Covid-19 cases since April 27.

Vietnam Maritime Bank (MSB) today announced the appointment of Duong Ngoc Dung as its new Chief Marketing Officer. In this role, Dung will oversee brand, marketing technology, product marketing, marketing communications, and customer and market research. He will report to Nguyen Hoang Linh, CEO of MSB, and join the bank’s executive committee.

With a focus on customer experience, loyalty, digital innovation and brand relevance, Duong Ngoc Dung is an accomplished and transformational marketing leader who has spent her career building leading brands in the financial services, technology and supporting industries across Vietnam.

He joins MSB from Hong Leong Bank Vietnam, where he served as the Country Head of Marketing and Communication. Prior to this, Dung was the Head of Marketing and Communication for Vietnam International Bank (VIB). His additional marketing experience includes leadership roles with Vietcapital Bank, Vietcapital Securities, Sao Bac Dau Technology Group and HPT Vietnam, one of leading information technology services firms in Vietnam.

“I’m thrilled to have such a talented and experienced marketing leader like Dung join our organization,” said Nguyen Hoang Linh. “With his impressive track record of driving award-winning marketing and loyalty programs, digital innovation and customer engagement, he is uniquely positioned to help drive our continued growth and diversification in the Vietnam consumer market through our strategic partnerships with many of best-known brands in the country.”

“I’m excited to join an organization like MSB that has such a strong reputation in the market and an ambitious growth agenda,” said Duong Ngoc Dung. “I look forward to working with Linh and team on building a world-class marketing function and transforming our products, capabilities and experiences to meet the ever-changing needs of partners and customers alike.”

Duong Ngoc Dung is also the founding partner of GBS – Global Business Services LLC. He holds a Bachelor’s degree from Dong Do Ha Noi International University.

MSB operates about 300 full-service offices in Vietnam. Founded in 1991, MSB offers a complete line of personal and business banking products. The bank is listed on the Ho Chi Minh Stock Exchange as MSB. More information about MSB can be found online at https://msb.com.vn