Vietnamese start-ups have various approaches to going global, like attracting investments from foreign investors, going overseas themselves or partnering with international businesses. An example of this would be Nguyễn Hữu Tuất, who launched the Vietnamese ride-hailing firm FastGo a year ago, with dreams of scaling up the business overseas.
According to Việt Nam News, FastGo became the first Vietnamese firm in the ride-hailing sector to expand to foreign markets. In December 2018, FastGo opened in Myanmar, a market with rapid development in e-commerce, tourism, retail and the online economy. It took FastGo only a month set up the service in Myanmar, thanks to its global-based technology. This year it reached Singapore and recruited some 3,000 drivers in the first month.
Another example of this type of business expansion is Đỗ Kim Dung, the business development director of Ecomobi, a Vietnamese social selling platform that has offices in Singapore, Indonesia and Thailand. He states that the main obstacles for start-ups going global comes from cultural differences between Vietnamese and people from other countries, especially in Muslim countries like Indonesia. He explains, ““English speaking countries share the same legal basis as English law so we have commonality among markets.”
At Transtrust, we are committed to helping international companies with Vietnamese localization. We understand the difficulties that cultural differences can make when trying to expand your business into a foreign market. Our team is here for you 24/7 to offer local support and cultural integration when it comes to your brand. You can confident with us that your company’s marketing material is in good hands, and will translate well to the Vietnamese market.
Article by Harmony Riveros