Finding The Right Partner When Expanding In Emerging Markets

It can be daunting for a firm to select the best suitable partner to expand its global footprint in an emerging market. Characterised by various consumer trends, industry developments supported by government initiatives, emerging markets can strengthen a brand’s global presence in a new market. The challenge is selecting the right partner. 

Expanding into emerging markets is a golden opportunity for businesses aiming to diversify and broaden their reach. Vietnam is one of the most talked about hot spots in the metalworking sector.

The country’s initiatives to attract foreign direct investments (FDI) have significantly contributed to Vietnam’s robust economic growth. Increased foreign investments lead to higher production capacities, job creation, and improved infrastructure, boosting overall economic activity.

Vietnam’s manufacturing sector, especially electronics, textiles, and footwear, has been a major driver of its economic growth. The country has become a manufacturing hub for multinational companies looking to take advantage of its skilled labour force, competitive wages, and strategic location. 

Other sector such as the energy — its solar and wind energy projects are gaining traction as the government aims to reduce its reliance on fossil fuels. There is a plethora of possibilities to have a presence in the country. The million-dollar question is: does a firm need to kiss many frogs before it meets a prince?

Three Selection Benchmarks

To begin with, language is of utmost importance given communication is vital in any business transaction. Vietnam’s government and educational institutions have been actively promoting English education, and there has been a growing demand for English language courses and tutoring.

The rise of technology and the internet has provided more access to English-language content, which has contributed to improving language skills. However, language proficiency can vary widely across different regions and demographic groups within the country.

While many Vietnamese individuals have a basic understanding of English, the level of proficiency can differ from person-to-person. This is why it is essential to work with partners who do more than just selling equipment.

What any firm needs is a partner who can collaborate to provide the best possible outcome. Assuming the English proficiency box has been checked, the following are three benchmarks to lead your company to the best suitable local partner.

1. Knowledge Is Power(ful)

It is simply not sufficient that a local potential “knows machines”. That is the best recipe for a loss making deal as the partner will likely be unable to provide consultancy services in the whole spectrum of manufacturing process corresponding to the equipment you are selling.

Technical expertise from raw materials, cycle times, dimensional and surface tolerances, even documentation requirements are just some of the basics that your local partner should know before it gets into your list of shortlisted candidates.

Read more here 👉 https://shorturl.at/gjrD4

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