Socialist Republic of Vietnam - Economic Social and Cultural Analysis - Marketing Assignment Help

Assignment Task -                 
 

Part I: Introduction 

Vietnam or Socialist Republic of Vietnam is a country in South East Asia. Vietnam has the population of 90 million with diversity of religion, such as: Taoism, Buddhism, Catholicism. 87% of Vietnam population speaks Vietnamese. With 331,211 square kilometer, Vietnam shapes like letter S(VNmission). Vietnam neighbours country include China, Lao and Cambodia. Vietnam is not a strange name to the whole world, mostly know by its victory in the war with America. Although it was suffered from several serious damages from the war, Vietnam is still beautiful and peaceful in the eyes of the world. Having 4,510 km of beautiful beach coast, Vietnam use this benefit and build a great tourism industry. The reason for choosing this country as the host country is that Vietnam is my motherland. Furthermore, Vietnam is the only country has positive economic growth during COVID-19 in South East Asia. The most popular Canadian product in Vietnam is international education. Canada has one of the best education system in the world with diversity community and safety environment. For that reason, millions of Vietnamese students choose to study in Canada. Canada also offer many exclusive programs for Vietnamese student, such as SDS (Student Direct Stream). This program allows Vietnamese study to apply for study permit without having to financial proofing. To compare with America or European countries, Canada study permit is more open and more convenience in many ways. 

Part II: Economic Analysis

• Analyze economic statistics (e.g., GDP, per-capita income, international trade statistics, and balance of payments). Discuss communication infrastructures.

• Discuss possible government restrictions (i.e., protectionism), tariffs, and nontariff barriers that might affect your product or service category.

First of all, according to the assessment of the population and worker trends in Vietnam, the population size of the country will continue to increase at an average rate of 1.07% / year in the period 2019-2021. The labor force participation rate of the population aged 15 and over decreased slightly, 76.06% in 2019 and 75.48% in 2021. The size of the labor force aged 15 and over increased to 55.76 million people in 2019 and 56.62 million people by 2021. The rate of trained workers with degrees / certificates will reach 23.14% in 2019 and 25.82% in 2021. Immigration entering Vietnam have a variety of nationalities, purposes and occupations. The countries with the most citizens entering Vietnam are: China, Korea, Japan, the United States, Taiwan, and Russia. Chinese citizens entering Vietnam accounted for the highest proportion with the number of nearly 14.8 million people in the four years 2015 - 2018, accounting for more than 30% of the total number of foreigners coming to Vietnam. From 2015 up to now, the immigration authority has issued 1,074,065 visas. Currently, there are 141,042 people from the country having temporary residence card, of which labor accounts for 85,526 people, investment accounts for 14,775 people, visiting relatives accounts for 38,799 people.

Part III: Social and Cultural Analysis  

• Describe social institutions and social groups (e.g., family, social classes, relevant lifestyles, and prominent religions).

• Discuss the role of education on the consumer behavior of your target market.

• Describe relevant local management styles and business customs (e.g., types of clothes worn at work, business ethics, time management, and negotiation styles).

Part IV: Political/Legal Analysis 

• Discuss the political environment, and identify issues that you must consider to assess political risk and reduce political vulnerability. Does the host government facilitate trade, or is it reluctant to engage in trade?

• Briefly describe the legal system of the market you wish to enter, and discuss its relevance to your task as an international marketer.

• Briefly discuss two possibilities of international dispute resolution between trade partners available for your company in the country of choice.

• Discuss the most important differences and similarities between Canada and your country of choice in terms of the political and legal environment.

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