Doing Business in Vietnam

With the introduction of Doi Moi reforms Vietnam has become one of the fastest growing economies in the world currently having a GDP annual per capita of 550 US Dollars. Political power lies with a single-communist party CPV (Communist Party of Vietnam) which is headed by the party general secretary. Having successfully kept the big powers (China France and the US) away from controlling the country; patriotism is a strong component of country’s psyche. Till today 5 million people are affected by the after-effects of the Vietnam War. Vietnamese culture is multi-layered and heterogeneous throughout the country. In general the Vietnamese culture can be described as a high power distance high collectivism moderate high certainty avoidance and high context. Vietnam is a Buddhist or Confucian country. Religion plays a vital role in the country’s social life. The organizational culture of Vietnam Electricity (SOE) is the monopolistic corporation which reflects the national culture to a large extent at different levels. The study reveals that Vietnam faces several social and economic challenges.