Key to Success in the Vietnamese Market – Vietnamese Translation Services
Building on Vietnam’s favourable business conditions, such as its strategic location, stable political system, ample workforce, and relatively open environment for FDI, the country has cemented its position as a safe and stable investment destination.
One key to grasping the success in the Vietnamese for foreign businesses is to have a smart localization strategy – adapt your products, services and content to the preference of Vietnamese audiences. This is when Vietnamese translation services come into play.
In this post, let’s go through the main reasons why the Vietnamese market is your right investment and how Vietnamese translation services can help you boost your sales here.
Reasons to Enter the Vietnamese Market
#1. An emerging market with stable economic growth
Vietnam has an emerging economy with fast and steady economic growth and governance. The market achieved over 7% growth in the GPD for two years in a row (2018 and 2019). In 2020, despite being under the influence of the pandemic, Vietnam still recorded a GDP growth of 2.91% which was one of the three countries in Asia that achieved a positive growth rate this year.
Vietnam’s GDP growth from 2011 to 2020 (Data from GSO)
In the same year, Vietnam became the fourth biggest economy in South East Asia as its economic scale reached 343 billion USD, surpassing Singapore ($337.5 billion) and Malaysia ($336.3 billion).
What’s more, exports in Vietnam increased in tandem with FDI inflows. Manufacturing and processing received the most investment, totalling $12.73 billion, followed by real estate, electricity production, wholesale and retail, science and technology, and others. Singapore, South Korea, China, and Japan continue to be Vietnam’s largest investors. While there are several investments from South Korean and Japanese investors in areas such as retail markets, buildings, and infrastructure, it is worth noting that several US and EU investors use their holding companies in Singapore to invest in Vietnam.
With a clear vision for the future, Vietnam has laid the groundwork for a stronger recovery in 2021 which is the reason why your business should enter this market and capture the emerging opportunities in this country.
#2. The trend of moving production from China to Vietnam
In comparison to other low-cost countries, Vietnam is experiencing unprecedented growth. Foreign investors are increasingly choosing Vietnam as a China plus one destination to combat rising costs in China and other unpredictable scenarios.
Let’s check out 4 main reasons why Vietnam is the chosen destination for the production relocation of foreign businesses:
- Low-cost manufacturing and low labour costs.
- Vietnam is Asia’s import and export processing centre which is in proximity to China and other ASEAN countries.
- Escaping tariffs following Vietnam’s participation in several free trade agreements.
- The Relocating of foreign professionals to Vietnam due to low living costs, friendly environment, and no internet restrictions.
How to Succeed in the Vietnamese Market
#1. Know the differences in consumer behaviour in different Vietnam’s regions
Depending on the industry, foreign companies entering the Vietnamese market may need to consider two different marketing strategies: one for targeting the northern part of the country, which has a higher concentration of government ministries and regulatory agencies and one for targeting the southern part of the country, which is the dominant industrial hub.
The behaviour and preferences of consumers in these two regions are comparatively different. To successfully capture the attention of Vietnamese audiences, thorough market research to understand the target audiences and smart localization strategies are of necessity.
#2. Take language and culture factors into consideration
According to the EF English Proficiency Index (EF EPI) in 2020, Vietnam was classified as a low English proficiency country. It ranked at number 65 out of 100 countries taking part in the survey with a 473 score. The figure shows that even if your content is available in English which is the most common foreign language in Vietnam, you are not reaching as many target audiences as you expect. To make a splash in the Vietnamese market, there is no other way than to speak Vietnamese with your Vietnamese audiences.
All your business documents or marketing campaigns should be localized into Vietnamese. And please note that the Vietnamese language and culture is rich and complex. To accurately translate content to Vietnamese, you should only use professional Vietnamese translation services from reliable translation language providers.
Tips for Effective Vietnamese Translation Projects
When localizing your content into Vietnamese, there are numerous local regulations and details you need to pay attention to in order to get quality Vietnamese translations that are attractive to the local audiences. Below is the list of Vietnamese localization details and locale specifics you should not overlook:
- The Vietnamese language contains a long list of personal pronouns. You should consult a Vietnamese localization expert to wisely choose the right pronouns when communicating with your target audiences.
- Be aware of the differences in the regional writing style of Vietnamese people. Some major differences can be seen in spelling and vocabulary.
- The capitalization system in the Vietnamese language is complex and should be handled carefully.
- You should acknowledge the possibility of word expansion when translating content into Vietnamese.
- If you are thinking about using social media to connect with your audiences, Facebook is your go-to platform. With a large number of users, Facebook is the most popular social media site in Vietnam. In fact, as of July 2019, Vietnam ranked seventh among the countries with the highest number of Facebook users.
Leading active social media apps among internet users in Vietnam in 2021
- Vietnamese people use the metric system of measurement (meters, kilometres, kilometres per hour, and degrees Celsius).
- Date-month-year is the date format.
- Vietnamese people use both 24-hour and 12-hour clock notation. In transportation timetables, legal documents, and television schedules, 24-hour notation is commonly used, whereas 12-hour notation is mostly used in daily conversation. When using a 12-hour clock, add sáng (in the morning), trưa (noon), chiều (afternoon), tối (evening), or đêm (night) after the time. For instance, 9 p.m. = 9 giờ tối.
- The given name is followed by the family name in the full name format.
- The format of an address is house number, street, ward, district, and city.
Need High-Quality Vietnamese Translation Services?
Based in Vietnam, Singapore, and Indonesia, GTE Localize has years of experience in providing Vietnamese translation services. We work with a large pool of both in-house and freelance Vietnamese translators who can cover all major Vietnamese language pairs and types of content. So, if you need fast, high-quality, and cost-effective Vietnamese translation services, look no further than GTE Localize.
When we receive your order, we look into our network of Vietnamese linguists and match their skills and expertise to your specific requests. That is why, over the years, we have become a trusted Vietnamese language translation partner for many clients around the world and have successfully completed hundreds of Vietnamese translation projects.
We are here to assist you with all of your Vietnamese translation needs. Speak with one of our localization experts for a free consultancy!