Welcome to Vietnam: An Insider’s Honest Field Guide

By Peter Ngo
CEO & Founder, Estellar Group
Board Member, Central & Eastern European Chamber of Commerce in Vietnam (CEEC)
Market Expert & Mentor, Leap4Growth Project

Whenever foreign founders land in Hanoi or Ho Chi Minh City for the first time, I watch them make the exact same mistake: they step out of Tan Son Nhat or Noi Bai airport, see the sea of motorbikes, feel the tropical humidity, and immediately assume Vietnam is simply an emerging market looking for Western solutions to borrow.

That playbook is at least a decade out of date.

Vietnam today is a dynamic economy of over 100 million people, with an advanced digital infrastructure and a highly ambitious generation of entrepreneurs and engineers. Vietnam does not lack ideas, ambition, or hustle. What local enterprises seek in international partners is genuine long-term commitment, technical depth, and the patience to co-create value together.

To help our European delegates make the most out of the Leap4Growth missions, here is how business actually works on the ground—without the corporate filter.

1. Understand the Real Pace of the Market

On paper, the macro indicators look promising—rapid GDP growth, a young workforce, and aggressive technological modernization. But numbers alone do not reveal how fast the market moves day-to-day.

In Vietnam, digital adoption happens overnight. Consumers and enterprise leaders bypassed desktop computing straight to mobile-first environments. Operational discussions, technical inquiries, and initial pilot approvals that take months elsewhere often get coordinated within days over chat groups (Zalo, WhatsApp).

At the same time, formal contracts, licensing, and enterprise-level approvals require patience, structured compliance, and respect for organizational hierarchy. You will experience this paradox constantly: lightning-fast commercial enthusiasm combined with deliberate, methodical administrative processes. Understanding this rhythm prevents frustration and allows you to navigate the process effectively.

2. Hanoi and Ho Chi Minh City Are Two Distinct Business Cultures

You cannot use a single presentation deck for both cities. Treat them as two distinct commercial capitals with their own unspoken codes:

– Hanoi (Where Strategy and Institutions Meet):
Business up north is deliberate, institutional, and rooted in long-term alignment. Meetings tend to be formal and structured. Decision-makers often have deep connections with regulatory bodies, trade associations, or large industrial groups. Do not rush to close a commercial deal in the first 30 minutes in Hanoi. Dedicate that time to understanding strategic national goals, institutional frameworks, and demonstrating respect for your counterpart’s stature.
– Ho Chi Minh City (Where Commerce Moves at Full Throttle):
Down south, the commercial energy is immediate, agile, and intensely entrepreneurial. Founders and executives want practical answers: What is the ROI? How does this integrate into our current MEP, IT, or manufacturing stack? Can we run a 60-day pilot next month? Be direct, pragmatic, and prepared for sharp commercial negotiation.

3. The Lesson of the Closed Laptop: Relationships Precede Contracts

In many Western markets, people conduct business to build a relationship. In Vietnam, we build the relationship first, and business naturally follows.
Early in my career, coming from an international corporate background, I used to enter meetings with highly polished, data-dense slide decks, prepared to present every technical metric down to the minute.

However, real-world business in Vietnam taught me an unforgettable lesson.

During an important meeting with a senior chairman, after a few minutes of polite introduction, he smiled, gently suggested we close our laptops, and poured hot tea. Instead of flipping through dozens of analytical slides, we spent nearly the entire meeting talking about our personal roots, family, life values, and everyday perspectives over tea.

Nearly 80% of our time was spent on what seemed like “casual conversation.” It was only in the final 15 minutes that we briefly addressed the business agenda. Yet, in those casual moments, he was evaluating what mattered most: my integrity, sincerity, and whether I was someone he could genuinely trust through market volatility and operational hurdles. Once personal trust was established, every commercial and technical hurdle was resolved far more smoothly than any slide deck could have achieved.

If a local partner invites you for a morning cà phê sữa đá (Vietnamese iced milk coffee) or a casual dinner, that is not “downtime.” It is the most decisive meeting of your entire trip.

4. What Vietnamese Companies Actually Want from European Delegates

Vietnamese engineering capabilities are world-class. Local developers and manufacturers already compete internationally. When partnering with European SMEs under Leap4Growth, local companies are looking for specific value that cannot easily be replicated overnight:

– Genuine Technology Transfer: Do not just sell a finished “black box” or off-the-shelf software license. Show how your technology elevates local manufacturing lines, clean-energy infrastructure, or green building systems through knowledge sharing.
– Flexibility in Pilots (Proof of Concept): Avoid rigid, multi-year lock-in contracts on day one. Offer a modular 60-to-90-day pilot. Vietnamese businesses are pragmatic—when a pilot proves tangible cost savings and efficiency gains with real data, budget opens up quickly.
– Local Technical Enablement: The biggest concern local partners have with visiting delegations is that foreign teams will fly home on Friday and disappear into a different time zone. Clearly identify your local representation, authorization partner, or system integrator who can provide hands-on technical support in real time.

Final Thoughts

Vietnam is undergoing a profound green and digital transition. The door for international collaboration is wide open, but lasting success belongs to those who show up in person, listen deeply, know when to close the laptop, and invest in authentic human partnerships.

We look forward to welcoming you and building impactful partnerships together.