4 Factors To Help Businesses Conquer The International Market

According to UOB research, on average, there are 9 out of 10 Vietnamese companies looking to expand their global business in the next three years. They aim to increase revenue while strengthening their brand as international businesses. 

A report from the Foreign Investment Agency, Ministry of Planning and Investment highlighted that in the first 9 months of the year, Vietnam’s total international investment (both new and adjusted capital) reached 416.8 million USD, a 4.6% increase compared to the same period. 

Factors help businesses approach international markets

According to Ms. Tieu Yen Trinh – CEO Talentnet Corporation: “Many domestic businesses invest in innovation and creativity. This effort not only helps them maintain operations in the digital age, but also the step to expand the ecosystem and reach out to the big sea.”. Previously, she supported many partners to conquer the international market.

Ms. Yen Trinh pointed out 4 necessary and sufficient factors for domestic businesses to firmly approach new markets. Firstly, a unique and differentiated product that meets consumer needs. Next is the marketing – sales strategy, identifying target customers, approaches, and potential distribution partners. 

The third factor is a stable capital flow, which help the company maintain operations for 2-3 years, even in the worst situations. Finally, the human factor – positions and skills necessary to cultivate the corporate culture and establish unique values that the entity offers in the new market. 

“Most businesses focus on products and marketing strategies because they easily make an impression on the new market,” Ms. Tieu Yen Trinh revealed. However, leaders should not underestimate the importance of the human factor because it determines the company’s resilience. Wanting to integrate without careful preparation can easily create unwanted problems. 

Ms. Yen Trinh provides an example, before going to the “big sea”, businesses should have a standard structure and personnel model between departments, each level and position. It not only helps the unit quickly establish a new organization, but also has a reasonable resource strategy – utilizing internal employees or borrowing talent elsewhere. 

The importance of payroll process 

Each country will have certain differences in legal, tax, labor regulations… Therefore, companies need to be equipped with an accurate salary calculation system, ensuring compliance with the requirements of the host country. 

According to Ms. Trinh, many businesses believe that the payroll process is special, needs to be discreet and cannot be outsourced. However, with the highest security system and standardized process to ensure accuracy, external entities can help businesses share part of the burden, focus on core activities, and increase profits.