Vietnam’s admission to the World Trade Organisation (WTO) has been of great significance, laying a milestone for the country in its international economic integration. Many economists have analysed the opportunities and challenges that Vietnam has to face in the post-WTO era. One of the biggest difficulties is the capacity of Vietnamese businesses to compete in an open market. Therefore, it is useful for them to learn experiences from foreign businesses which are operating successfully in the Vietnamese market.

 

In an interview granted to a VOVNews reporter on the sidelines of the Vietnam Consumer Electronics Conference 2008 (VCE’08), which was held in Hanoi from April 9-12, Irving Oh, General Director of the Imaging and Printing Group of HP talked about the Vietnamese market and his experiences while doing business in Vietnam.

 

Making use of the young population and a promising market

Mr Irving Oh said that to obtain make success of business operation in Vietnam – one of target market, HP had studied Vietnam carefully. He noted that said in 2007 the country’s foreign direct investment (FDI) was estimated at US$20.3 billion, and its GPD at 8.17 percent. In 2006, Vietnam surpassed China to rank third in the Global Retail Development Index.

 

Therefore, he said Vietnam’s consumer base is huge, and its purchasing power is increasing. In addition, the median age of Vietnam’s population is 26.4. This is a very young population in a country where 70 percent of the 85.2 million people are under the age of 40 years old. Young people are dynamic and adapt to change and they also tend to aspire to a better standard of living and more importantly strive to achieve it.

 

The HP senior official said: “We believe quality, reliable and innovative products will resonate with Vietnamese consumer today and HP, the INVENT, has a wide range of products.”

 

Launching suitable development strategies

Thanks to a good market assessment and consumer analysis, HP mapped out two major development trends to secure a firm foothold in the Vietnamese market. One trend was the “Total Customer Experience” from the point of purchase to service support, and the other was “Web 2.0” which focuses on personalized services.

 

According to Mr Irving Oh, besides the convenience and comfort in purchasing, the consumers have to be assured and given peace of mind that they can get an absolutly genuine product from a one-stop store as well as having a wide range of products to choose.

 

He said that HP is providing its customers with its latest products and can provide complete solutions for both home and offices through authorized outlets. “We fully recommend that customers buy only authorized products to enjoy the Total Customer Experience promise. We have made the technology work better and simpler to provide the customer with an easier and more enjoyable experience. We have authorized 43 certified Original Cartridge Stores nationwide, thus consumers should not get confused with the plethora of counterfeits, parallel imports, remanufactured or refilled supplies”, he went on to say.

 

Considering consumers a key part in business strategy

Mr Irving Oh said that HP always focuses on satisfying consumers’ demands and regards them as a key part of its development strategy. That’s why HP defines its mission as: “Simplifying technology experiences for all its customers”.

 

He added that customers define the products that HP make and they are considered as the guiding principle behind the management of HP business. Since starting operation in Vietnam 13 years ago, HP has notched up many successes and has won many awards, such as the Golden Dragon for seven consecutive years, PC World’s “Best Buy” Laser Printer for 12 consecutive years, and GFK “Brand No1” for three consecutive years.

 

With such great successes, HP’s business experiences are very useful to many enterprises, including those operating in Vietnam particularly at a time when the country is actively integrating into the global economy and very eager to sharpen its competitive edge./.