Below are selected success stories of our key clients enabled by our help:
Sycomp is medium-sized technology multinational based out of Silicon Valley (Foster City, CA, USA), having strong presence in Asia. After being incorporated with the help of KPMG, Sycomp Vietnam got trapped because it could not do what it wanted to do in terms of business scope. Shortly afterwards, the Sycomp executives realized that it was because KPMG did not give the right advice during business licensing procedures even though they had to pay premium fees for the service.
Sycomp turned to our team for help with the revision of business license, which was a rather complex case, since it involved wholesale distribution (of IT devices) – a sector sensitive for foreign ownership. We carefully reviewed the HS codes representing the business lines Client wished to obtain, also prepared and submitted business plans and numerous other supporting documents required by Ministry of Industry and Trade. Positive results came along after three months.
After that, our team was also appointed as Client’s long-term consultant in other areas including tax (structuring), payroll, employment contracts, and miscellanenous business support in the subsequent years till now. Sycomp Vietnam’s business has gotten stable and started to thrive over the years.
Texprocil is India’s government agency in charge of promoting textile exports. In the context of India fabric performing poorly in the Vietnam market, Texprocil was developing a national strategy to promote Indian fabric in Vietnam, increasing its market share (then less then 2%) versus China and Taiwan (together gaining 60% market share).
During that endeavor, our team helped Texprocil conduct an intensive market survey on more than 50 major local garment manufacturers about their specific fabric needs, and feedback /opinion on Indian fabrics, including rationale for not choosing Indian fabric for their production. Our survey, conducted with only high-level executives of target companies, helped form a clear and in-depth picture of the Indian fabric’s position and potential, which was a valuable input for Client’s national fabric promotion strategy. Exports of Indian fabric to Vietnam started to rise.
Pharos, an Indonesian leading pharmaceutical group, was considering entering Vietnam’s huge potential pharma retail market, but was not aware that foreigners could not do so since there is no such commitment with WTO (pharma wholesale and retail). Our team helped Pharos gain that insight as well as provided a detailed overview of Vietnam’s Corporations Law and Investment Law. That free-of-charge working process lasted more than a month. We tried to understand the Client’s business model and business objectives for Vietnam market, and figured out ways to overcome the market access restrictions.
To conclude, we advised them to instead do “health supplements” which were their new focus, given the new line’s tremendous potential and more importantly, no market access debacle. The full executive team of Pharos met with us in person in HCMC for a long Q&A session before engaging us for the incorporation, which took only more than three months to complete.
Emergent Payments is medium-sized Silicon Valley-based multinational specializing in global payment and digital content solutions. Realizing that its desired business in Vietnam that involved digital advertising would require a joint venture with a local party (by Vietnamese law), we helped them structure a nominee local partner with 1% share in a start-up joint venture whose 99% would be immediately taken over by Emergent Payments Inc. The structuring made the incorporation a lot faster and simpler. We managed to get the target JV company in place within 40 days (saved 2 months form standard duration and 40% from standard fees).
Shantalla is a Canadian-based management consulting firm, with global client base. This time, one of its clients wanted to enter the domestic rice market notably high-end branded rice. Shantalla, without local presennce in Vietnam, would like to have the on-the-ground support for a high-level rice market research engagement, notably primary or field research.
Our team joined force and made valuable contribitions in local language desk research and notably in high-level field interviews with various participants including selective market watchdogs, leading or fast-emerging industry players and top retailers. Our proprietary methodologies helped make sure we obtained in-depth insights for Client’s critical decision-making process.