10 Steps to Great Leadership

By: City Pass Guide

To paraphrase William Shakespeare’s line from Twelfth Night, some are born leaders, some achieve leadership qualities, and some have leadership thrust upon them.

One thing that great leaders all have in common however is the ability to find solutions in the time it takes others to figure out that there is a problem. This is not some kind of magic. It is purely having the knowledge that experience brings. There are though, certain traits that set leaders apart from the rest. The ability to isolate problems and the courage and confidence to act, are certainly examples. People skills of course are tremendously important.

So what are the 10 Steps to Great Leadership?

1. Leading by Example

Source: stilettosontheglassceiling.com

There can be no more demoralising thing than watching your boss do the very things that they have criticised you for in the past. It is so important to remain constant to the standards that you set others. Your workers will see that you practice what you preach and will certainly take constructive criticism more easily.

2. Empowering Staff

Source: plan-delegate-manage.com

The great advantage of being a leader is that you have others to do jobs for you that are too difficult for you to fit into your busy schedule. It is however one thing to have staff and another thing altogether letting them take the helm. As a great leader you will need the ability to trust the judgement you made when interviewing personnel in the first place.

3. Swift Decision Making

Time spent procrastinating over an issue can sometimes lead to a missed opportunity. Quite often the first solution that springs to your mind is the right one. As a leader you have to learn to trust your gut. Of course, sometimes you will make mistakes. But as experience is gained the percentage of times that you get it right will increase.

4. Remaining Accountable for Decisions

Expecting your workforce to be accountable for their actions doesn’t carry any weight unless you judge yourself by those same standards. You have to make decisions every day, and you have to stand by them. By all means allow yourself a pat on the back for a great decision, but at the same time take it on the chin when things don’t go so well.

5. Great Time Management

Source: officesuppliesblog.co.uk

This is one of the most common factors in management failures. The inability to compartmentalise one’s workload is often cited as the most common failure of business leaders. Great leaders have to learn to do this almost instinctively. Stay disorganised and your work day will seem far too short or too long. Put systems in place to manage your tasks and you will become far more productive.

6. Breaking Down the Comfort Zone

A good leader will constantly challenge their workforce to push beyond perceived limits and think outside the box. When people stop pushing, they stop growing and when that happens development comes to a stop. A good boss will keep his workers on their toes, constantly looking to improve for the betterment of themselves and the company.

7. Being Open to Offers of Help

Source: forbes.com

Nobody of course knows everything, and leaders are no exception to this. There will be times when you find yourself faced with a problem for which you can see no solution. Never be afraid to ask your staff for help. Everyone has had different life experiences and can be a useful resource when needed. Good leaders allow themselves a little humility and ask for help.

8. Correct Allocation of Talent

Really good leaders will have already recognised which particular strengths a member of the workforce has. It is then a matter of matching their skill sets to the job in hand.

9. Explaining Requirements Clearly

It is one thing you knowing what is to be done, it is another entirely getting that message across. So many people are great at what they do but not too clever when it comes to sharing that knowledge. Good leaders need to be good communicators. When you explain something to a member of your staff, make sure that you know that they know what you meant.

10. Great Leaders Are Great Teachers

Source: fierceinc.com

It is never OK to stop teaching your staff. So many times you will hear that someone is so busy they can longer spare the time to teach their staff. However teaching your staff correctly and continually will gain you time, not cost you.

For business leaders these are the things that separate them from the rest. Successful leaders do not simply arrive where they are by accident. These are the traits that make them who they are and where they are.


Choosing the Right Web Design for Your Business

By: City Pass Guide

A website is the base for all online activities of your business. However, having a badly designed website can be worse than having no site at all. To maintain a successful online presence in Vietnam’s competitive environment, you need to adhere to the one and only commandment of design:

Form Follows Function

The online environment in Vietnam is often colourful, confusing, cluttered and chaotic. Don’t fall into that trap. To set up a profitable website for your business, you need to think about the purpose first. What do you want to use your website for? Or rather, what will your customers want to do on your website?

Case 1: My customers just want my contact information.

In theory, a Facebook profile is enough for this purpose, but your own digital business card looks more professional. And when you own your own domain name, you can and should use it for your email address.

 

Case 2: My customers want some information about my company and our products/services.

A small website with a short introduction and one page per service or product, held together by an easy-to-use navigation system, should be enough.

 

Case 3: I want to keep my customers up to date with promotions, events and company news.

This calls for a small content management system, or CMS. A CMS is where you log in and change pages or add new posts. Usually people have a section of fixed pages on their website and an extra “blog” section, where customers can follow their updates. This is the best option for restaurants.

Case 4: I want to sell my products online.

Shop plugins are available for every major CMS. These are easy to use, cheap and versatile. However, often it is not exactly what you imagine, remember that you can hire a developer to customise the product. Be careful! Customers are entering sensitive data like credit card information, so make sure the security is top-notch. Nothing ruins your online reputation faster than a security leak.

Case 5: I want to be Number One and dominate the search results.

Now we’re talking! The design still follows the function of your project, but create a code as slim as possible to make the pages load quickly and efficiently. It is also imperative to follow the prime online commandment here: Content is King. Effective SEO is necessary as well, to keep on top of Google.

In the past it was easy to fool search engines into ranking your site higher – all you had to do was list your keywords a hundred times per page. Nowadays, programs like Google are much smarter and spamming will harm your business beyond repair. Your only chance is to create content your visitors love to read and pass on to others. For quality content creation, you either have to be multi-talented, hire somebody, or buy content from a third party. But beware, many companies are still stuck in 2005 and will sell you generic content that gets you nowhere. Choose wisely!

 


Tips on Starting a Business in Vietnam

By: City Pass Guide

Whether you want to start an LLC, JSC, franchise or any other sort of local entity in HCMC, there are myriad problems – from cultural precautions to transparency to taxes – that ultimately drive away the uninitiated.

How do you even begin to enter this exciting, yet wild territory?

LLC or JSC?

For the purposes of brevity, we’ll look at two particular local entities: the jointly-owned foreign-Vietnamese LLC, and the JSC. The following information has been gathered with the aid of the Healy Consultants PLC website.

Joint-venture LLC – There are two shareholders in a joint-venture limited liability company: a foreigner and a local. This entity allows entry into many industries and foreign ownership can range from a maximum of 49% to 99%. These companies are required to have an appointed local legal representative, a capital account at a local bank, and a Foreign Investment Certificate (FIC).

Also required is a registered local address, a certificate of deposit from a local bank for the share capital ($50,000), and yearly audited financial statements.

This entity is best for foreign business owners who want access to partially restricted industries, and when the business owner has a local partner they trust. It takes about three months to set up.

JSC – For a joint stock company, there must be three shareholders of any nationality, although one of them must be appointed as the legal representative of the business. If that representative is a foreigner, they will be required to get a work permit and show proof of at least one year of management experience.

In addition, requirements include a bank certificate as proof of the funds available for investment ($10,000), the opening of a capital account with a local bank, an FIC, and annual submission of audited financial statements.

A JSC is a useful entity for anyone looking to start a business with more than two partners. The lower investment requirements are also a plus. It takes about two months to set up.

Labour and Tax

Kenneth Atkinson, the Executive Chairman at Grant Thornton Vietnam, pointed out two big factors to keep in mind:

The tax regime and labour laws are the two most important things to keep in mind. Both are quite complex. In the context of taxes, structuring your investments from a tax-planning perspective is very important. You have to ask yourself questions like, are you investing from your personal name? Are you investing through a corporate structure? What double tax treaties exist that make it beneficial to invest from, say, Singapore, instead of Hong Kong or the U.K. What is the impact of those regulations if you exit the business through a sale?

A thorough read of the Labour Code (vietnamlegal.com.vn is a useful resource) is a must, and when it comes to local taxes, Grant Thornton’s 2016 Doing Business in Vietnam report has a great overview of tax requirements.

 

Cultural Mindfulness

If you’re coming from an Asian country, you’re likely to understand the cultural ways here better than Westerners. Gone are brash negotiations, rapid-fire contracts and cutting to the chase. Vietnam in general is a long-term game that requires patience above all else.

The client meetings at karaoke bars (now slowly being overtaken by beer club meetings), the formal business cards exchange, the contract-over-drinks approach, the sheer politeness of it all – it’s all part of getting to know you as a person. People do business with whom they trust, and foreigners here seem to like these practices enough to uphold the local business culture. As Mr. Atkinson points out: “I actually prefer being handed a business card rather than some American guy flicking it across a table at me.” A final story from Mr. Atkinson:

In 1999, we had a fairly big project with the Asian Development Bank and the Ministry of Finance. I first went to dinner with these guys at the introduction of a Vietnamese friend. We had an enjoyable dinner and a few bottles of wine. Once it ended, my friend said they liked me, but they didn’t know Grant Thornton. So I said to one of the guys, What football team do you support? He said, Manchester United. I said, That’s great because we’re the auditors to Manchester United. Then two bottles of brandy appeared on the table and we stay there for another hour and a half. In the end we actually got the job.


CBRE Vietnam Honored for Lead Real Estate Consulting in Vietnam

By: CBRE

CBRE Vietnam Leads the Market in Real Estate Consulting in Vietnam

On October 24th, 2018, CBRE was ranked as the top real estate consulting company globally for 54 different categories across North America, Latin America, Europe, Africa, and Asia Pacific at the Euromoney Award - one of the most prestigious awards in the real estate industry.

CBRE

In Asia Pacific, CBRE received 11 major awards including:

- Vietnam: Agency - Letting/sales
- Vietnam: Research
- Vietnam: Overall
- Australia: Research
- Australia: Overall
- India: Overall
- Japan: Agency - Letting/sales
- Japan: Overall
- Singapore: Agency - Letting/sales
- Singapore: Property Value
- Singapore: Overall

Mr. Steve Swerdlow, Chief Executive Officer of CBRE Asia Pacific stated: “The diversity and reach of our Asia Pacific platform continues to receive consistent recognition from the industry and most importantly, our clients. At the center of this proud achievement remains our people, who continue to deliver the world-class services expected of CBRE in Asia Pacific each and every day.”

This year also marked also a significant milestone for CBRE Vietnam - our 7th consecutive year as the leading real estate consulting company in Vietnam, as named by Euromoney, for three categories:

- Agency – Letting/Sales
- Research
- Overall

Ms. Dang Phuong Hang, Managing Director of CBRE Vietnam, shared: “CBRE is deeply knowledgeable about the Vietnam real estate market, because of our world-class experts. This allows us the ability to provide the most critical and accurate information to our clients, thereby committing our best to fully meet any and all consulting needs".

With 15 years of experience in the Vietnam market and the highest awards in the real estate industry for the past 7 years, CBRE Vietnam is continually developing and always striving to be better than the rest.

CBRE Vietnam is Led by:

Ms. Dang Phuong Hang, Managing Director of CBRE Vietnam Ltd., with more than 23 years of real estate experience;

Ms. Duong Thuy Dung, Senior Director Professional Services, with more 11 years attached to CBRE in collaboration with more than 320 national and international clients;

Ms. Nguyen Hoai An, Branch Director of the Hanoi Office, handles more than 300 customers in the North and Central of Vietnam;

Mr. Richard Colville, Director and National Business Line Leader - Asset Services, has managed more than 86 projects with 2.5+ million square of real estate floors;

Ms. Ho Thi Kim Oanh, Director of Valuation & Advisory Service and National Business Line Leader, with more than 20 years in industry and in collaboration with CBRE, has evaluated more 3000 real estate projects;

Mr. Le Trong Hieu, Director of Office Services National Business Line Leader, is the manager of more than 50 large-scale projects with over 1 million square meters of office and industrial real estate.

CBRE

With a team of over 700 leading experts in Vietnam, CBRE allows clients to reach their optimal benefits and cash flow with their investments, achieve advance profitability, and reduce risk to the lowest level in a volatile business environment. CBRE serves clients with high-class international standards.

The Euromoney Property Awards is a prestigious award that was initiated in 1992 and takes place annually, aiming to survey the performance of real estate consultants, developers, investment managers, and banks around the world to identify the best in the industry. Industry professionals from more than 75 countries participated in this year’s survey.

For more information on the 2018 Euromoney Real Estate Awards, please go to www.euromoney.com.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offersa broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com

Image source: cbrevietnam.com


Vietnamese or Foreign Bank ‒ Which Is the Better for Your Business?

By: Keely Burkey

While foreign banking institutions had branches and representative offices in Vietnam starting in the late ‘80s, much of the landscape consisted of the State Bank of Vietnam (SBV), which originally operated as both a private and commercial bank.

In 1990, the SBV produced four offshoot state-owned commercial banks (SOCBs), each focusing on particular sectors of business: Vietinbank took care of the industrial business, Agribank focused on the agricultural money, international trade was taken on by Vietcombank and infrastructure development was handled by BIDV.

If only it were still so simple!

 

Credit: andersreisen

The World’s Banks Beckon

When Vietnam joined the WTO in 2007, foreign credit unions could begin to apply for 100 percent ownership in Vietnam, an attractive prospect for countries like South Korea, which was (and still is) investing billions of dollars in Vietnam every year. As Maxfield Brown, Editorial and Research Specialist at Dezan Shira & Associates told us,

“The big foreign banks that are in the country, they’re primarily focused on the commercial perspective on the biggest investors. They want to make sure that they’re targeting Nike when it comes into the country.”

Right now there are seven foreign banks operating independently in Vietnam:

As more multinational companies enter the market, more foreign banks are vying to be the eighth, Citibank in particular.

However, there are many more foreign banks that operate as representative branches – 49, according to the SBV’s website – and they offer most of the same services, depending on your needs.

Foreign banks are definitely a cause for worry for domestic banks, but not as much as you might think. For one thing, local banks know the market better than any foreign bank could, and name recognition goes a long way in Vietnam.

This has prompted some foreign banks to become strategic investors instead of direct competitors. This option is becoming ever more attractive as the investment cap has been increased from 15 percent to 20 percent thanks to the recent adoption of Decree 01.

Japan, which has no independent bank in Vietnam but is the second-largest foreign direct investment (FDI) presence, is the best example of this. Brown considers this a long-term plan, and a good one at that:

“Over time the threshold for investments is going to go up, and maybe 10 or 15 years down the line they might own those banks outright.”

Credit: mapio.net

But What About You?

So, say you’re opening a business and you’re trying to find the right bank that suits your fledgling company’s needs. You might think that a foreign-owned bank, which has more capital, a better reputation and international experience than a Vietnamese bank, is the way to go. Well, you’re probably wrong.

It all depends on the needs of your business. If you control a large company with sales overseas, sure, a foreign bank is probably your best bet. They’ll offer you more international coverage and provide easier ways to ship money back to your home base, if it happens to be abroad.

Credit: alotrip

However, if you’re looking to open a small or medium-sized enterprise (SME) in Vietnam, a domestic bank is probably a better choice. As Brown reasons,

“If you don’t need to send your money out of the country all the time, and if you’re perfectly happy growing your business domestically, then Vietnamese banks are going to be much more interested in retaining your business.”

You might receive more attention than you would at a larger, international bank, since these banks are often subject to reporting requirements in their home markets that can slow the delivery of key services in Vietnam. Here are Asiamoney’s Cash Management Poll 2016 winners for the top banks for small businesses, both foreign and domestic.

 


How to obtain a temporary resident card in Vietnam?

By: City Pass Guide

What are the cases in which a foreigner can obtain a temporary resident card in Vietnam?

- He/she is member of diplomatic missions, consular offices, representative offices of international organisations of the UN, intergovernmental organisations in Vietnam, or the spouse, child under 18 years of age, housemaid that comes along during his/her term of office. In this case, he/she will be issued with a temporary resident card NG3.

- He/she has a visa of type LV1, LV2, ĐT, NN1, NN2, DH, PV1, LĐ or TT. In these cases, he/she will be issued a temporary residence card NG3.

What do the codes of common visa types in Vietnam mean?

NG3: Issued to members of diplomatic missions, consular offices, representative offices of international organisations affiliated with the UN, representative offices of intergovernmental organisations and their spouses, children under 18 years of age, and housemaids during their term of office.

LV1: Issued to people who come to work with units affiliated with Vietnam’s Communist Party; the National Assembly, the government, Central Committee of Vietnamese Fatherland Front, the People’s Supreme Court, the People’s Supreme Procuracy, State Audit Agency, ministries, ministerial agencies, governmental agencies, the People’s Councils, the People’s Committees of provinces.

LV2: Issued to people who come to work with socio-political organisations, social organisations, Vietnam Chamber of Commerce and Industry.

ĐT: Issued to foreign investors in Vietnam and foreign lawyers practising in Vietnam.

DH: Issued to people who come to study or serve internships.

V1: Issued to journalists who have permanent residency in Vietnam.

: Issued to people who come to work.

TT: Issued to foreigners who are parents, spouses or children under 18 years of age of foreigners issued with LV1, LV2, ĐT, NN1, NN2, DH, PV1, LĐ visas, or foreigners who are parents, spouses or children of Vietnamese citizens.

What are the documents needed to obtain a temporary resident card in Vietnam?

The main required documents needed for the temporary resident card are:

- A written request from the inviting entity
- A declaration bearing a picture
- The passport
- Papers proving your status (such as: Proof of residence registration with ward police where the applicant lives; Work permit (if applicable); Certificate, business registration certificate, licence of establishment of representative office, company branch (including announcement of activation), certificate of seal registration. In the case of family members, proof of relation can include a marriage certificate, birth certificate, or family book).

Note that any papers that are not in Vietnamese must be translated and notarised or legalised according to Vietnamese regulations.

Where can you apply for a temporary residence card?

According to the 2015 Immigration Law, an application for the NG3 temporary residence card must be made to the competent authority of the Ministry of Affairs while applications for other types of temporary residence card must be made at the immigration authority in the same administrative division in which the inviting entity is based or residing.

Therefore, for other temporary residence cards than NG3, your documents need to be filed with the Immigration Department. The government fee varies according to the duration of the temporary resident card, such as: one year: US$80; one to two years: US$100; two to three years: US$120.

How long does it take to obtain a temporary resident card in Vietnam?

Theoretically, the time frame for processing is between five and seven working days.

What is the address of public authority that you need to know to obtain immigration papers?

Immigration Department
Office of the Ministry of Public Security
254 Nguyễn Trãi, D1; +84 28 3920 2300

Immigration Department
Office of the HCMC Public Security
196 Nguyễn Thị Minh Khai, D3; +84 28 3829 9398


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