Success Stories of Our Clients
Below are selected success stories of our clients enabled by our help.
Sycomp Vietnam: Admendment of business license
Sycomp is medium-sized technology multinational based out of Silicon Valley, California, USA, having strong presence in Asia notably China and Japan. 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. Positive results came along after three months. After that, our team was also appointed as the consultant to help Sycomp Vietnam with tax, payroll, accounting, and miscellanenous business support in the subsequent years till now.
Texprocil India: Intensive market survey of fabrics
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 helped form a clear and precise picture on the Indian fabric’s position an potential, which was a valuable input for Client’s national fabric promotion strategy. Exports of Indian fabric to Vietnam started to rise.
Pharos Indonesia: Business model structuring and licensing
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.
EDCP: Business establishment via M&A
Two French friends were venturing out a business involved in production and distribution of small Vietnamese-style handicraft furniture items. Understanding that setting up a wholly foreign-owned entity may get big troubles because the business involves wholesale and retail while they wanted to do it fast and simple. They turned to our team for help.
We offered to help them get set up via M&A (instead of straightforward). We used two local nominees (from our own team) to create a locally-owned company that are entitled with all the desired business lines. After that we have the company sold (in a share sale transaction) to the new shareholders who are our French clients. The whole procedures looked complicated but in fact the contrary – simple and quick to do. We had the target company in place within one month (saved 2 months) and helped Clients save 40% from standard fees.
Shatalla: High-level field research of rice
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.