Market Research Challenges and Solutions in Vietnam (EDME)

This essay examines the challenges related to gathering market information and conducting market research in Vietnam, an emerging and developing market economy (EDME). It identifies three primary challenges: variations in research costs, selecting appropriate data collection methodologies, and the availability and reliability of secondary information. The essay discusses how these challenges impact business operations in Vietnam, such as hindering the understanding of marketing trends and consumer behavior. For each challenge, the essay proposes solutions, including effective research planning and budgeting, focusing on ideal data collection methods, and prioritizing primary research over unreliable secondary data. The conclusion emphasizes that overcoming these challenges is crucial for making informed business decisions and reducing risks in Vietnam's emerging market.

Running Head: EMERGING AND DEVELOPING MARKET ECONOMIES (EDME) –
VIETNAM 1
Emerging and Developing Market Economies (EDME) – Vietnam
Name:
ID Number:
Date:
Total Word Count: 1580

EMERGING AND DEVELOPING MARKET ECONOMIES (EDME) – VIETNAM 2
Introduction
Increase the significance of emerging and developing market economies (EDMEs)
Emerging markets refers to economies of different countries that are in progress of
becoming the developed nations. These countries are typically moving towards free or mixed
markets and Vietnam is among such countries (Das, 2016). Vietnam aims to achieve financially
disciplined track through increased fiscal transparency, focusing on production, and advancing
regulatory exchanges. Moreover, EDMEs has made it possible for Vietnam to focus on moving
away from their traditional economies so as to improve its business operations. The presence of
emerging markets in Vietnam has remained to be vital as they help in driving the progress of the
region in the global economy (Shunmugam, 2012). Therefore, the primary aim of this research
work is to examine some of the potential challenges relating to gathering market information and
conducting market research in Vietnam and outlying some of the steps that can be used to
overcome such barriers.
Potential challenges relating to gathering market information and conducting market
research in Vietnam
Various challenges relate to gathering market information as well as conducting a market
survey in Vietnam (Xuân & Thao, 2013). These challenges consist of variation in the costs of
research, the process of selecting appropriate methodologies for data collection, and the
availability and reliability of secondary information.
Variation in the costs of research

EMERGING AND DEVELOPING MARKET ECONOMIES (EDME) – VIETNAM 3
Presence of variation in money channeled for the performance of research on the market
has a huge impact on how Vietnam organizes is operations. Such variations make it possible for
the country to focus on business ideas that have negative impacts on the revenue. Loser (2014)
reported that, variation in the cost of research makes it tough for different stakeholders to aim at
learning and to understand the marketing trend. In case there is a need to perform extensive
research, business operators in Vietnam finding it tough to attain the set objective due to lack of
enough cash. Poor budgeting for research in marketing opportunities for the country lead to the
collection of inadequate information during study concerning the trends and consumer behavior
in the market that the country needs to focus on while emerging its economies. According to
Donadelli, (2013), it is clear that financial variations of emerging economies into the global
economy can affect how a nation adapts to new techniques of conducting business operations.
The variations in costs of conducting research can lead to corporate debt that makes the region to
have amplification of emerging markets’ financial influence on the country.
How to overcome
The idea of having an effective plan and research design can be an efficient approach to
establish appropriate budgeting of every research activity to be conducted. Kohli (2014)
indicated that the use of set up plan can help in improving money that the government allocates
for research purposes for its emerging economies.. Vietnam can focus on reducing variations in
the costs of research by forming an effective technique for the management of its research
operations. The idea can help the country to improve its overall productivity. Keeping records for
every research that have been conducted can help in ensuring that authority understands the
amount of cash needed at every stage of the investigation. Such an idea can effectively help the

EMERGING AND DEVELOPING MARKET ECONOMIES (EDME) – VIETNAM 4
country in ensuring it allocates adequate finances to every survey they plan to conduct on the
emerging markets. According to Gresty, (2014), proper plan and having records can aid in
improving how the information is gathered and enhance the process of researching in Vietnam.
The use of key performance indicators can assist Vietnam to ascertain the amount of money it
has been spending on the project, the extent to which the actual budget of the project differs from
what was organized.
Selecting appropriate methodologies for data collection
Lack of idea on a process that is an appropriate method that can be used for the gathering
of required data has made it tough for Vietnam to have appropriate information. Gresty (2014)
recorded that, processes of collecting data that do not follow the guidelines of researchers have
been the major concern that makes Vietnam markets to have decisions to be fraught with risk.
Such risk as brought about by the need to collect data by use if selective methodologies can help
in controlling risk that stems from the poor quality of data upon which operational costs are
made in the region. Kohli (2014) indicated that lack of effective method of data collection makes
the country to lack appropriate data that can help it in understanding the needs of customers and
how different services and goods are needed at different duration. According to Goyal (2014),
innovative methods of collecting data in most cases are confusing and unfocused making it tough
for the nation to attain its goals. These methodologies make no individual understand how to
properly use advanced technologies of present times with the motive of attaining their full
potential. Besides, the presence of too many advance research methods that all paints a different
picture on the issue of emerging markets has been the major contributor of the poor quality of
information.

EMERGING AND DEVELOPING MARKET ECONOMIES (EDME) – VIETNAM 5
How to overcome
Focusing on the ideal method of collecting data in the market can help in ensuring that
the country gets the right data on what to do so as it can change its operational processes. As
recorded by Chen & Imam (2016), nation has to focus on different designs as well as plan on
how to collect the much-needed data. Some of the steps that can overcome issues related to how
to get effective methodologies of collecting data consist of identification of the issue and finding
any historical information that might be useful for its operations. The other way of overcoming
such concern is through defining exactly what is to be measured during the process of emerging
economies. Romero & Yagüe (2015) stated that the Vietnam government has to focus on
designing the uncomplicated data form, deciding the person responsible for data collection, and
choosing the appropriate technique of sampling. Therefore, all these steps can help in the
enhancement of the quality of market information that is a vital aspect of the operations of
business managers.
Availability and reliability of secondary information
Lack of or inadequacy in reliable secondary information about the market makes it a
challenging process for Vietnam to emerge its economies. Presence of confusing data on
secondary sources has made it nearly next to impossible for the management of different firms in
Vietnam to attain adequate information concerning emerging and developing market economies.
Goyal (2014) demonstrated that lack of such vital information makes it tough for managers to
focus on copying what other businesses are doing in other countries that are recently emerging
their economies. However, available secondary information fails in giving a clear picture of what
is occurring in different markets and what the country such as Vietnam need to expect at the time

EMERGING AND DEVELOPING MARKET ECONOMIES (EDME) – VIETNAM 6
it is emerging its economies. In most cases, emerging and developing market economies
(EDME) like in Vietnam always have lower per capita income when compared to developed
countries, and commonly have liquidity in equity markets due to lack of reliable secondary data
that they can focus on to borrow ideas on their operations. Chen & Imam (2016) reported that
some of the factors that bring about the issue of availability and reliability of secondary
information are the case of misconception about different authors by researchers. Besides, the
presence of instituting regulatory organizations and exchanges has made it tough for the easy
access to data that addresses the issue of EDMEs in different libraries around Vietnam.
How to overcome
There is a need for the country to focus on conducting its primary research without
depending on secondary data that are unavailable or unreliable. According to Lan (2013), the
process of conducting research can help the region in getting handy information concerning
emerging economies. Such an idea will also allow the management of Vietnam to collaborate
with other states that have to develop to help it with funds that they can use to develop different
sectors of its economies. Padmanabhan (2014) stated that the focus on the use of reliable sources
of data that have been credited by different research and academic institutions can help the
management to borrow ideas on what to expect and do as it emerges its economies. Therefore,
having a survey on available and reliable secondary data to use can help in provision o much-
needed data for the operations of the country. There is the need of the Vietnam government to
acknowledge every work of different authors without any form of discrimination.
Conclusion

EMERGING AND DEVELOPING MARKET ECONOMIES (EDME) – VIETNAM 7
From the above presentations, it is evident that emerging and developing market
economies such as Vietnam are faced with several pitfalls. The focus to overcome such pitfalls
of EDMEs has to be considered in businesses. Various potential barriers reduces chances for
emerging and developing market economies such as Vietnam to obtain reliable and accurate
market information. The three discussed pitfalls consist of variation in the costs of research,
selecting appropriate methodologies for data collection, together with the availability and
reliability of secondary information. Besides, this paper illustrates some of the ways or
techniques that can be used to overcome such challenges in modern society. Therefore, by
overcoming these challenges then the process of making decisions in emerging and developing
market economies like Vietnam cannot be of fraught with risk that can stem from the poor
quality of information upon which decisions of business operations are made.

EMERGING AND DEVELOPING MARKET ECONOMIES (EDME) – VIETNAM 8
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