Vietnam Buddhist Faith an Advantage in Business By Brent M.

Eastwood, PhD (2010) A recent visit by Chinese Foreign Minister Yang Jiechi to an ASEAN foreign policy meeting in Hanoi, Vietnam, shows that even though China and Vietnam are old enemies and adversaries, Vietnam is taken seriously by its neighbor to the north. Vietnam is undergoing resurgence due to its rising GDP, more foreign direct investment, and favorable demographics that take advantage of its burgeoning human capital. Its literacy rate is 90% out of 86 million inhabitants. Its GDP growth was nearly 6% in the first quarter of 2010, but it is suffering from high inflation. Vietnam has a long way to go, but its a fast runner in the region. Most know about its abundant exports in textiles, clothing, and shoes, but its surprisingly a substantial oil exporter as well. The country was at war through most of the 20th century, but has made a comeback. Vietnam is predominately a Buddhist nation, so one could argue that Buddhist faith enables individuals to endure amazing amounts of hardship. But Buddhism has its advantages in the business world as well, even though these qualities are beyond the surface and certainly not taught in an MBA curriculum. Morality, treating others fairly, discipline, personal savings and thrift are more obvious aspects of the religion. But these character traits can transfer into the board room as well. Thrift can lead to reduced costs and efficient inventories. Discipline can help business owners to keep from straying beyond ones personal expertise or keep them from spending on frivolous material things. Staying calm during difficult times has its value. Compassion allows business owners to keep customers happy. Ethical behavior can promote goodwill and community appreciation. These intangibles may not directly affect the bottom line or share prices, and there are many Buddhist business owners in Southeast Asia, but Vietnam seems to take advantage of its faith. Vietnam must continue to sacrifice in the short term and invest in the long term before it catches up from its violent history, but a firm base of religion certainly cannot hurt its future prospects in commerce.