Innovative Approach To International Trade
Our aim is to bridge the language and cultural gap between Western and Asian markets and improve the way both markets conduct business.
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RSS(PRWEB UK) 14 July 2014
VEO Trade Limited and Viet Anh Pham, Managing Director, are pleased to announce the firm has incorporated an innovative approach to business dealings between Asian markets and the West. They do so by providing a better understanding of local ways of doing business and serving as a liaison between the two cultural groups participating in international trade transactions.
"Our aim is to bridge the language and cultural gap between Western and Asian markets and improve the way both markets conduct business" explains Viet Anh Pham. "We are based in London with businesses in emerging markets; we have a multinational team with extensive language skills and local knowledge to effectively address the requirements of the regions we work with. In addition, we focus on employing locally within our representative offices to gain valuable insight of local markets. Our firm is headquartered in the Canary Wharf location of London and operates in several Asian cities. It is a diversified general supplier and procurement tendering company with special focus in the supply of food products, mineral raw materials, and various commodities."
"Our business approach is unique in the way we attempt to apply the same working methods that are orthodox to Western companies and translate them in a way that is culturally acceptable to the respective emerging markets. We get our clients to sign standardised contracts and we encourage full transparency at every step through the purchase process." he added.
VEO Trade's Director of Sales, Bill Porter offered some insight on the current state of the Asia/Southeast Asia markets. "While some Asian businesses have taken steps to cater to the Western market, those fall in the category of large size companies or those with already established ties with the West. Often neglected aspects such as Web presence and marketing remain a barrier for small to medium sized businesses."
"This is what we're trying to address. Using our network we provide visibility for local producers and products while giving assurance to our clients that they can conduct business securely. If the trends we're seeing continue, we can expect international trade to continue increasing and the need for a more standardised, accessible way to connect the global market will be imperative to sustain this growth"Porter said.
A recent report from the WTO noted that in the past two decades, developing economies raised their share in world exports from "34 per cent to 47 per cent and their share in world imports from 29 per cent to 42 per cent". The majority of this growth has come from Asia. As these economies have grown, Western businesses have taken the opportunity to become a growing trading partner, to build and expand their network and relations within these lucrative markets.
In doing so Western businesses face many challenges, particularly those due to the language and cultural barriers and the lack of transparency and accessibility to financial information. Due diligence can be a very difficult task when there is little or no information available. Conducting business can be complex and frustrating due to bureaucracy and lack of local know-how in the cultural differences in business practices.
This hinders the potential growth in globalisation that could improve today's economic state. One company attempting to address these issues is VEO Trade Limited, which brands itself as "The world's supplier" that deals with a wide range of commodities and products.
As an example, emerging economies such as China, Vietnam and Malaysia to name a few, are significantly affecting the global markets and directly influencing trading patterns. International trade figures continue to show strong growth, with 42% of world merchandise trade coming from developing economies as of 2013.
