Contemporary issues in global market: analysis on handicraft industry in Vietnam

Abstract

Handicraft is an important heritage that symbolise identity of a culture and country, which also brings economic values to nation. Hence it is crucial to study handicraft industry, which preserve and promote cultural heritage. This study focuses on handicraft industry in Vietnam, and strives to examine the external environment that shape the performance of industry, to analyse the current industry competition, and well as propose recommendations to practitioners. PEST Analysis was employed to examine external environment of handicraft industry in Vietnam. Next, Porter’s Five Forces Framework was used to analyse the industry competition. Lastly, VRIO Framework was used to assess the competitiveness of Vietnam handicraft industry. Implications of study were discussed and recommendations are provided to market practitioners.