In this subsection, the first step of the combined model will be applied to identify and se-lect suitable business opportunities emerging from the EVFTA for UUKU Consulting Oy.
Given that the source of opportunity inspiration is the EVFTA, the researcher will evaluate changes generated by the EVTA to recognise the opportunities brought about by the iden-tified changes. It is crucial to mention that only changes that generate opportunities for the case company – UUKU Consulting Oy will be listed. Noticeably, the first step of the com-bined model will be presented in the form of a table for a smooth and systematic presenta-tion.
Table 3: Recognising business opportunities for UUKU Consulting Oy Changes
45
on goods exported to the EU market.
Industries that benefit the most can be listed as textile and footwear, pollution, will now have a chance to collaborate
46 businesses to the EU to reduce domestic com-petitive intensity and find new opportunities for profit and growth abroad.
Table 2 indicates the process of recognising business opportunities from the changes generated from the source of inspiration – the EVFTA. Each change from the EVFTA will subsequently bring about new business opportunities for both of its signatories, which are the EU and Vietnam. After pointing out the opportunities emerging from each change for both sides, a corresponding business opportunity for the case company – UUKU Consult-ing Oy will be identified. Below are detailed identifications and explanations regardConsult-ing the business opportunities for UUKU Consulting Oy.
Considering the first change generating from the EVFTA, which is the “near-complete re-moval of tariffs and customs duties” and its consequent benefits for the EU and Vietnam, it can be interpreted that Vietnamese companies would be incentivised to expand their busi-nesses to the EU, in the form of exporting or opening foreign subsidiaries, brands, and of-fices. Therefore, these Vietnamese companies would need a consulting firm to take care of the paperwork and legal processes to make sure that their products or services comply with the international standard; give them consultancy on business management and busi-ness operation in Europe; assist them in decision-making and strategic planning; connect them with EU partners, such as an advertising agency, distributors, or wholesalers, to dis-tribute or promote their products and services to the EU market. In addition, these Viet-namese companies would also wish to form strategic partnerships with EU suppliers to in-herit their technology knowledge and utilise EU innovative machinery and equipment to improve their productivity and product quality. Simultaneously, EU companies would be incentivised to establish relationships with Vietnamese suppliers, especially those manu-facturing agricultural products as they offer price-competitive goods. As UUKU Consulting Oy provides the VIIMA, ROUTA, and POLKU services, the company can conveniently sat-isfy these emerging needs of potential customers. Therefore, the first opportunity arising from the EVFTA for UUKU Consulting Oy can be defined as an increase in customer needs and demands for UUKU’s VIIMA, ROUTA, and POLKU services in Vietnam, as well as an increase in potential profitability and growth for UUKU Consulting Oy in Vietnam.
47
Especially, companies specialising in textile and footwear, agriculture and fishery, elec-tronics, and wooden products are highly promising targets. The researcher would recom-mend UUKU Consulting Oy to navigate all of its resources on satisfying the needs of these audiences, as they are the ones who benefit the most from the EVFTA, thus, having the most needs for UUKU’s services.
The second change generated by the EVFTA – ”Vietnamese non-tariff barriers lifted on EU motor vehicles and pharmaceuticals”, brings about another business opportunity for UUKU Consulting Oy, which is a rise in demands for consulting services from companies or enterprises manufacturing motor vehicles and pharmaceuticals. Because of this
change, Vietnamese distributors/agents/wholesalers, and the like, will be motivated to find EU vehicles and pharmaceuticals suppliers/sellers/manufacturers; while EU vehicles and pharmaceuticals suppliers/sellers/manufacturers will be motivated to find Vietnamese dis-tributors/agents/wholesalers, and so on. Hence, it can be interpreted that these mentioned companies or enterprises would be very likely to find UUKU’s services attractive.
Thirdly, as the EVFTA will ”increase FDIs in Vietnam and strengthened protection for EU investments and operations in Vietnam”, both EU and Vietnamese companies, especially those operating in food, tyres, and construction materials sectors, will benefit greatly from this change. Thus, there will be undoubtedly a surge in demand for UUKU’s set of ser-vices from companies working in the mentioned fields, as UUKU’s serser-vices would be of great help in aiding Vietnamese companies, especially those manufacturing food, tyres, and construction materials, find EU investors for their financing rounds; and concurrently, aiding EU companies, especially those manufacturing food, tyres, and construction mate-rials, find Vietnamese partners to facilitate their penetration on the Vietnamese market.
The fourth change induced by the EVFTA is ”enhance promoting sustainable development in Vietnam”. Along with this change comes another business opportunity for UUKU Con-sulting Oy, which is an increase in the number of potential clients who are interested in UUKU’s ETSO Seminar, a service designed exclusively for those who aim at creating pos-itive impacts on environment and society.
Finally, the last change generating from the EVFTA which can be converted into a busi-ness opportunity for UUKU Consulting Oy is ”a more convenient access to Vietnamese public procurement and service markets for EU companies”. Again, this change incentiv-ises Vietnamese companies, especially those operating in the postal, banking, insurance, and environmental sectors to penetrate or expand their businesses to the EU. Thus, the
48
opportunity for UUKU here is an increased number of potential clients operating in the postal, banking, insurance, and environmental sectors.
In conclusion, as can be observed from table 3, new business opportunities for UUKU Consulting Oy arising from the EVFTA can be concluded and summed up as an increase in customer needs and demands for UUKU’s all four services in Vietnam, and at the same time, opportunities for UUKU’s potential profitability and business growth in Vietnam also emerged. The most promising audiences to whom UUKU should pay significant attention are manufacturing and exporting companies specialising in textile and footwear, agricul-ture and fishery, electronics, and wooden products; companies manufacturing motor vehi-cles and pharmaceuticals; companies operating in food, tyres, and construction materials manufacturing industries; companies operating in postal, banking, insurance, and environ-mental sectors; and those who are interested in solving and discussing societal and envi-ronmental issues.