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etnam may enable Vodafone's improved success across the entire Asia-Pacific geography, and for a relatively low cost of entry.

Accordingly, Vodafone will become immediately and intimately involved with the Vietnamese marketplace, because it is a stellar opportunity:

Enormous upside: market penetration is 18.5 percent (Research &
Markets 2008).
Proven market momentum: 800,000 new Vietnamese mobile
subscribers, or nearly 1 percent of the company's population, come online
each month.
Relative lack of peer competition: no global wireless services provider
of Vodafone's stature is seriously contesting this market.
The advances in Vietnam's telecommunications marketplace are almost unimaginable given the recent state of the country: “Vietnam in the early 1990s had a teledensity of one telephone for every one hundred people in a nation of seventy-two million” (Curry 1999, p. 58). With Western Europe and the U.S. saturated, and Vietnam skipping entire generations of technology in order to participate in the wireless world, Vietnam is truly a frontier of opportunity for Vodafone, and a market that will rapidly pass the company by should it choose not to enter.

Model of Entry 模型
Vodafone will move aggressively to take advantage of the fast-moving Vietnamese mobile market. Following the 2007 announcement by the Vietnamese government (Reuters 2008) that all state-owned businesses outside sensitive industries such as energy and transportation are candidates for privatization, Vodafone will propose buying a controlling stake in VMS MobiFone, Vietnam's state-run mobile services operator and the largest mobile player in the country. Vodafone will target VMS MobiFone's 15 million subscribers with the full Vodafone portfolio of services. Entering the market via equity means achieving “an extensive degree of involvement in a foreign market” faster than any other method, which is the stated goal (Johnson & Turner 2003, p. 114).

The specific justification for entering the market via the acquisition of a controlling stake in VMS MobiFone is twofold: one, according to Vietnamese law, Vodafone must work through a local subsidiary or joint venture if it does not want to buy a controlling stake in a company; and two, instead of entering into the risk and delay of clearing the legal and cultural hurdles to operating into the country, Vodafone can directly buy into the expertise of the country's largest mobile network provider and leapfrog the stages otherwise required to build a foundation in Vietnam. As a minor but still noteworthy point, Murray (2005, pp. 217-218) makes the point that the costs of doing business in Vietnam for first-time participants in the market can be high because of arcane local laws, confusing salary structures, and other factors that can conspire to trip up the newcomer. Vietnamese companies, especially state-run companies, have a much higher probability of negotiating lower office space and workforce costs.

Finally, to enter into a joint partnership of contracted duration, or what the Vietnamese government calls a business cooperation contract (BCC), is to incur long waiting times: “the likely commencement of service is some time away fur to the timeconsuming nature of the BCC scheme” (World Bank 2000, p. 41).

There is low risk for Vodafone in the acquisition of a stake