[expertrans] translation industry under integration pressure from vietnam viewpoint
TRANSCRIPT
TRANSLATION INDUSTRY UNDER
INTEGRATION PRESSURE FROM VIETNAM
VIEWPOINT
OUTLINE1. Overview of Vietnam Market2. Opportunities and Challenges from the Integration into
AEC and TPP3. Translation Trends4. Roles of Associations5. Issues Remained in the Translation Industry
1. OVERVIEW OF VIETNAM MARKET1. Population: 90,630,000 (Estimated in 2014) 2. Area: 332,698 km2 3. GDP: USD 187 billion (2014); per capita: USD 20724. Market: - Domestic Enterprises: 375,000 enterprises in operation - Countries with FDI in Vietnam: Korea; Japan; Singapore; Hong Kong; Taiwan - Total FDI received in 2014: USD 22 billion - Oversea Investment Demand
VIETNAM TRANSLATION MARKETTranslation Industry Value: USD 100 millionClients Individual Clients (15%): Demand for notarized translation (immigration,
oversea study, labour export, etc.) Enterprises (local, oversea, FDI) (80%) NGOs (5%) Major Fields- Engineering- Medicine- Website Localization- Finance- Legislation - Publication
VIETNAM MARKET VS. GLOBAL MARKET
Items Vietnam GlobalRevenue USD 100 million USD 45 billionLSPs 500 18,000Natural growth rate 30% 13%Allocation Hanoi; HCM America: 39%; Europe
49%; Asia: 12%Maturity 20 years 100 years Freelancer Part-time At high
professionalismService buyer Poor understanding of
quality requirements and inadequate investment
Spending 1-3% revenue on Localization
CLIENT BUYING CHARACTERISTICS
• Low awareness of the importance of translation in business (the translation owns the same value as the original)
• Low cost expectation• Vague in the definition of “correct translation”• Revenue from big account: 30 million – 1 billion
VND/year
VIETNAMESE TRANSLATION COMPANIESTranslation Companies: over 500 Foreign Companies take up 5% Law firms, events companies, publishers providing
translation service takes up 10% Years of experience: ≤ 20
SOME CHARACTERISTICS OF VIETNAMESE TRANSLATION COMPANIES
Strengths: - Good quality foundation- Solid relationship with local clients- Service price lower than the average level in the region and
in other part of the world
Weaknesses- Companies possessing ISO certified quality management
processes accounting for 1% only- Failure to meet international clients’ requirements
Opportunities: Prospective Clients- FDI growth: 101 countries and territoriesValue: USD 22 billion (2014)- TPP Agreement, ASEAN Economic Community (AEC)Challenges- Strict requirements on quality and deadline- Competition with international companies- Upgradation of translation technology
FREELANCERS Number: approximately 100,000Profile:+ Graduated from national and international universities majored in foreign studies+ Experienced in studying and working overseaGreat freelancer forum: Proz, Freelancer, TranslatorsCafe, TranslatorsBase
→ Increasingly high rate of clients using freelancers(Shared B2C economic such as Onehourtranslation…), making up 80% of global market share.- Easy search in internet- Low cost- Simple procedure
POPULAR LANGUAGES
English
Chinese
Japanese
Korean
French
Thai
German
Laos
Russian
Spain
Domestic: • English, Chinese, Japanese, Korean,
Vietnamese continue to be dominant → Strong competitiveness
• Tending to fast develop: Laos, Cambodia, Thai, Bermese → Medium competitiveness
Foreign: • Compete in English<> Asian
language pairs
Trends of languages
LANGUAGE SERVICES
Transl
ation
Interp
retati
on
Voice
-overs
Locali
zation DTP
Transc
riptio
nOthe
r0%20%40%60%
Service coverage in the overall industry value
Service coverage in the overall in-dustry value
3. SERVICE TRENDS IN 2016
• Fast growing services:• Desktop publishing• Website localization• Translation: Industries are supported or directly affected
by TPP• (Legal Affairs, Finance-Banking, Transport-Logistics, Import
& Export, Training,…)
INDUSTRY’S COMMON FACTS• Low service rates, in comparison with the values that bring; with
English translations price ranging from VND 50,000 – 800,000/page
Consequences: employees give up the industry, translators give up the career
• Many individually operated and small-scaled businesses, without any grips over freelancer’s input quality and products' output qualities, leading to Clients’ equation of low quality
• ISO-based quality management is paid little to no attention and poorly implemented at translation companies
• Freelancer: proz.com as international market, direct assignment from Clients for Vietnamese market (Good price); From Translation Company: Low rate due to low rate from Clients
• Freelancers rarely get a hold on translation technologies, such as Trados, Wordfast, ...
• There is still no organization to manage and regulate to support translation and interpretation industry
TRANSLATION’S ROLES IN ECONOMIC DEVELOPMENT
• Required conditions for administrative procedures
• Discussion and negotiation support• Vital requirement in enterprises’ brand
development and promotion
2. OPPORTUNITIES AND CHALLENGES FROM INTEGRATION INTO AEC AND TPP
• Population: 625 million - Youth 60%
• GDP: USD2,398 billion
• GDP Growth: 4.4%• Total Trade:
USD2,531 billion• Total FDI: USD136
billion• Tourist Arrivals:
102 million
- 12 countries, 790 million people- TPP Members are responsible for 40
percent of the world’s GDP and 26 percent of the world’s trade
- TPP will have a stronger effect on Vietnam than WTO will
OPPORTUNITIES FOR FREELANCERS AND LSPS FROM INTEGRATION
• Demands of foreign enterprises• Demands of Vietnamese enterprises investing overseas• Demands of governmental and non-governmental
organizations• Vietnamese enterprises are more advantageous in price
and quality
4. ROLES OF ASSOCIATIONSNational Interpretation and Translation
Centre (NITC)VATI: Vietnam Association of Translation
IndustryYour Translator Community
VIETNAM ASSOCIATION OF TRANSLATION INDUSTRY
VATI
I. MISSIONS, VISIONS, CORE VALUES2.1. Missions:- Strengthen and advance the role of translation industry in course of global integration and national development- Reconstruct the industry standards, certification in the coming time
2.2. Visions- Establish a strong Association with 59 members in 2015 and introduce an official Association in 2018 with 500 members- Establish the translation industry with the role comparable to other industries and highly valued in Vietnam
2.3. Core values Accurate, professional, honest
II. ORGANIZATIONAL STRUCTURE
3.1. Advisory Board (3-5 members)3.2. Executive Board (10-15 members)1. President (3-year term): 012. Vice President : 023. Secretary General (01) and the Secretariat4. Treasurer: 015. Chairpersons:- Chairperson of Board of Member- Chairperson of Board of Communications and Events- Chairperson of Board of International Relation- Chairperson of Standardization and Certification- Chairperson of Supervisory Board- Chairperson of Board of Translation Technology3.3. Founder Members
III. ACTION PLAN
In 2015- Press release and conference on establishment of Vietnam Association of Translation Industry, introduction of Executive Board. - Translator Day: 28/11/2015
Annual activities- 03 events/year including topic conferences for 30-50 participants- 01 big event/1-2 year, 100-300 participants- Executive Board meeting monthly: Online or Offline
5. ACTIONS TO BE TAKEN• Raise value, quality, and perception of translation
companies in the industry.• Notarized translation policy (Translators; Translation
companies possessing notary stamps)• Grant certification of translation and interpretation • Improve people’s recognition of translation and
interpretation• Promote international connection and trading
Thank you
Q & A