Review on Taiwan Currency

Currency plays an important part in business. The first step is realize the currency of a foreign country if a person want to trade with this country. Taiwan dollar (TWD) is the official currency of Taiwan. The value in relation between Canada and Taiwan is that 1 Canadian Dollar equals 23.75 New Taiwan Dollar. This is a soft currency. Moreover, because of the special relationship between Taiwan and China, Canadian government choose to support the One China policy which means Canada treat Taiwan as a province of China instead of an individual country. Thus, there are no official government relation between Taiwan and Canada.

Although there are hidden costs in Taiwan or other developing countries or even developed countries. For example, because they are not included in the basic price of something. These unpredictable hidden costs are due to several reasons. Culture, customs, and language differences, the currency fluctuation, resistance to change, longer lead times, Increased supply risks, lack of knowledge and skills and necessary technology.

Since Taiwan became an independent nation, many consumers or consumer companies and even students should face to the problem of hidden costs. Taiwan has a free compulsory education policy that students only need to pay low fee for education every semester. For example, for elementary school, only $50 USD is required. Compare with Chinese parents, they actually pay far more than Taiwan because the education fees in China also should include additional after-school lessons. Moreover, some schools make money by off of services, such as water usage.

There are many different standards between countries. Comparing Taiwan and Canada, there are some different standards and regulations such as market management standards and recycling standards. The difference of the market management standard between Taiwan and Canada is obvious. The difference is reflected on who is in charge of the market. For example, people can manage the market by themselves in Canada. Most of the decisions are made people’s votes instead of government in Canada. They have more rights than Taiwan because the Taiwanese government has the complete right to manage the market, people only have less right to make a decision. Moreover, the recycling standards is different as well. In Canada, the government wants to ensure that domestically e-waste is recycled in an environmentally sound manner consistent with policies, regulations, and international agreements. On the other hand, In Taiwan, E-waste recycling is still a serious problem and the government did not come out with a good idea to deal with this problem.

There are three important marketing guidelines that foreign companies need to follow while they are doing business with Taiwanese in order to attract new customers. The three guidelines are about advertising and promotion, print and labelling. Firstly, when a company advertising the benefits of their products, they must be truthful. Companies are not allowed to make claims or use promotional techniques to misleading consumers. Moreover, for the print, bright colours, beautiful pictures and different shapes of container are the three points which company should focus on when they are designing the products. Furthermore, company can use labelling to help consumers to identify whether it is real or fake, also can help consumers to identify this is your company’s products quickly, at the same time, it is an important way of communicating the value of that product.