In the context of fiercer competition, businesses, especially small-and medium-sized enterprises (SMEs), should build their own markets apart from selling what the market demands.
In the context of fiercer competition as a result of open-door policies in many countries, businesses, especially small-and medium-sized enterprises (SMEs), should build their own markets apart from selling what the market demands.
Vo Tri Thanh, Deputy Director of the Central Institute for Economic Management (CIEM), made the recommendations at a seminar on October 9 as part of a business festival in Ho Chi Minh City.
Regarding opportunities offered to SMEs, he said globalisation and regionalisation via free trade agreements will increase the inflows of goods, services, capital, skilled labourers, technology and information on a larger scale.
Southeast Asia is a dynamic region with huge potential to develop goods and services, Thanh noted.
Nguyen Phuong Dong, Deputy Director of the municipal Department of Industry and Trade, stressed the need for SMEs to maximise their efforts and affirm their role as pioneers in improving the competitive edge of made-in-Vietnam commodities and boosting exports.
Victoria Kwakwa, the World Bank’s Country Director in Vietnam, suggested SMEs market products favoured by consumers with reasonable prices.
Enterprises should focus on innovations to keep their traditional customers and lure new ones while focusing on exploring the actual demands of the market instead of being concerned about their rivals, she said.
Cooperation will help them grasp more knowledge and experience to churn out high-quality products more quickly, she recommended.
The festival, which drew hundreds of businesses from cities and provinces in the southern region, featured a range of activities, including a 60-booth exhibition, aiming to help the businesses exchange and update information on Vietnam’s integration.-VNA
Small and medium sized enterprises (SMEs) should develop long-term strategies, renew technology and equipment and management, President Truong Tan Sang said at a meeting with outstanding businesspeople in Hanoi on July 16.
Local SMEs need to reform themselves and also need support from the State to survive and develop as further economic integration takes place once Vietnam signs free trade deals with partners.
The domestic small- and medium-sized enterprises (SMEs) should define positions in the global supply chain to gain success in integrating into the world economy.
Small- and medium-sized enterprises still face difficulties in trying to access loans and do not have too many options with regard to channels for mobilisation of capital.
With the current trading band of +/- 5%, the ceiling rate applicable for commercial banks during the day is 26,276 VND/USD and the floor rate 23,774 VND/USD.
The event aimed to update businesses on new regulations and compliance requirements regarding US tax, trade, and customs policies, while offering practical solutions to facilitate exports amid shifting trade dynamics.
The festival marks a significant milestone in promoting the brand, value, and legacy of traditional fish sauce - a product deeply rooted in the island’s identity and history spanning over 200 years.
According to Mastercard data, Vietnam has recorded a remarkable 92% compound annual growth rate (CAGR) in contactless transaction volume from Q4 2022 to Q4 2024.
Tuan expressed his confidence that LH, with its expertise and experience, would swiftly implement the urban area project, contributing to a modern urban landscape for the province.
With its strategic location, abundant workforce, and modern infrastructure, Vietnam holds significant potential to become a leading centre for power and electronics production in the region and the world.
The renewable energy workforce training and development centre, invested by Germany's GEO Group, is expected to be a cornerstone in shaping Binh Dinh as a renewable energy and innovation hub in central Vietnam, meeting the growing demand for skilled technical personnel in offshore wind, solar farms, and green hydrogen projects.
A notable trend is the shift toward satellite regions. With land scarcity and soaring prices in Ho Chi Minh City and Hanoi, investors are eyeing provinces like Hung Yen, Bac Ninh, and Hai Phong, which are benefiting from improved technical infrastructure and transport connectivity.
To further strengthen private-sector innovation, Bac Ninh plans to accelerate administrative reforms, build a digital, service-oriented government, and develop an integrated innovation ecosystem that connects businesses with domestic and international institutions, universities, and experts.
The participation of H&M, one of the world's largest fashion corporations, in Vietnam International Sourcing 2025 in Ho Chi Minh City in early September is considered a special highlight, opening up many cooperation opportunities for Vietnamese businesses in the fashion, textiles and sustainable supply chains.
This latest order builds on a previous agreement signed at the Singapore Airshow last year for 40 engines, bringing the total number of Trent 7000 engines ordered by the airline to 80.
Minister of Industry and Trade Nguyen Hong Dien acknowledged that despite concerted efforts by ministries and local authorities in combating fake and substandard goods, the situation remains highly complicated, attributing the persistent challenges to high profits luring numerous participants, increasingly sophisticated violations, limited resources within enforcement agencies.
The group also placed among the Top 5 energy companies in Southeast Asia and secured the top spot among the largest Vietnamese enterprises featured on the list.
The zone will cover 1,881 ha, comprising functional areas for production, logistics, trade and services, digital technology industry, information technology, and innovation.
Dung underlined several key objectives, including a comprehensive review of the legal framework governing SOEs, and called for updates that reflect international standards and support modern, transparent governance.
Illustrative image (Source: VNA)
