Unlocking potential for Vietnamese firms to reach global heights

Workers package eggs at the factory of the QL Vietnam Agroresources Co. Ltd. (Photo: VNA)

Phan Minh Thong, Chairman of Phuc Sinh Corporation, whose products, including pepper and coffee, are exported to 120 countries, said that the company’s ambition is to take Vietnamese goods to the world.

However, he expressed concerns that despite exporting 30-40 containers of agricultural products daily, Vietnam lacks a commodity exchange.

Global agricultural commodity prices fluctuate greatly, and Vietnam controls 55% of the world’s pepper market and 20-30% of the coffee market, he explained, adding that if Ho Chi Minh City had an exchange linked to real goods, it would create more jobs, attract international buyers and sellers, and help businesses better control the market. Indeed, many Vietnamese businesses are asserting their new position thanks to innovation and a desire to expand.

According to Dang Hong Anh, Chairman of the Vietnam Young Entrepreneurs Association (VYEA), this is a moment of convergence between the internal strength of businesses and the open policies from the state, offering an opportunity for the private sector to thrive. When businesses tap into their full potential, they can excel in this new era of integration, digital transformation, and green economy.

The Fourth Industrial Revolution presents an opportunity for Vietnamese enterprises to leapfrog. Especially, the set of four strategic resolutions from the Politburo, including Resolution 68-NQ/TW, which recognises the private economic sector as a key driver of economic growth, provides a solid legal framework for entrepreneurs to boldly invest, innovate, and assert their pivotal role, he underlined.

For Vietnamese businesses to reach regional and global heights, the VYEA leader outlined three pillars of support - a transparent and stable institutional framework; financial and credit policies that encourage innovation; and modern infrastructure with a high-quality workforce.

Nguyen Ngoc Hoa, Chairman of the Ho Chi Minh City Business Association (HUBA), highlighted that after years of opening up and development, the Party’s resolutions have shaped and elevated Vietnam’s economic standing.

He emphasised that Resolution 68 will provide even better conditions for businesses to grow and expand and called on ministries and local authorities to implement these policies with tailored programmes and solutions for businesses of all sizes - from large to micro.

HUBA, which has been tasked by the HCM City People's Committee to research the International Financial Centre (IFC) proposal, also advocates for the establishment of a commodity exchange as an essential component, he stated.

Building a commodity exchange at the IFC is entirely within reach, as Vietnam has the internal strength and sufficient production volumes to attract international customers, he said, expressing his hope that when people think of buying coffee, pepper, rice, or rubber, they will immediately think of Vietnam.

From a government perspective, Nguyen Loc Ha, Vice Chairman of the HCM City People's Committee, stated that the city will focus on three main solutions, with the business community playing a central role.

The first is improving the business investment environment, boosting competitiveness, increasing transparency, and cutting costs and administrative delays. The second is reviewing and removing obstacles for stalled projects, particularly large ones facing issues related to fire safety, land use, investment, and construction. The third is increasing mobilisation of social resources for development investment, beginning with public investment disbursement, which will then attract private investments and help develop State-owned enterprises, the official stated./.

VNA

Source: https://en.vietnamplus.vn/unlocking-potential-for-vietnamese-firms-to-reach-global-heights-post330462.vnp