Open policy is the fulcrum for Vietnamese enterprises to integrate globally.

Accompanying policy is the driving force to spread business strength

Sustainable private enterprise development is not only a matter of market capacity, but also the result of a consistent policy ecosystem and sufficient social trust. Accompanying policies and people's support are two fundamental driving forces that form a national enterprise development ecosystem. This is the prerequisite for Vietnamese enterprises to grow and affirm their brand position in the international arena.

Talking to reporters of Cong Thuong Newspaper on the sidelines of the workshop "Evaluating the 500 largest private enterprises in Vietnam" recently organized by the Ministry of Finance , Ms. Bui Kim Thuy, Vice President of President Club, member of the Harvard - Asia Pacific Advisory Board (APAB) said that an enterprise cannot exist and develop without the consensus and support of two extremely important forces: the public sector, that is, the policy design sector, and consumers, that is, the people.

*Ms. Bui Kim Thuy, Vice President of President Club, member of Harvard - Asia Pacific Advisory Council. Photo: Thanh Huong*

“If businesses do not receive support from the policy-making sector, and do not have consumers trust and choose their products and services, it will be very difficult to develop sustainably,” Ms. Thuy emphasized.

From the perspective of someone who has worked directly with, observed and advised many Vietnamese businesses over the years, she finds that the most important starting point is still policy. Whether the policy truly accompanies, truly supports and assists businesses so that they have the motivation to reach out to the global market or not, that is the core question.

Ms. Thuy assessed that in recent times, especially in the last 2 years after the Covid-19 pandemic, the State's policies have clearly shown strong support and companionship with the business sector.

Many businesses still think that the public sector has not really supported them because they have not seen clear, measurable results. But in the past two years, that has changed significantly. It can even be said that the public sector is "busier" than the private sector, as shown by a series of important resolutions issued from the "four resolutions" to the upcoming "eight resolutions".

In particular, Resolution No. 68-NQ/TW on private economic development is truly a milestone, clearly demonstrating the companionship of the public sector with the private sector.

“Very strong provisions and words have been included, aiming to create conditions for the private economic sector to become the most important driving force of economic development. Therefore, private enterprises need to consider documents such as resolutions, decrees, circulars, etc. as legal support, as a corridor to confidently reach out to the world ,” the APAB member emphasized.

From domestic confidence to international competence

According to Ms. Thuy, businesses must create and produce products and services that receive support from the people in the country. A business cannot reach the global market if it does not have the trust and support of domestic consumers.

*When policies become a fulcrum, Vietnamese enterprises have more motivation, confidence and a solid legal corridor to break through in the international arena. Illustrative photo*

“Many people often confuse patriotism with supporting domestic products. But in fact, in the countries around us, people always give priority and trust to domestic goods and brands, and that is what gives them enough foundation to reach out globally,” shared the Vice President of President Club.

Ms. Thuy believes that Vietnamese businesses also need support: “No one can create a perfect product from the beginning. Every step of a business is a process of perfection and in that process, the support of domestic consumers is the decisive factor for businesses to be strong enough to step out into the world.”

In addition, according to Ms. Thuy, Vietnamese businesses that have successfully expanded into the global market in recent times are all very brave; they have succeeded with their own brands, not just as subcontractors for foreign brands.

“ We export a lot, but most of it is under other people's brands. There are not many businesses exporting products under brands created by Vietnamese people, owning the entire value chain. Recently, thanks to strong support from policies and the support of domestic consumers, many Vietnamese businesses have become more confident, entering the international market with their own Vietnamese brands. That is a very valuable step forward, although the road ahead is still full of difficulties,” an APAB member believes.

However, abroad, Vietnam still does not have a similar organization that officially represents the voice of the Vietnamese business community globally. “ We do not have a legitimate association or club that supports, connects and protects the interests of Vietnamese businesses when investing, producing and doing business in the international market. I believe that the policy design sector in Vietnam has also seen this gap and is in the process of researching it ,” Ms. Thuy commented.

According to the Vice President of President Club, it is important to have an organization representing the voice and interests of the Vietnamese business community abroad, to have a foothold, a support channel, a place to connect and accompany when reaching out to the global market.

Vietnamese enterprises that want to develop sustainably and reach out to the world need the support of the State through policies and support from consumers, through trust and concrete actions. These two forces are the "wings" that help the Vietnamese private sector truly take off in the period of global integration.

Source: https://congthuong.vn/chinh-sach-coi-mo-la-diem-tua-de-doanh-nghiep-viet-hoi-nhap-toan-cau-429971.html