The path of business growth

On October 21, in Hanoi, the Ministry of Science and Technology (MOST) organized the Martech Conference - The path to business growth.

According to experts, the application of Martech technology brings many opportunities for startups but at the same time comes with challenges that need to be overcome to optimize the effectiveness of Martech. As one of the fastest growing economies in Southeast Asia with a dynamic and technology-savvy population, Vietnam has great potential in applying Martech. Applying Martech deeply into the innovative business sector will be the direction to help businesses grow in the face of challenges from the current economy.

Experts believe that Vietnam has great potential to develop Martech technology as Vietnam has an abundant workforce and a young labor structure, increasing internet penetration, booming e-commerce, and widespread digital transformation. Therefore, units and businesses need to effectively apply Martech technology to seize development opportunities. At the same time, businesses need to develop strategies to exploit intellectual property and take measures to protect intellectual property in the online environment.

Dr. Nguyen Quan, former Minister of Science and Technology, Chairman of the Vietnam Automation Association, said: The issue of establishing an innovation ecosystem in enterprises includes 5 main components: Technology supply from institutes, schools, international cooperation; technology demand is the development needs of enterprises and enterprise products; legal environment is the system of mechanisms and policies of the State supporting the innovation startup ecosystem; system of investors for enterprises; relationship of enterprises with institutes, schools and other enterprises.

According to Dr. Nguyen Quan, to effectively apply Martech technology in enterprises, enterprises need to focus on developing an innovation ecosystem, thereby spreading the needs of enterprises as well as calling for brainpower, investment sources from society, research institutes, and universities for business research and development activities.

Dr. Nguyen Quan also said that intellectual property issues are also very important for businesses. Currently, the enforcement of intellectual property rights is still very difficult. Intellectual property management is assigned to many ministries and branches such as: The Ministry of Culture, Sports and Tourism manages copyright issues; the Ministry of Agriculture and Rural Development manages plant and animal varieties; the Ministry of Science and Technology manages industrial property. "Therefore, FDI enterprises in Vietnam are very confused about which agency to work with to register for protection of their intellectual property products," Dr. Nguyen Quan shared.

Mr. Bui Quy Phong, Vice President of the Vietnam Marketing Association, believes that sustainable growth, whether in terms of sales, market share or corporate asset value, growth through branding is the most optimal. A distinctive brand will attract the attention of consumers, making them consider or think of it when they need to buy, remembering the brand at as many times as possible. Therefore, businesses need to focus on building their brands in the marketplace.

Talking about the role of intellectual property, Lawyer Vu Manh Hung, Director of Vu Gia and Associates LLC said: Intellectual property helps to improve competitiveness, raise capital, increase stock value, prevent copyright infringement, generate income by transferring intellectual property, increase the value of startups in the eyes of investors, and reduce risks and costs when building a brand.

MarTech (Marketing Technology) is a term used to refer to the combination of marketing and technology to achieve marketing goals for businesses. Used to plan, execute and measure the effectiveness of strategies. MarTech tools are used to automate or streamline marketing processes. Data collection and analysis tools provide many ways for you to find and interact with the target audiences of your campaigns.

Source