Vietnamese businesses quickly catch up with the global game when participating in APEC

APEC brings Vietnam many opportunities but also challenges in economic development. Enterprises need to quickly catch up to not miss the golden opportunity and effectively take advantage of the opportunity to access and exploit the Asia- Pacific market. Reporter of Lao Dong Newspaper had a discussion with Mr. Mac Quoc Anh - Vice President and General Secretary of the Hanoi Association of Small and Medium Enterprises on this issue.

Vietnamese enterprises need to develop to effectively take advantage of opportunities to exploit the Asia- Pacific market brought about by APEC cooperation. Photo: Nam Khanh.

Mr. Mac Quoc Anh - Vice President and General Secretary of the Hanoi Association of Small and Medium Enterprises. Photo: NVCC.

How do you evaluate Vietnam's prospects and role in APEC?

- Vietnam is considered one of the new "dragons" of the region. Vietnam has entered a strategic development phase with a new position and stature, continuing comprehensive innovation, deep international integration and raising the level of multilateral diplomacy. Vietnam's economy is ranked 46/132 countries, with positive growth while many countries in the region and the world have negative growth. In particular, capital from APEC countries continues to flow into Vietnam. All of the above factors show that Vietnam has a certain position and prestige in APEC.

- The unpredictable developments in the world in recent times have created a trend of changing the global supply chain. In your opinion, what are the challenges and advantages for Vietnam in attracting and participating in the supply chain when joining APEC?

First, armed conflicts in some regions of the world reduce aggregate demand while large supply affects the export activities of Vietnamese enterprises. Inflationary and financial pressures will cause many difficulties for Vietnam's macro-economy. This will lead to Vietnam having to balance both domestic and international markets.

Joining APEC and implementing commitments on trade and investment opening and business facilitation contributes to creating momentum for domestic reform, gradually perfecting policies and regulations in line with international commitments. APEC creates the premise for Vietnam and the business community to participate in larger and more committed playgrounds such as the WTO and Free Trade Agreements (FTAs), including new generation, high-standard FTAs.

The implementation of international commitments is also a lever to realize the determination to build an honest, creative and active Government serving the people and businesses. This mechanism is also a premise for businesses to attract investment and participate in the global value chain, an opportunity for the Government to issue policies to create favorable conditions to support business development, especially in terms of capital, investment in transport infrastructure, trade, import and export.

In the supply chain, Vietnam has an advantage in attracting preferential tax rates and land. In addition, our country has implemented digital transformation, developed many advanced technology products, and innovated. Vietnam's equipment and raw material areas meet the needs of sustainable supply chain development. Previously, our country only produced one of many values ​​in the value chain. But now, many foreign investors have chosen Vietnam as a partner to participate in production in many stages, even completing a product. Since then, the competitiveness of Vietnamese enterprises has increased sharply compared to other countries in the region.

- In your opinion, what should Vietnamese enterprises develop and adjust to avoid missing out on golden opportunities and effectively exploit the opportunities to exploit the Asia-Pacific market brought about by APEC cooperation?

To respond to regional and global trends, Vietnamese businesses need to unite along the value chain to link industries and support each other to develop. At the same time, strengthen the national trade promotion and technology innovation program, create many technology fairs for businesses to grasp market tastes to meet exporters when coming to Vietnam.

In addition, businesses need to supplement issues of finance, risk management and design innovation, and expand markets within the APEC bloc. Proactively seek high-quality but reasonably priced input materials to increase competitiveness. In particular, improve international trade management capabilities through investing in high-quality human resources to build trust.

Laodong.vn