Innovation is key to transforming Vietnam into Asia's new 'economic tiger'.

The seminar "Innovating to thrive in the new era" attracted over 200 businesses and experts in Ho Chi Minh City, marking the 5th anniversary of the Golden Brand award. The event inspired innovation and opened up opportunities to elevate Vietnamese brands on the international stage.

The seminar "Innovation to thrive in the new era," jointly organized by the Ho Chi Minh City Department of Industry and Trade, Tuoi Tre Newspaper, and CSMO Vietnam, attracted more than 200 businesses and economic experts... - Photo: QUANG DINH

On January 3rd in Ho Chi Minh City, the workshop "Innovation to thrive in the new era," jointly organized by the Ho Chi Minh City Department of Industry and Trade, Tuoi Tre Newspaper, and CSMO Vietnam, attracted over 200 businesses, economic experts, brand leaders, startups, and young people interested in innovation and brand development.

Ho Chi Minh City and its 5-year journey to elevate its Golden Brand status.

In her opening remarks, Ms. Nguyen Thi Kim Ngoc, Deputy Director of the Ho Chi Minh City Department of Industry and Trade, stated that this year's Ho Chi Minh City Golden Brand Festival marks a five-year milestone with many meaningful values ​​for the business community.

Ms. Nguyen Thi Kim Ngoc, Deputy Director of the Ho Chi Minh City Department of Industry and Trade - Photo: QUANG DINH

The awards have contributed to honoring outstanding brands and affirming the position of Ho Chi Minh City businesses in the context of integration. Through this, businesses not only enhance their brand value but also promote innovation and sustainable development.

This year's theme, "Innovation and Sustainability," reflects the desire to innovate the award's organizational process, ensuring objectivity, professionalism, and a strong dissemination of its value. The organizing committee hopes to build the award into a prestigious symbol, contributing to the brand development strategy of Ho Chi Minh City and the nation, and reaching regional and international levels.

The seminar was held within the framework of the 5th "Ho Chi Minh City Golden Brand" Award and kicked off the third season of the "Walk & Talk with Brands" program in 2025. Here, experts and businesses shared groundbreaking business strategies and success stories, thereby inspiring new directions for the business community.

Building a strong brand is key to sustainable competitiveness.

Journalist Le The Chu, editor-in-chief of Tuoi Tre newspaper, commented that Ho Chi Minh City is undergoing a strong transformation, moving towards sustainable development and deep integration into the regional and global economy. In this context, innovation and creativity are not only vital for individual businesses but also a driving force for the overall economy.

Journalist Le The Chu, editor-in-chief of Tuoi Tre newspaper - Photo: QUANG DINH

According to him, innovation should not only involve adopting new technologies but should begin with a change in mindset and business model, a willingness to abandon old ways of thinking in order to experiment with new ideas.

Citing examples from businesses at the workshop, Mr. Chu highly appreciated the shift from traditional business models to multi-channel models, combining physical stores with online sales, providing a convenient experience for customers. Many businesses also applied advanced technology, automated production, optimized processes, and used environmentally friendly materials.

Mr. Chu emphasized that leveraging Industry 4.0 technologies such as IoT, AI, and Big Data is opening up great opportunities in optimizing production, predicting market demand, personalizing products, and building strong brands to create a sustainable competitive advantage.

Guests browse the booths outside the conference - Photo: QUANG DINH

He also affirmed the role of Tuoi Tre newspaper in spreading the spirit of innovation and creativity. The newspaper has continuously introduced successful examples, shared experiences, and reflected on the difficulties and challenges that businesses face in their innovation journey. In addition, Tuoi Tre has organized many communication activities such as the Walk&Talk talk show, the "My Favorite Brand" contest, and the brand discovery program to contribute to raising community awareness about innovation and creativity.

Looking ahead to 2025 and beyond, Tuoi Tre newspaper plans to organize a series of events such as seminars, forums, competitions, and a favorite "Golden Brand" award. "We hope that with these efforts, the spirit of innovation will spread more strongly, contributing to the promotion of economic and social development," Mr. Chu shared.

Will Vietnam be the next "economic tiger" of Asia?

Over the past 25 years, Vietnam has achieved impressive economic successes with high GDP growth and a significant reduction in poverty. The question is, what are the drivers of this development, and can Vietnam continue to maintain this growth momentum for the next 25 years?

Sam Korsmoe, author of the book "Vietnam, a Rising Star," said he and his research team undertook a project to explain the factors driving Vietnam's development and predict its future potential. According to him, many people, including Vietnamese people, do not fully understand these drivers. "We approached the project like scientists, formulating hypotheses and testing them," he shared.

Sam Korsmoe, a consultant and economic expert on Vietnam, shared his unique perspective on Vietnam's strong rise on the international stage, particularly the pioneering role of Ho Chi Minh City. - Photo: QUANG DINH

The study focuses on the hypothesis that Vietnam could develop in a direction similar to that of Taiwan and South Korea, becoming the "next Asian economic tiger." To clarify the concept of a "tiger economy," the research team developed six evaluation criteria: exports, industrialization, specialization, market, leadership orientation, and leadership innovation.

According to the research results, Vietnam currently meets most criteria quite well, although industrialization remains an area for improvement. Mr. Korsmoe noted that developing infrastructure and policies to promote industry are crucial factors in raising the level of industrialization. Innovation, that is, the ability to apply technology and digital techniques in economic sectors, is also a decisive factor.

He pointed out eight key drivers that give Vietnam great potential, notably the "China +1" strategy, where manufacturers are shifting away from China to take advantage of Vietnam's opportunities. He also highly valued Vietnam's young population of over 100 million people, particularly its young workforce, and the prominent role of women in the economy. Furthermore, the rapid development of the internet, abundant natural resources, and the impact of the US-China trade war also present numerous opportunities.

He also emphasized the role of major cities like Ho Chi Minh City, Hanoi, and Can Tho in leading development. These localities need to continue innovating and elevating areas such as events, cuisine, and film, to become world-class destinations.

“We need to Think Big – think big, dream big, and pursue them persistently,” Mr. Korsmoe emphasized. He suggested that Ho Chi Minh City should become a venue for global-scale events such as major shows. “Thinking big also means investing in future human resources, building global brands, and elevating Vietnamese culture on the world stage. However, it is necessary to simultaneously identify risks for sustainable development.”

However, Mr. Korsmoe also warned that Vietnam faces a major challenge in avoiding the "middle-income trap." To maintain sustainable development, investment in education, improved infrastructure, and policy reforms are necessary. "Vietnam is at a critical juncture. If it seizes this opportunity well, the country will not only be a rising star but could become a leading star in Asia," he asserted.

Source: https://tuoitre.vn/doi-moi-de-dua-viet-nam-thanh-con-ho-kinh-te-moi-cua-chau-a-20250103111546101.htm