Speaking on the occasion, Dr Vu Minh Khuong from the Singapore National University spoke of Vietnam’s strengths including organisational practices, communication infrastructure and human development.

However, he added, the country is still weak in support and related industries, internationalisation of firms, monetary policy and administrative infrastructure. 

Khuong noted that although Vietnam has good support policies for domestic enterprises, it has not found appropriate business strategies.

“The Government should focus investment in big cities like HCM City as they are driving forces behind the country’s economy,” Khuong added.

Financial sources and quality human resources are two other concerns that need to be addressed.

Other challenges including globalisation, the rising economy of China and India, technological and scientific development, climate change and energy and natural resources scarcity would affect market competition strategies within and outside the country.

“Strategy makers need to have determination in their decision to increase the country’s competitiveness in the global market,” Khuong said.

He said companies should consider adopting a 5R strategic approach – review, respect, research, record and reform.