The statement was made by UNIDO Chief Representative Patrick Gilabert at a forum in Ho Chi Minh City on September 19.
To this end, UNIDO is providing conformance assurance solutions for Vietnamese businesses to implement a number of projects on food and pharmaceutical manufacturing.
Chairwoman of the Vietnam Retailers' Association Dinh Thi My Loan in turn echoed Gilabert’s view adding Vietnamese companies are facing tremendous future challenges of competitiveness as foreign retailers actively penetrate the domestic market.
The distribution and retail markets have already witnessed the arrival of retail giants such as Lotte and E-Mart from the Republic of Korea, AEON and Takashimaya from Japan and Aucham from France.
Vietnam is opening its markets in line with World Trade Organisation (WTO) and free trade pact commitments, bringing with it both opportunities and challenges.
Vietnamese businesses need to revamp their business strategies to compete on two fronts. They need to struggle to maintain or expand production in the domestic market while simultaneously forging ahead and increasing outlets overseas.
It is no easy task, and instilling customer confidence in the business and gaining their trust plays a critically key role for sustainable development, Loan said.
For his part, Florian Beranek, chief technical advisor of a project to help Vietnamese small and medium sized businesses adopt CSR policies, said communication is an effective tool for augmenting consumer trust.
Nguyen Thi Thien Phuong, Deputy Head of the Department for International Cooperation and Science Technology under the Vietnam Environment Administration (VEA), said a draft national action plan for enhancing consumer trust in Vietnamese businesses is in the works.
A national programme on sustainable consumption and production (SCP) by 2020, focussing on effectively harnessing green growth and environment protection strategies as a means for elevating consumer trust in Vietnamese businesses, will help lay a solid foundation for sustainable development.