Vu Thi Thuan, Chairwoman of Traphaco JSC, said Vietnam is going through an extensive and intensive integration process by engaging in groups such as the Asia-Pacific Economic Cooperation (APEC) Forum, the Association of Southeast Asian Nations (ASEAN), the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), and the EU-Vietnam Free Trade Agreement (EVFTA).
This allows businesses to expand their markets but also presents a lot of challenges and competition, she said, adding that the development of technology and artificial intelligence requires enterprises to map out sustainable development strategies.
Businesses should make plans to maintain comprehensive development and harmonise between economic efficiency, social responsibility, and environmental protection, as well as continuously promote innovation, she suggested.
Do Cao Bao, Deputy Director of FPT Group, shared that the global economy allows businesses to expand their operational scale and access larger markets.
The expansion of markets helps businesses think and learn quickly regarding technology, management, and effective business models, he said.
However, in order to successfully join regional and global markets – like TH True Milk, Viettel, and FPT have – businesses need to accumulate internal strength in improving the quality of products, services, and human resources, as well as devise effective marketing strategies, he said.
The key to succeed in foreign markets is sale capacity, he pointed out, adding that businesses should be familiar with the host culture, religion, law, and consumption habit.
Bao recommended that the State build strategies to put forth investment in production and deep processing, focusing on products with high technology volumes such as automobiles, motorbikes, and electronics.
Besides traditional markets, Vietnam should also fully tap into others with great potential like Asia, Africa, and Latin America, he suggested.
Choi Bong Sik, Chairman of the World Federation of Overseas Korean Traders Association (OKTA), advised Vietnamese firms to expand exports to foreign markets and optimise the nearly 100 million strong domestic market to replace imported products with those made in Vietnam.
Other experts suggested Vietnamese businesses build a network of strategic partners and cooperate with foreign partners and multinational groups to rapidly join the regional and global production value chains.