Businesses promote digital transformation and green recovery toward market development

According to economic experts, in the context of the world's unpredictably fluctuating situation, local businesses should enhance digital transformation and green recovery to boost market development.

Vietnam's current participation in many FTAs has opened up opportunities, but also posed challenges to businesses, especially small businesses that have to face fierce competition from major enterprises in terms of productivity, quality and market development.

Tran Thi Thanh Tam, director of the Small and Medium Enterprise Support Center under the Vietnam Chamber of Commerce and Industry (VCCI) said, "Increasing product quality helps meet the increasingly demanding needs and requirements of domestic and foreign customers, especially when Vietnam has integrated into the world economy through signing many trade agreements.

Engaging in these agreements, we will also encounter barriers, especially technical ones that Vietnamese businesses need to learn carefully to meet certification quality standards for importing countries," Tam emphasized.

Economic experts also stated that in order to improve product quality and productivity and develop markets, Vietnamese small and medium-sized enterprises need to find ways to become involved in the supply chain for FDI businesses, supporting industrial product chain, while also supplying domestic investors.

According to Nguyen Anh Duong, head of the General Research Department under the Central Institute for Economic Management (CIEM), to overcome challenges, local businesses need to take advantage of the Fourth Industrial Revolution and attract FDI, FTAs, and enhance digital transformation and green recovery to accelerate market development.

Businesses also need to stay creative, improve management capacity, and promote "Made in Vietnam" products based on innovation spirit and e-commerce development, he added.