Entrepreneurship on the rise in Vietnam
(VOV) - Over the next ten years, the business community has ambitious goals, aiming to create an additional one million businesses, creating better jobs and improving the livelihoods of the nation’s people.
Vietnam Chamber of Industry and Trade (VCCI) President Vu Tien Loc made the affirmation on the occasion of Vietnam Entrepreneurs’ Day (October 13), a holiday set aside to honour the Vietnamese business people who promote entrepreneurship, business, innovation, and new jobs.
“This is the tenth year since the Prime Minister signed the decision to set aside October 13 as Entrepreneurs’ Day and the economy has seen many ups and downs during the decade,” Loc said.
According to VCCI statistics, the opening of the markets in line with World Trade Organization (WTO) commitments during this period and the resulting influx of foreign investment has resulted in the creation of 11 million jobs, benefiting over 4.6 million individual households in recent years, he said.
However, on the other hand Loc said, the statistics show that 60-70% of entrepreneurial start-up ventures have failed. So it has not been a complete success story. There are no gains, without some pains and it is incumbent upon all businesses aiming for success to develop a good solid business strategy and assess the risks.
Statistics from the VCCI reflect that as of January 2014, the country had more than 750,000 businesses established in accordance with the Enterprise Law. Over 390,000 of them were established in the last five years and over half of them were established in the last ten years, Loc said.
Nguyen Thi Nguyet Huong, President and CEO of the Vietnam Investment Development Group in turn said many entrepreneurs in the country are hopeful that future amendments to the Enterprise Law will offer even greater opportunities for millions of people to get involved in business activities.
Victoria Kwakwa, (WB) Country Director in Vietnam said the rebound of the global economy bodes well for Vietnam and the business community and expressed her confidence that the government will create improved economic conditions for business to flourish.
“Vietnam is situated in one of the most dynamic development regions in the world, Kwakwa said adding “The increased consumer trust in the government and business community has strengthened consumer demand in the Made-in-Vietnam brand.”
However she cautioned the Vietnam Government has to make further efforts to improve the investment environment and continue its quest to devise improved support policies to help Vietnamese businesses continue to thrive.
Victoria Kwakwa said now is a prosperous and opportune time for private businesses in the country and encourages Vietnamese businesses to take full advantage of the opportunities presented in the dynamic marketplace in the country.
Vietnam entrepreneurs should outline a clear business strategy with detailed business plans to improve their competitive edge and grow their businesses. She says businesses need to be heedful of the importance of having a long-term vision.
They also need to be mindful of the need to invest in building human resources and enhancing capacity to overcome difficulties, she said.
Addressing the recent Vietnam Business Forum 2014, State Vice President Nguyen Thi Doan called on the VCCI to continue to implement the Politburo Resolution No.09 on building and promoting the role of Vietnam entrepreneurs in the context of industrialization, modernization and international integration process.
Doan said in the current situation, businesses and entrepreneurs should full take advantage of opportunities and inquire into the market and competition. They should improve their management and professional skills to compete with others in the international market for stronger and sustainable development, she added.