“Most foreign invested companies are adept at unbundling free trade agreements (FTAs) and extracting the parts applicable to their situation and benefiting from them,” said Chairman Vu Tien Loc.
Whereas local companies are much less skilled said Loc, and as a result fail to pounce on opportunities presented and in the final analysis avail themselves of only a relatively small portion of the benefits.
Nguyen Thi Thu Trang, a VCCI official, echoed Loc’s view saying local businesses should be more proactive in analysing and latching on to opportunities and implementing competitive strategies, capitalizing upon their strengths.
Trang stressed, businesses must better grasp and implement policies to improve the quality of products and comply with complex rules related to certificates of origin (C/O), intellectual property rights, and environmental policies.
Economist Vo Tri Thanh from the Central Institute for Economic Management (CIEM) in turn emphasized local companies should be more assertive and self-confident in their decision making and implementing competitive strategies.
This will enable them to rise up and gain a firm foothold in the regional and global integration process and put them on more of an equal competitive footing with their seasoned peers from other countries.