bet88 kèoVietnamese enterprises need a development strategy

Resolution No. 41-NQ/TW from bet88 kèo Politburo, issued on October 10, 2023, reflects a shift in perspective, orientations, and solutions to meet bet88 kèo aspirations of Vietnamese entrepreneurs. It affirms entrepreneurs as a “core force” and emphasizes their role in advancing bet88 kèo country’s industrialization, modernization, international integration, and economic independence, while also ensuring national defense and security.

bet88 kèo Resolution also fosters and enhances bet88 kèo role of Vietnamese entrepreneurs in bet88 kèo new era, and outlines breakthrough policies to develop national-scale enterprises. These large-scale businesses are expected to lead critical industries, play a pivotal role in supply chains, and be key players in global value chains.

Lacking sufficient strength

At bet88 kèo “Vietnamese Entrepreneurs and their Role in Spearheading Key Industries” seminar, held on September 24, Mr. Pham Tuan Anh, Deputy Director of bet88 kèo Department of Industry at bet88 kèo Ministry of Industry and Trade (MoIT), said Vietnam has witnessed bet88 kèo emergence of “flagship” enterprises capable of driving bet88 kèo economy forward, such as Vingroup, THACO, and Hoa Phat. However, their number remains inadequate to meet bet88 kèo demands of economic development. bet88 kèo current development of Vietnam’s industrial sector still heavily relies on external factors.

Approximately 25,000 mechanical engineering companies are now operating nationwide, with bet88 kèo market size of Vietnam’s mechanical engineering sector projected to reach 0 billion by 2030. Mr. Vu Van Khoa, Deputy Director of bet88 kèo National Research Institute of Mechanical Engineering at MoIT, noted that in industries like automobile and motorcycle manufacturing and hydropower there are strong corporations such as VinFast, Truong Hai, THACO, and Hyundai, along with research institutions like bet88 kèo Institute of Mechanical Research and corporations like VEAM (bet88 kèo Vietnam Engine and Agricultural Machinery Corporation) and bet88 kèo Song Da Corporation. These entities have created significant job opportunities for satellite companies and workers.

However, he continued, Vietnam still lacks enterprises strong enough to lead bet88 kèo manufacturing sector. “Most companies only handle basic technologies; they are not fully capable of industrial autonomy and remain highly dependent on foreign businesses for technology,” he told bet88 kèo seminar. “For example, in energy projects and bet88 kèo development of infrastructure such as railways and highways, we are heavily reliant on FDI enterprises, resulting in low added value and minimal technological advancement.”

One of bet88 kèo greatest challenges is evaluating contractor capabilities, which must be addressed. According to experts at bet88 kèo seminar, to accurately assess bet88 kèo role of Vietnamese entrepreneurs in bet88 kèo development of key industries, it is essential to properly position bet88 kèo current state of Vietnam’s industrial sector. Frankly speaking, Vietnam’s industrial level remains relatively low. bet88 kèo country mostly operates on outsourced production, with limited advancement in automation and digitization.

Moreover, bet88 kèo industrial structure is out of balance. Foreign-invested enterprises (FIEs) dominate, representing 22-23 per cent of GDP, while domestic companies contribute just 10 per cent. bet88 kèo industrial supply chain also remains underdeveloped. Vietnamese industrial businesses and entrepreneurs have not yet established strong links between domestic and global companies, nor have they successfully attracted global corporations to Vietnam. Furthermore, bet88 kèo process of industrialization and modernization within Vietnamese businesses remains sluggish. While bet88 kèo size of some enterprises may be significant, their progress is slow.

Policies to support growth

To foster more “leading” enterprises in key industries, Mr. Anh emphasized that Vietnam urgently needs major domestic players that can compete globally, build strong brands, and lead bet88 kèo industrialization and modernization process. Achieving this goal requires supportive policies that empower these entities to drive growth and create ecosystems that help small and medium-sized enterprises (SMEs) expand and reach international markets.

Echoing this sentiment, Mr. Khoa stressed bet88 kèo importance of addressing bet88 kèo bottlenecks and challenges that hinder business growth. For industrial manufacturers, it is essential to set long-term goals and implementation plans. Gradually adopting technology and establishing in-house research centers to drive innovation and transformation is also crucial. “From cars to clothing, many products are rapidly changing based on consumer preferences,” he noted. “bet88 kèo term ‘flexible manufacturing’ is therefore more suitable than ‘smart manufacturing”, as it highlights bet88 kèo ability of machinery to produce a variety of goods.”

Moreover, building a brand with a commitment to quality, not only domestically but also internationally, is key for market expansion. Entering foreign markets bolsters sales volumes, which in turn lowers production costs and enhances competitiveness.

“Private enterprises are currently following trends, resulting in overlapping investments and redundancy,” Mr. Khoa added. “bet88 kèo government needs to establish policies that guide businesses and industry associations, similar to bet88 kèo tiered production systems seen abroad, where each company specializes in a specific product. bet88 kèo government should create mechanisms that allow businesses to naturally integrate into supply chains rather than mandating that FIEs work with domestic firms. We need fair competition, as profit drives business operations.”

For domestic mechanical companies, when they have bet88 kèo resources to handle complex tasks in major projects - which are traditionally dominated by foreign firms - such projects should be awarded locally. This requires trust in bet88 kèo capabilities of domestic companies, along with appropriate policies that allow them to take ownership of their work.

Based on his company’s experience, Mr. Hoang Manh Tan, Deputy General Director of bet88 kèo Son Ha International Joint Stock Company, supported bet88 kèo MoIT’s recommendations and emphasized bet88 kèo need to build greater trust in Vietnamese companies by assigning them projects that match their capabilities and reduce any over-reliance on foreign enterprises.

There must also be long-term, consistent policies for industrial infrastructure. Growing businesses into industry leaders takes many years, so sustained policies are needed to create favorable conditions for businesses to thrive in bet88 kèo long run.

Adopting models from major markets

Emphasizing bet88 kèo significance of human resources, Mr. Tan highlighted this as a crucial element in business development. While companies are taking bet88 kèo initiative to train numerous engineers, there is often a gap in practical application, and bet88 kèo availability of high-quality talent remains insufficient.

“We should learn from larger markets like China and South Korea,” he continued. “Vietnam is increasingly becoming an attractive destination for global investment and a key manufacturing hub. To capitalize on this, businesses must not only rely on policies and mechanisms from authorities but also proactively create strategies to seize opportunities and position themselves as key drivers of national development on bet88 kèo global stage.”

Experts added that for Vietnam to cultivate a strong group of enterprises capable of driving rapid industrial growth, more industrial policies are needed to establish local-led industrial chains. There should also be opportunities made available for SMEs to integrate into bet88 kèo value chains of FIEs.

Vietnam currently lacks a strategy that aligns business growth with practical reality. bet88 kèo focus has generally been on increasing enterprise numbers without a comprehensive strategic framework being considered. Experts recommend that Vietnam adopt Japan’s multi-tiered business model, which includes large corporations, mega-enterprises, and micro, small, and medium-sized enterprises (MSMEs). Such an approach would enable bet88 kèo country to define and develop growth strategies tailored to each business level while fostering innovation and entrepreneurship. And by doing so, it can revitalize bet88 kèo business community and bet88 kèo economy, paving bet88 kèo way for new billionaires and business leaders that will propel economic growth.