Confident Vietnamese Businesses and Entrepreneurs: Embrace the “Once in a Millennium” Opportunity

On the occasion of the New Year, the journalist of Bao Cong Thuong had a conversation with Mr. Pham Tan Cong – Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) about the opportunities for the Vietnamese business community and entrepreneurs in 2024. According to Mr. Pham Tan Cong, the Vietnamese business community and entrepreneurs are facing a once-in-a-lifetime opportunity.

You have mentioned that the Vietnamese business community and entrepreneurs are facing a once-in-a-lifetime opportunity. Could you share more about this assessment?

At this moment, it is indeed a historic opportunity, a once-in-a-lifetime opportunity, for the Vietnamese business community and entrepreneurs to go global. Never before has our country had the opportunity to “stand shoulder to shoulder” with other countries in the world, as desired by President Ho Chi Minh at this time.

This opportunity is in line with what General Secretary Nguyen Phu Trong has previously stated, “our country has never had the strength, position, and international reputation like today”. Therefore, in terms of internal strength, we are ready. In addition, the objective historical context after Covid-19, the disruption of supply chains, geopolitical conflicts, and the impact on global production have led to the need to reorganize supply chains. In the process of reorganizing supply chains, Vietnam has emerged as the focal point of attention from the world. Many corporations around the world are looking for a supply address to ensure the safety of their production chain, and Vietnam is their reliable choice.

The opportunity is opening up, coupled with the readiness of our domestic strength, it is a “once-in-a-lifetime” opportunity, a “historic opportunity”, because when opportunities arise and we do not have the internal strength to implement them, that is not an opportunity. However, things are different now. Over half of the mobile phones produced by the Samsung Group in Vietnam, and even the software for Boeing aircraft, are made in Vietnam. The same goes for ordinary goods. Recently, when I visited the United States, I saw a store where everything was “Made in Vietnam”, from clothes to shoes… Therefore, no one doubts the manufacturing capabilities of Vietnam anymore.

Especially now, Vietnam has opened up a “big game” with major partners around the world such as the United States, Japan, and China. These partners are committed to involving Vietnam in their most advanced production chains. Now more than ever, this is an important time, a golden opportunity for the Vietnamese business community and entrepreneurs to reach the global level.

To seize this “historic opportunity”, to go global, and to make Vietnam a developed country, what should Vietnamese businesses do, sir?

The opportunity is huge, but in my opinion, to take advantage of the opportunity to go global, which means playing with the world, firstly, one must understand the world. To understand, entrepreneurs must open up their knowledge, relationships, and cannot confine themselves in an integrated world. In other words, every entrepreneur must have a mindset of global integration, a mindset of the global “game” and understand the international business culture, from which to lead, improve, and adjust the business culture, and align their business ethics with the international business culture, which is primarily the business culture of the partner country. Without improvement, without opening up knowledge, without understanding the business culture of partners and the world, it will be difficult to take advantage of the opportunity. Specifically, when working with Japanese partners, companies must be punctual, do what they say. When working with American partners, they must demonstrate the practical benefits of cooperation.

In addition, Vietnamese businesses and entrepreneurs must have capabilities in business administration and technology, and most importantly, they must prepare a good workforce because partners need management, capital, and people to transform production and business cycles, create products and profits.

Thank you, sir!