Aspiration to build a strong and prosperous Vietnam

In their capacity and during domestic and external activities, Party and State leaders have always shown their concern for socio-economic development as well as the growth of enterprises and the corps of entrepreneurs.

Since taking office in March 2023, President Vo Van Thuong has chaired and attended many important talks with world leaders as well as met with many foreign ambassadors in Vietnam. One of the key contents frequently mentioned by the Vietnamese state leader during these talks and meetings is asking countries to continue creating more favourable conditions for Vietnamese enterprises to cooperate in investment and business development. This is also one of the contents that state leaders and ambassadors of foreign countries strongly supported during the talks and meetings with President Vo Van Thuong.

President Vo Van Thuong always emphasises that Vietnam and Vietnamese businesses are ready to strengthen economic cooperation with other countries in the world, especially for professions and fields that are strengths and potentials of these countries and Vietnam.

Most recently, during his official visit to the Republic of Austria and the state visit to the Republic of Italy, President Vo Van Thuong discussed with the Presidents of the two countries, policies for economic development cooperation and the creation of the best conditions and environment for Vietnamese, Italian and Austrian businesses, to jointly develop and promote their brands.

In Italy, President of the Italian Republic Sergio Mattarella agreed with the proposal of President Vo Van Thuong, on the effective implementation of the Vietnam-EU Free Trade Agreement (EVFTA) and supported the European Commission (EC)’s removal of the IUU yellow card for Vietnam’s exported seafood, to promote economic-trade cooperation and contribute to economic recovery. In particular, the President of Italy was pleased to announce that the Italian Parliament ratified the Vietnam-EU Investment Protection Agreement (EVIPA) on the day that President Vo Van Thuong paid a state visit to Italy, creating a basis for Italy to increase investment in Vietnam.

The development in relations between local governments and businesses of the two countries has been noteworthy during recent times, especially the signing of a new Memorandum of Understanding, between Vietnam’s Vinh Phuc Province and the Tuscany region. The two leaders especially welcomed the cooperation connections and exchanges between Hanoi and Rome, Binh Duong Province and the Emilia Romagna region, Quang Tri Province and ENI group, as well as between other localities and businesses of the two countries.

In Austria, during his talks with Austrian President Alexander Van der Bellen, President Vo Van Thuong proposed that the two sides continue their close cooperation and effectively take advantage of the benefits of the EU-Vietnam Free Trade Agreement (EVFTA). Austria has policies to encourage and create favourable conditions for Austrian businesses to promote investment in Vietnam, in the areas of its strengths such as supporting industries for automobile production, railways, medical equipment, and pharmaceuticals.

The Vietnamese President asked the Austrian side to soon complete procedures for ratifying the Vietnam-EU Investment Protection Agreement (EVIPA), to facilitate equal and mutually beneficial investment relations between the two sides. He also requested Austria to support and encourage the European Commission (EC), to remove the IUU yellow card on Vietnamese seafood, facilitating Vietnam to export this product to the EU.

In recent years, especially during and after the global COVID-19 pandemic, many Vietnamese and foreign businesses operating in Vietnam have encountered many difficulties, due to the disruption of global supply chains and the general negative impact of the world economic downturn. In that context, many businesses have been persistent and silently overcome to preserve their brand, reputation and quality every day and every hour. However, some businesses take advantage of the difficult situation of the country and people, to profit and make money illegally. In addition, several enterprises were established not for production or business, not to build a corporate or national brand, but only to serve interest groups and to become "backyards" for corruption and bribery evils.

At the ceremony to mark 60th anniversary of the establishment of the Vietnam Chamber of Commerce and Industry (VCCI) (April 27, 1963 - April 27, 2023), President Vo Van Thuong frankly emphasised that the recent handling of violations against some companies and individuals is a requirement to uphold the rule of law — a must-do for a stronger, fairer, and more transparent business environment for enterprises in which legitimate interests belong to their makers and society while degenerative and corrupt elements are eliminated in state agencies.

The President stated that respecting the law and aligning the interests of enterprises and individuals with the interests of the nation and the community is a condition for their strong and sustainable development. Every entrepreneur must be deeply aware of the law, and know what is right to do from what is wrong.

The enthusiastic guidance of President Vo Van Thuong encourages businessmen to pay more attention to cultivating patriotism, the spirit of respect for the law and social responsibility to the community, in which it is necessary to pay special attention to building culture in their business as a core factor in creating a strong brand. A brand is the convergent result of the entire product creation process, mission, vision, business strategy, business ethics, social responsibility, and behavioural style with partners and customers.

Corporate culture is a decisive factor in leaving a corporate brand in the public mind and is also a positive factor in promoting brand development. Building a brand on a cultural foundation is the basis for sustainable development. However, building corporate culture in many businesses is still formal, following trends, focusing on entertainment, cultural, sports and media activities, and has not yet realised the vision, mission, core values, and behavioural standards.

When every person has the pure will and aspiration and the mindset for personal honour, for the strength of the unit and business, and the prosperity of the country, then progress and success will soon become a reality, despite many difficulties and concerns.

After nearly 40 years of renewal, the contingent of Vietnamese businesses and entrepreneurs has grown tremendously, with nearly 1 million businesses of all economic sectors, more than 5 million individual businesses, and nearly 30 thousand cooperatives. State-owned enterprises have been and are continuing to innovate and improve operational efficiency; while private enterprises are increasingly numerous, becoming an important driving force of the economy. Notably, Vietnam has entrepreneurs reaching out to the international market, and private economic groups are increasingly asserting their position, gradually raising their level to compete with international businesses. Along with that, nearly 30 thousand enterprises with foreign direct investment (FDI) are operating in Vietnam, making important contributions to economic growth, improving production and export capacity, and shifting the economic structure of Vietnam.

In the context of common difficulties of the world and the country, in the journey of global economic recovery and development, along with the determination and enthusiasm of the country’s highest leaders, the contingent of Vietnamese businesses and entrepreneurs have new opportunities, that open doors to realise the goal of strongly developing their brand, as well as contributing to building the Vietnamese national brand.

Building a national brand is a task of special importance, both urgent and strategic, with a wide scope, requiring drastic action and ceaseless innovation to create real breakthroughs. The national brand can be considered a resource of each business, but also of the country. Building and preserving a national brand is of strategic importance to businesses and the country.

The Party and State have always cared about, supported, and created conditions for the development of Vietnamese entrepreneurs and businesses. Identifying the business community as an important part of the great national unity; and a key force in building and developing the country's economy, the Party and State always attach great priority to building a strong business community in both quantity, quality, knowledge, qualifications, sense of citizenship, social responsibility, national spirit, competencies, and integration ability.

Talking about this policy, President Vo Van Thuong affirmed that each force in society has an important position and role, but entrepreneurs and businesses play a vital role in making the country prosperous and strong. This is the pioneering and key force in implementing national industrialisation and modernisation, contributing to improving quality, efficiency, and competitiveness, while ensuring the independence and autonomy of the economy.

To successfully grasp new opportunities, and become sustainable and developed national brands, amidst the current situation of domestic and global situations, each business must be strong-willed, design a strategic vision, attach importance to promoting its internal resources and innovation, and apply science and technology, which should be placed as the foundation and motivation to improve its management capacity, labour productivity, competitiveness and international integration. They must also focus on fostering and promoting their soft power and consider business ethics and culture as core factors in their development.

In his working sessions, talks, and meetings with the business community, President Vo Van Thuong emphasised that guidelines, policies, contents of cooperation, and commitments have been promulgated, and it is time to take action to realise them. We must take action to bring our aspirations into reality.

Published: October 2023