Creating value in business

Resolution No.09-NQ/TW dated December 9, 2011, of the Politburo on building and promoting the role of Vietnamese entrepreneurs in the period of accelerating industrialisation, modernisation and international integration, emphasised that building a contingent of strong, capable, qualified and highly reputable entrepreneurs, will actively contribute to improving quality, efficiency, competitiveness, rapid and sustainable development and ensuring the independence and self-reliance of the economy.

This is the first time in its 81-year history, the Party had a resolution on promoting the role of entrepreneurs. After more than 10 years of bringing Resolution 09-NQ/TW to life, it can be affirmed that the contingent of Vietnamese entrepreneurs has made a strong development in both quantity and quality, playing an increasingly important role in realising the goal of building an independent and self-reliant economy.

Up to now, this team has been the main force in promoting production resources, creating goods and services for society, promoting growth and developing the country's economy.

Vietnam currently has nearly 860,000 businesses in operation and millions of entrepreneurs, contributing to the economy more than 60% of the GDP, and 30% of the workforce. Vietnam has seven entrepreneurs at the top of the global "dollar billionaires" for 2022.

More encouragingly, Vietnam has 124 businesses with 283 national branded products with some brands that resonate and affirm their value in the world market, such as Vietnam Airlines, Viettel, Vinamilk, Habeco, Thaco, TH True Milk and ST25 rice.

However, the development of the contingent of Vietnamese entrepreneurs and the business community over the past time has been facing challenges and has not been as expected.

The goal of having 1.5 million enterprises by 2025 is a big challenge; the quality and capacity of enterprises and the ethics of some entrepreneurs are still limited. Social responsibility and business culture have not been promoted; entrepreneurs still lack the links, as well as an understanding of the law and business capacity, competitiveness and integration.

In the context of deepening international economic integration with 15 free trade agreements (FTAs) already in effect, especially when new generation FTAs are in the phase of more substantial reductions, the market is expanding, more than ever, Vietnamese entrepreneurs need to constantly improve their bravery and professional capacity to be able to seize opportunities, establish a position and role in the international arena, and step by step penetrate major markets around the world.

To do this, the new generation of Vietnamese entrepreneurs needs to have a global vision, promote creativity, and create value in business, thereby improving the position and role of Vietnamese entrepreneurs in the global value chains.

In addition, the business team also needs to soon overcome limitations, raise awareness of ethics and integrity in business, take ethics as the core to build corporate culture, and ensure sustainable development in the new era.