Vietnamese Businesses Need to Be Proactive to Create Competitive Advantage

According to Deputy Prime Minister Vu Duc Dam, if Vietnamese enterprises are not proactive and confident in creating and making their own products, it will be difficult to compete in their own home market.

According to Deputy Prime Minister Vu Duc Dam, if Vietnamese enterprises are not proactive and confident in creating and making their own products, it will be difficult to compete in their own home market.

At a national forum aimed at fostering the development of local digital enterprises kicked off on December 23, Deputy Prime Minister Vu Duc Dam said: "If Vietnamese enterprises do not actively grasp technology, do not take initiative in making products and giving solutions, they will find it very difficult to compete on home market."

To tackle inequality, there are two approaches. The first is to prevent factors that cause inequality. The second is making our own businesses "grow fast" to gradually gain equality.

The first approach is very difficult to follow because today's world is so small; just by one movement, Vietnam's agricultural products will penetrate a market, which will bring jobs to hundreds of Vietnamese farming families.

So we have to mobilize all resources at home and abroad and Vietnamese people, including those who do not hold Vietnamese nationality but work in Vietnam, to join hands and find solutions so that we can regain a very equal competitive advantage, first of all right in Vietnam.

Deputy Prime Minister Dam emphasized that Vietnam has a right to be confident in developing and implementing a technology strategy. "We are not over-optimistic, but if we are confident and unanimous we can do it," he said. He added that one of the points that Vietnam can be confident is the strong development in the education and innovation index.

“Although we are not satisfied with the quality of the country's education, in the eyes of the world, Vietnam's education is still very good, general education is close to the OECD's education standards and higher education has gradually been upgraded. Although we rank 70-80th over the world on indicators such as average income and GDP, we have a quite high education index, especially innovation index is always in the top 50. This year, Vietnam ranked 42nd among 131 economies for the second consecutive year in the 2020 Global Innovation Index (GII)," said Deputy Prime Minister Vu Duc Dam. It is evidence that Vietnam can be confident in education and innovation to serve the technological development.

This year, Vietnam ranks 49th in the global Sustainable Development Goal (SDG) Index. “The sustainable development index demonstrates the superiority of our political system and policy," said Deputy Prime Minister Dam. From the above factors, the digital technology team can confidently develop faster.

Technology is one of the heavily-invested fields for Vietnam to create breakthrough development, to realize its goal of becoming a developed country with high income on the occasion of the country’s 100th anniversary. Deputy Prime Minister said that almost all products honored in the event today are aimed at essential needs such as health, study, transportation and entertainment. If they are developed well, they will contribute to the sustainable development of the country.

Source: Vietnam Business Forum