Vietnamese Entrepreneurs - Strong Transformations

10:17:47 AM | 11/10/2019

After nearly 15 years since Prime Minister Phan Van Khai signed a decision approving October 13 as "Vietnam Entrepreneurs Day" (on September 20, 2004), Vietnamese entrepreneurs have strongly grown in both number and quality, helping to enhance the country's position in the international arena.

The birth of Vietnam Entrepreneurs Day

In order to uphold the role and tradition of the Vietnamese entrepreneur force, to encourage all social strata to build and develop businesses and businesspeople more powerfully and meet requirements of national industrialization and modernization, upon the request of the President of the Vietnam Chamber of Commerce and Industry (VCCI) and the Vietnam Business Association, on September 20, 2004, Prime Minister Phan Van Khai signed Decision 990/QD-TTg on Vietnamese Entrepreneurs Day, under which October 13 was chosen as “Vietnam Entrepreneurs Day”.

Selecting October 13 as the Vietnam Entrepreneurs Day carried a profound historical significance. On October 13, 1945, President Ho Chi Minh sent a letter to the Vietnamese industrialist and commercialist circle shortly after the establishment of the Democratic Republic of Vietnam (October 13, 1945). In this letter, he clearly underlined the role and importance of industrialists and commercialists in building a strong economy, finance and prosperity.

On December 9, 2011, the Politburo issued Resolution 09-NQ -TW on building and promoting the role of Vietnamese entrepreneurs amidst accelerating national industrialization, modernization and international integration. The resolution clearly points out administration, objectives, directions and tasks in building and promoting the role of the Vietnamese entrepreneur force.

In the current period of international economic integration, President Ho Chi Minh's letter is still valuable, showing his right directions and strategic guidance on the role of enterprises and entrepreneurs in national construction.

Uplifting Vietnam’s position on international arena

According to Report 99/BC-TCTK dated June 27, 2019 by the General Statistics Office, nearly 67,000 new companies were founded in the first six months of 2019, highest in five years.
Specifically, as many as 38,500 new enterprises with VND484.7 trillion of registered capital were established in the second quarter of 2019, respectively 35.3% and 29.1% higher than the first quarter of 2019 and 2% and 30.8% higher than the same period of 2018.

In the first six months of 2019, new business entities registered to invest VND860.2 trillion, 32.5% higher than the same period of 2018. On average, a new company has a registered capital of VND12.8 billion, up 27.7%. Besides, 21,600 companies resumed operations from January to June, up 31.4% year on year, bringing the total number of new active companies to nearly 88,600. They hired 649,000 workers in the period, up 27.6% year on year.

The above figures illustrated the strong growth in both number and quality of businesses, as well as roles and influence of Vietnamese businessmen in the cause of national construction and development. History shows that a country will never grow without a successful business force.

When referring to the “power” of Vietnamese entrepreneurs in economic development, Dr. Tran Du Lich said, “An entrepreneur is like a seed planted in the environment. If the environment is good enough, the seed will grow up.”

In each stage of development, despite hardships and constraints, the Vietnamese entrepreneur force is very active in many fields. Up to now, many Vietnamese entrepreneurs have made their popular name with agricultural products and seafood, for example Trung Nguyen coffee, Phu Quoc fish sauce and Moc Chau snow tea. In addition, aviation, real estate and construction sectors witnessed aspirations of many Vietnamese businesspeople to reach out the world market, including billionaires like Pham Nhat Vuong and Nguyen Thi Phuong Thao.

These achievements come from the dynamism and boldness of Vietnamese businesspeople. In the future, if the social environment and legal environment are favorable, Vietnamese entrepreneurs will be stimulated to boost their strengths and potential to reach out to the world.

Yen Tran