ASEAN Business Award 2007: Affirming Vietnamese Enterprises' Position

In the present international context, especially when Vietnam is integrating into the world market, the award is extremely important to Vietnamese businesses. First, it is an opportunity to reaffirm the growth of the Vietnamese business community, a vivid example of the potential and strength of participating in the competitive, dynamic and professional playing field of the region. Also, the award is a channel for ASEAN businesses to better understand strong Vietnamese brands and increase economic cooperation, trade and investment. This is precisely the goal of Vietnamese businesses. I do hope that Vietnamese businesses will be among award winners in the interest of sustainable development.

 

Exactly, Vietnamese businesses participating this time must satisfy strict conditions required by the Organizing Committee. First, ASEAN businesses with 40 per cent ownership; second, businesses operating in at least two ASEAN countries; third, at least five years of operation; fourth, annual turnover of at least US$20 million, fixed capital of US$5 million and 150 or more workers.

 

Furthermore, concerned businesses must be audited by Ernst & Young. Therefore, the opportunity will reaffirm Vietnamese brands at home and in the region. It will also prove their financial transparency, and promote their reputation and brand. If Vietnamese businesses get the award, it will be an opportunity for business communities, other ASEAN countries and the world learn about the Vietnamese economy.

 

Each country, this time, will nominate a judge of high reputation in the ASEAN business community. Vietnam has nominated Dr. Pham Thi Thu Hang, Director of Business Development Institute, VCCI, as a member of the jury. Members of the jury will use information provided by Ernst & Young, and determine and announce the winners at the ASEAN Business Investment Summit (ASEAN BIS) in November in Singapore.

 

Many important groups from developed countries will participate in the award this time, such as Ciputra Development of Indonesia and Singapore Telecommunications Limited. The highly competitive award will be a big challenge for Vietnamese businesses.

 

The cooperation is quite good between Vietnamese and ASEAN partners and among ASEAN businesses. With the advantages of geographical closeness and a population of 500 million, ASEAN governments and businesses have made joint efforts for sustainable development. However, most Vietnamese businesses are small and medium enterprises and in the process of integration. They cannot expand to the world market due to lack of information and working channels. As representative of the business community, ASEAN BAC has made great efforts to promote the role of the private sector and the ASEAN business community as a whole. ASEAN Green Lane project, initiated by ASEAN BAC to promote regional cooperation, has gained special interest and warm support from ASEAN businesses.

 

In 2009, Vietnam will assume the presidency of ASEAN BAC. In an effort to promote the private sector and regional cooperation, Vietnam ASEAN BAC in conjunction with regional members will table many initiatives to ensure the highest efficiency in the Vietnamese business community. In the coming years, Vietnam ASEAN BAC will have projects such as VCCI College for Integration, ASEAN Investment Promotion Fund to assist businesses of poorer ASEAN members (Vietnam, Laos, Cambodia and Myanmar), ASEAN Investment Fund to promote business efficiency of ASEAN countries in key markets such as the US and Japan, and Vietnam Energy and Industry Fund.