Businesses Must Build Core Values

10:25:22 AM | 10/7/2022

“Businesses must build their core values, said Mr. Bui Trung Nghia, Vice President of VCCI, at the Workshop on “Prospects of private economy and integration and development path of Nghe An businesses" recently held in Vinh City, Nghe An Province.

Speaking at the event, Ms. Dao Thi Kim Hoa, Deputy Director of VCCI Nghe An Branch, affirmed the importance of the business community to socioeconomic development. She highlighted the significance of the workshop ahead of the Vietnamese Entrepreneurs' Day, on October 13, which consisted of a gathering of companies and entrepreneurs after a period of hiatus due to the COVID-19 pandemic. This exchange meeting aimed to review contributions of the private sector in the past time, exchange and share valuable experiences in dealing with obstacles and overcoming difficulties for future development.

Dr. Nguyen Dinh Cung said that the position of the business community was legislated in 1990 and recognized as a constituent part of the economy in 2001. In 2006, Party members were allowed to work in the private sector. In 2017, the private sector became an important driving force of the economy. Corresponding to these milestones was the growth and deepening participation in the economic life of the country. More and more billionaires are from the growing private sector. Private companies are engaged in investment, production and business all over the country and in foreign markets.

“Vietnam's private economy has more than 5 million business households and nearly 900,000 companies and annually accounts for more than 50% of GDP and 56% of social investment. Most merchandise and export value come from the private sector. This sector provides 80% of jobs for workers. Private companies are increasingly involved in economic activities that were previously performed by only state-owned enterprises,” he said.

Reasserting VCCI’s mission and political tasks, VCCI Vice President Bui Trung Nghia said that in the past years, VCCI has been effortfully protecting business interests and supporting business development and has become a "pivot" for the business community to give recommendations to the Government; recommended policy changes to the government in the context of international integration and domestic economic development; and helped build an enabling business environment.

With the viewpoint that VCCI's operations must be consistent with the country’s development, the 7th VCCI National Congress (2021-2026 term) defined the vision in the new period as "Strong business community – Thriving nation". VCCI will continue to carry out its mission of linking, promoting sustainable, cultured, integrated and world-class businesses and trade associations and work hard to make Vietnam a developed, prosperous and happy nation by 2045.

Highly appreciating the contributions of the private sector in Nghe An and Ha Tinh in the past time, Mr. Nghia said that, besides these undeniable achievements, the private economy has also revealed many limitations such as weak management level, unstable development, insufficient financial capacity, and low domestic and international competitiveness. Each business needs to build a core value for itself, which is a stepping stone and luggage for its further development.

Phan Duy Hung (Vietnam Business Forum)