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The force of Vietnamese entrepreneurs is getting stronger and stronger, always rich in the will to rise up. In the photo: The seventh National Congress of Vietnam Young Entrepreneurs Association, term 2022-2025. Illustration: VGP

Millions of Entrepreneurs and Billionaires

In Vietnam, in the past nine months, the number of enterprises withdrawing from the market was more than 104.3 thousand enterprises, an average of 13,000 enterprises leaving the "game" in the market every month. But the market is constantly fluctuating, closing opportunities for one person can open up opportunities for others. Also in the past nine months, more than 149.5 thousand enterprises registered for new establishment and returned to operation, an increase of 31.1% over the same period in 2021, an average of 18.7 thousand newly established enterprises per month. and back to the market. This proves that the Vietnamese business community still have a strong will and determination to restore production, business and rise up.

According to a recent survey conducted by the Vietnam Confederation of Trade and Industry (VCCI), the country currently has nearly 900,000 enterprises operating with about 15.3 thousand cooperatives and more than five million business households. Many Vietnamese enterprises and entrepreneurs have boldly made breakthroughs in corporate governance, production and business with many ambitious projects, reaching out to the international market. Moreover, Vietnam has appeared a number of economic groups and private enterprises with large scale, financial potential, good governance capacity, and modern technology in a number of important industries and fields of the economy such as automobile manufacturing, aviation, information technology, telecommunications, services, real estate, and agriculture.

Vietnamese entrepreneurs reach millions of people. Vietnam has six entrepreneurs at the top of the global "dollar billionaires" in 2021. Vietnam has 124 enterprises with 283 products that are national brands, some of which resonate and affirm brand valuation in regional and global markets such as Viettel, Vinamilk, VinFast, Thaco, TH, and ST25 rice.

Affirming position in the market

The 10-year socio-economic development strategy from 2021 to 2030 set out the task of strongly developing the private economic sector in both quantity and quality; encouraging the formation and development of large private economic groups with strong potential and regional and international competitiveness; striving there be at least two million enterprises with the proportion of the private sector's contribution to GDP reaching 60-65% by 2030. Along with that are the increasing requirements on improving the capacity, virtue, and quality of human resources for leadership, management, and corporate governance; building a corporate culture, a team of talented, dedicated and capable entrepreneurs to meet the growing challenges of the domestic and international business environment.

Mr. Phan Duc Hieu, Standing Member of the Economic Committee of the National Assembly, said that the achieved growth figures were very encouraging in the past, but in the long term, the quality of growth was still shortcomings thoroughly resolved. According to experts, the development of the entrepreneur team and the business community still faced many difficulties and had not met expectations in recent years. Developing enterprises in number had not yet reached the set target and the number of 1.5 million enterprises by 2025 was still a big challenge. The quality of enterprises, entrepreneurs and the capacity of enterprises to participate in global value chains and production networks were still limited, had not yet taken full advantage of the opportunities brought by FTAs that Vietnam was participating in. In the new context, entrepreneurs had to show their bravery and coped with all changes.

Mr. Than Duc Viet, General Director of Garment 10 Corporation, said the textile and garment industry was facing great inflation challenges and, declining global purchasing power, large inventories causing orders to decrease. However, Garment 10 still accelerated to expand production capacity to meet recovered export orders and increase orders in the market share of new generation FTAs. Moreover, Garment 10 also focused on developing the domestic market, expanding traditional and online sales channels on e-commerce.

About the development of enterprises, according to Mr. Ho Thanh Tung, General Director of CMC Group, enterprises and entrepreneurs should confirm their success in the domestic market, and affirm their position in the international economic market. Therefore, the first thing was to always affirm our commitment to customers and bring value to customers. This required consistency in business ethics and professional ethics, as well as the reputation and commitment of enterprises and entrepreneurs in business fields.

However, according to entrepreneurs, enterprises needed more effective support from regulatory agencies to continue to develop, especially in the context of many difficulties from supply chains and the financial market. Mr Tran Viet Anh, Vice Chairman of Ho Chi Minh City Business Association, Chairman of the Board of Directors of Nam Thai Son Import-Export Joint Stock Company, said that most entrepreneurs today still prefer to do something easy and within their own country, the business community choosing to export was always less than the business community choosing domestic. Therefore, he recommended that media support should be given to entrepreneurs to treat foreign markets as domestic markets, and to support entrepreneurs to invest in increasing product quality to expand internationally.

In addition, Mr. Nguyen Van Than, Chairman of the Vietnam Association of Small and Medium-sized Enterprises shared that if we only grew in scale without finding a solution to increase labour productivity on a par with the global companies, sooner or later, we would be out of the global chain. Therefore, entrepreneurs need support to invest in infrastructure and develop high-quality human resources.

Thus, it can be seen that the enterprise force has made very proud development steps, becoming the main force in changing the economic structure, implementing industrialization and modernization of the country. However, as Prime Minister Pham Minh Chinh once said, the authorities should continue to create conditions to maximize the capacity, quality and intelligence of the Vietnamese people in each entrepreneur; ensure harmony between the interests of the State, people and enterprises.