HCM City (VNA) – Vietnamesebusinesses need to urgently adapt their management methods and bravely step outinto the world in order to survive and develop in the context of globalintegration, said experts at a workshop held Ho Chi Minh City on December 13.

Vu Thi Thuan, Chairwoman of Traphaco JSC, saidVietnam is going through an extensive and intensive integration process byengaging in groups such as the Asia-Pacific Economic Cooperation (APEC) Forum, theAssociation of Southeast Asian Nations (ASEAN), the Comprehensive andProgressive Agreement for Trans-Pacific Partnership (CPTPP), and the EU-VietnamFree Trade Agreement (EVFTA).

This allows businesses to expand their marketsbut also presents a lot of challenges and competition, she said, adding thatthe development of technology and artificial intelligence requires enterprisesto map out sustainable development strategies.

Businesses should make plans to maintaincomprehensive development and harmonise between economic efficiency, social responsibility,and environmental protection, as well as continuously promote innovation, shesuggested.

Do Cao Bao, Deputy Director of FPT Group, sharedthat the global economy allows businesses to expand their operational scale andaccess larger markets. 

The expansion of markets helps businesses thinkand learn quickly regarding technology, management, and effective businessmodels, he said.

However, in order to successfully join regionaland global markets – like TH True Milk, Viettel, and FPT have – businesses needto accumulate internal strength in improving the quality of products, services,and human resources, as well as devise effective marketing strategies, he said.

The key to succeed in foreign markets is sale capacity,he pointed out, adding that businesses should be familiar with the hostculture, religion, law, and consumption habit.

Bao recommended that the State build strategiesto put forth investment in production and deep processing, focusing on productswith high technology volumes such as automobiles, motorbikes, and electronics.

Besides traditional markets, Vietnam should alsofully tap into others with great potential like Asia, Africa, and LatinAmerica, he suggested.

Choi Bong Sik, Chairman of the World Federationof Overseas Korean Traders Association (OKTA), advised Vietnamese firms toexpand exports to foreign markets and optimise the nearly 100 million strongdomestic market to replace imported products with those made in Vietnam.

Other experts suggested Vietnamese businessesbuild a network of strategic partners and cooperate with foreign partners andmultinational groups to rapidly join the regional and global production valuechains. –VNA