HCM City (VNA) – In thecurrent economic context, innovating the growth model is an urgent requirement from both micro and macro angles, heard a business forum held in Ho Chi MinhCity on August 17.

Participants in the event, organisedby Forbes Vietnam and some other organisations, pointed out the need for the Vietnameseeconomy to switch from capital, cheap labour and natural resource-based growthto knowledge-based one.

In particular, enterprises need to convert their growth model based on the effective use of resources andsustainable business strategies to keep up with changes amid the technologicalrevolution. They should adapt their production to sustainable developmentstandards as well as fluctuations in the domestic and global markets.  

The year 2023 witnesses a boom ofartificial intelligence (AI), and impacts of technologies will change manybusiness models, they said.

On the part of the Government, thecreation of mechanisms for facilitating green production and improvingcompetitiveness will not only meet consumer tastes in key export markets butalso help boost green growth in accordance with the global trend.

Aside from opportunities of the greenproduction and export wave, Vietnam can seize chances by capitalising on freetrade agreements, especially new-generation ones, to diversify export productsand markets, participants noted. 

Talking about the Fourth IndustrialRevolution, Nguyen An Nguyen, founder and CEO of Trusting Social, said it isthe “dawn” of the era of AI, which affects both social life and economicactivities.

Therefore, enterprises should carry out digital transformation step by step butin a methodological manner to practically benefit their operations and improvepartners and customers’ experience, he noted.

Nguyen Anh Duc, Director General of the Ho Chi Minh City Union of TradingCooperatives (Saigon Co.op) and Chairman of the Association of VietnamRetailers, recommended enterprises proactively make changes, with a focus onrestructuring their governance and business operations, while keeping updatedwith the Government and localities’ mechanisms and policies to capitalise on themand generate more values.

Amid headwinds, they should bepersistent in resolving the question of growth, he opined, adding that slowereconomic growth not only poses challenges but also provides opportunities forcompanies to make self-review, be more open in investment and business, andinnovate their risk governance models.

Also at the forum, Forbes Vietnam honoured the 50 best listed companies in2023. These firms recorded total revenue of over 1.49 quadrillion VND (62.5billion USD) and post-tax profits of over 228 trillion VND, up 24.9% and 18%from the 2022 list, respectively. This was the 11th year themagazine had compiled the list./.