Vietnam Law & Legal Forum Magazine is your gateway to the law of Vietnam

Official Gazette

Sunday, August 20, 2017

Local businesses urged to define positions in global supply networks

Updated: 15:54’ - 18/09/2015
The domestic small- and medium-sized enterprises (SMEs) should seek place in the global supply chain to gain success in integrating into the world economy, experts said at the workshop on improving SMEs’ access to regional and global market held on September 17 in Hanoi.

Hoang Quang Phong, Deputy Chairman of the Vietnam Chamber of Commerce and Industry, said the establishment of the ASEAN Economic Community by this year-end and free trade agreements between Vietnam and its partners would be a golden opportunity for local enterprises to integrate in the global supply and value chains for expanding export markets, attracting investment and receiving technology transfers.

However, the local firms, especially SMEs, must face challenges due to low competitiveness, poor management and limited integration ability, Phong said, pointing to the necessity of state policies to create favorable conditions for the development of the enterprises.

Nguyen Binh, Senior Manager, FedEx Indochina and Myanmar Chief Representative for Vietnam, said local firms needed good managers with integration and market knowledge to take a chance on business and measures to increase production in the chain.

For the long-term, Binh suggested the firms improve product quality, productivity and production efficiency to reduce production costs and increase the competitiveness of products.- (VLLF)
 

Send Us Your Comments:

See also:

Video

Vietnam Law & Legal Forum