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Vietnam - A place full of opportunities
Instead of complaining about difficulties and restrictions of the system, let’s do business, find a way to go. That’s the business spirit of Vietnam, said international speakers at the Asian Corporate Conference held recently in HCM City.
Vietnamese spirit in business: Struggling to exist
The General Director of the US-invested Gannon Vietnam, Walter Blocker, reviewed the past: “In 1994, when the first foreign companies entered Vietnam, private firms were established but they didn’t have any development roadmaps. Everything was very gloomy for them. They had to overcome many difficulties and obstacles. From the first over 1,000 private firms at that time, Vietnam now has an ideal contingent of enterprises.”
Alexander John Hambly, Managing Director in Asia-Pacific of Prudential Vietnam Fund, said that Vietnamese enterprises must know where they are. They should learn development strategies from other countries, but they have to pay attention to their own challenges in the integration process.
After over 20 years of renovation, this is the time for promoting the spirit of business in localities. Businesses need to change their business habits, change their professional, managing and transaction skills, Hambly added.
Blocker said that Vietnamese enterprises should not take short-cuts to avoid difficulties. They should go the right way and face obstacles on the road. They may trip and fall multiple times, but they will learn valuable lessons about how to succeed from their ups and downs.
“Let’s try our own ideas. If you only buy the shops of others and sell the same products, your chance of success is small,” said Ly Quy Trung, the owner of a chain of pho restaurants, Pho 24.
“Instead of crying over difficulties and restrictions of the system, let’s do business, find a way to go,” exhorted Dang Huong Giang, Director of Action for the City.
Hambly said that Vietnam is a country of opportunities, where “a cyclo driver can become a USD millionaire”.
Government doesn’t prevent businesses from succeeding
The Vice Permanent Chairman of the Vietnam Chamber of Commerce and Industry (VCCI), Hoang Van Dung, said that the government has removed many barriers for enterprises, but administrative formalities in many localities are still concerns of many international and domestic investors.
According to Walter, the Vietnamese government doesn’t prevent businesses from being successful and complaints about the market and corruption in Vietnam are not really accurate. “It is necessary to differentiate between harassment and corruption,” he said.
There was a time when Vietnamese imitated foreign products. Nowadays, brand and design infringement cases are dwindling. Local enterprises are building their own brands and the government has quick responses for such violations.
Sesto E. Vecchi, from the US’ Russin & Vecchi Law Company, suggested that each foreign company “take a photo” of the business environment in Vietnam when it first comes to the country. “After two years, you may still see difficulties but looking at the photo of two years before, you will see how great the changes are that Vietnam has undergone,” he said.
“Vietnam is in the process of transformation and its changes can be seen daily,” Vecchi said.
The land of business opportunities
It was not by chance that the Asia Society chose Vietnam for the organisation of the Asian Corporate Conference 2009, which attracted over 1,000 delegates from 19 countries.
The participants included foreign investors who have been in Vietnam for over 20 years like Walter Blocker and newcomers like Aashish Kaira, the Managing Director of the Indian-based Trikona Capital Fund.
Managing a US$5 billion investment fund, Kaira said that Vietnam, with its young population and blossoming economy, has a big opportunity to attract investment.
Syamal Gupta, Chairman of India’s Tata steel group, revealed that Tata is urgently preparing to pour several billion US dollars into a steel plant in Vietnam. This group also plans to invest in an automobile project in the country in the future.
The Vice Secretary General of the Yangtze-Shanghai-Hong Kong Economic Development Promotion Council, Qiao Yide, said that Vietnam is a target of China in its plan to use its huge foreign currency reserves.
Building inner strength, seeking ways to overcome economic challenges and improving its system, Vietnam will be “the winner” in the battle against economic crisis, concluded Bonnie Chan, Vice Chairman of the Asia Society.
Hoang Phuong – Doan Quy
vietnamnet
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