Hanoi (VNS/VNA) - Vietnameseentrepreneurs have played an important role in the country'ssocio-economic development and the process of global integration, according to Presidentof Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc.

On the occasion ofVietnam Entrepreneurs' Day (October 13), Loc, who is also Chair ofthe Central Council for Vietnamese Businesses, spoke to theVietnam News Agency about opportunities and challenges facing Vietnameseentrepreneurs in today's economy. 

What is your view on Vietnamese entrepreneurs' contribution to thenational building process and socio-economic development in recent years? 

Vietnam has more than provenitself as an attractive destination for business investment and the developmentof start-ups. On the economic development front, Vietnamese entrepreneursare playing perhaps the most important role today, especially in realising theobjective to transform Vietnam into a modern industrial country by 2030 and adeveloped country by 2045. 

Vietnamese entrepreneurs, as a major economic driver, must work together withthe Party and the State to improve the country's business environment,policy-making capacity and national competitiveness. In order to make ithappen, the Central Economic Committee has started an initiative toencourage Vietnamese entrepreneurs to participate inthe policy-making process.

I strongly urge each and every business to join the initiative as policy reformand business improvements are two crucial objectives that often go hand inhand. More than 30 years after doi moi (reform) process, Vietnam fields over700,000 licensed businesses and millions of individual business households. Thenext step is for Vietnamese businesses to aim for greater innovation, toachieve sustainable development and to meet social responsibilities.

What are Vietnamese businesses' shortcomings and limitations? 

I think our economy has a sufficient number of businesses compared to othereconomies in the Southeast Asian region. Our problem is quality. Top Vietnameseentrepreneurs, who can effectively compete on a global level, are few.

A report on business management capacity among ASEAN listed companiesranked Vietnam in 6th place. Ours are also reported as average in similarrankings by the World Bank and the World Economic Forum. This points to limitedproductivity, even among ASEAN countries, and numerous issues yet to beresolved in order to provide our businesses with much-needed support forgrowth. 

How can Vietnam approach the mentioned issues?

The most pressing issue at the moment is how to strengthen and improveVietnamese businesses in a comprehensive manner. The focus of Vietnam’s nationalprogramme on business development must make a shift to increase quality,rather than just increase the number of businesses. Sustainabledevelopment and digitalisation are two important objectives for businessdevelopment and must be integrated into each business’s growth strategy.

Vietnam’s draft Law on Enterprises, which is to be submitted to theNational Assembly for review this month, prioritises business managementimprovement and increasing transparency, especially in micro-businesses andbusiness households./.