Local businesses should strengthen links to overcome global challenges: Experts

Tran Thi Hong Minh, Director of the Institute for Policy and Strategy Studies under the Party Central Committee’s Commission for Policies and Strategies, said: "In a world of rapid and complex changes, linkages help businesses diversify markets, connect with new models and better use resources. They are also critical in mitigating risks and enhancing overall competitiveness.”

Production at a small enterprise in Thanh Hoa province. Linkages will help small and medium sized enterprises diversify markets. (Photo: VNA)
Production at a small enterprise in Thanh Hoa province. Linkages will help small and medium sized enterprises diversify markets. (Photo: VNA)

Hanoi (VNS/VNA) - In an increasingly volatile global economy, business connections have become essential for companies looking to grow and remain competitive, according to experts at the 2025 Business Forum held in Hanoi late last week.

They also emphasised that fostering stronger connections across industries and supply chains can help Vietnamese enterprises navigate uncertainties and seize new opportunities.

At the forum, held by the Vietnam Chamber of Commerce and Industry (VCCI), Tran Thi Hong Minh, Director of the Institute for Policy and Strategy Studies under the Party Central Committee’s Commission for Policies and Strategies, said: "In a world of rapid and complex changes, linkages help businesses diversify markets, connect with new models and better use resources. They are also critical in mitigating risks and enhancing overall competitiveness.”

Vietnam’s deeper integration into the global economy makes such linkages even more critical. While some large Vietnamese firms have successfully entered regional and global value chains, Minh pointed out that the country still lacks large-scale enterprises capable of leading and connecting with smaller domestic firms to build internationally competitive industries.

Nguyen Trung Khanh, Director of the Vietnam National Authority of Tourism, echoed these concerns, noting how global disruptions, including trade protectionism, supply chain fragmentation, inflation and geopolitical instability - have made it imperative for businesses to work more collaboratively.

"Businesses, especially in sectors like tourism, must proactively build and strengthen partnerships across service chains to adapt and thrive," Khanh emphasised.

Despite their recognised value, linkages among Vietnamese businesses remain weak.

According to Minh, this is largely due to the limited capacity of small and medium-sized enterprises (SMEs) and gaps in institutional and policy frameworks.

“Current policies do not sufficiently support SMEs in improving their operations or accessing capital, thereby limiting their ability to participate in domestic and international supply chains,” she said.

Minh recommended developing more supportive policies - such as tax incentives, improved credit access and land-use support - for enterprises actively participating in business linkages.

Vietnam needs to have foreign investment policies that encourage collaboration with local suppliers, along with the development of free trade zones and industry clusters that foster connected growth.

Minh also emphasised the importance of nurturing large-scale private enterprises to act as leaders and coordinators, guiding smaller companies and helping them gain a foothold in global markets.

Meanwhile, Mac Quoc Anh, Vice Chairman and General Secretary of the Hanoi Association of Small and Medium Enterprises, said SMEs make up over 97% of Vietnam’s businesses, and contribute more than 40% of GDP and over 50% of the total employment.

“Supporting SMEs cannot rely solely on their individual efforts,” said Anh.

“It requires cooperation from government agencies, financial institutions and industry associations.”

He called for comprehensive, long-term policies to support business growth, along with ongoing improvements to the business environment.

At the same time, he urged the business community to embrace digital transformation and innovative practices to improve governance and operational efficiency.

Phan Duc Hieu, member of the 15th National Assembly's Committee for Economic and Financial Affairs, stressed the role of institutional reform in enabling business success.

He argued that improving the quality of legislation and its enforcement is key to creating a more supportive and predictable environment for enterprise development./.

VNA

See more

Illustrative image (Photo: thoibaonganhang.vn)

Vietnamese gov’t approves two-year trial of P2P lending

Under the pilot, only P2P lending companies licensed by the State Bank of Vietnam (SBV) will be allowed to operate. Foreign banks are excluded from participation. While credit institutions and fintech firms may join the trial, participation does not guarantee future compliance with business or investment regulations once formal laws are enacted.

Processing dragon fruit for exports (Photo: VNA)

Overseas Vietnamese help Vietnamese products go global

In 2016, approximately 4.5 million Vietnamese were residing in 109 countries and territories. Today, the figures have risen to over 6 million and more than 130, respectively. Once focused on small-scale trade, many OV entrepreneurs now own major retail centres and operate extensive wholesale networks, boosting the availability of Vietnamese products abroad.

Illustrative image (Photo: VNA)

PM orders fast-track construction of Lao Cai - Hanoi - Hai Phong railway

The Minister of Construction was asked to work closely with local authorities to hasten land clearance, compensation, resettlement, site surveys, and the drafting of a feasibility study, which must be completed by June 2025, setting the stage for the project's groundbreaking on December 19, 2025.

LNG import operations at Thi Vai terminal. (Photo: VNA)

Vietnam cuts LNG import tariff to boost clean energy transition

The Vietnamese Government has reduced the preferential import tariff on liquefied natural gas (LNG) from 5% to 2% under Decree No. 73/2025/ND-CP, issued on March 31. The move marks a key step in accelerating the country’s shift from fossil fuels to cleaner energy.

Prime Minister Pham Minh Chinh chairs the meeting (VNA)

PM urges proactive engagement with US on trade talks

Trade negotiations with the US must be calm, consistent, and flexible, aiming to protect national sovereignty, security, and interests, while upholding international commitments and pursuing “balanced interests, shared risks," said Prime Minister Pham Minh Chinh.

Fisshing vessels in Quang Binh province (Photo: VNA)

Vietnam races against time to have EC’s "yellow card" lifted before Sept. 15

The Ministry of Agriculture and Environment particularly focused on resolving all EC concerns before September 15, the deadline for submitting a progress report to the commission, as well as ensuring thorough preparations for the fifth inspection so as to secure the removal of the “yellow card” warning.

The daily reference exchange rate for the US dollar is set at 24,960 VND/USD on April 29. (Photo: VNA)

Reference exchange rate down April 29

The State Bank of Vietnam set the daily reference exchange rate for the US dollar at 24,960 VND/USD on April 29, down 4 VND from April 28.

Investment in artificial intelligence surges eightfold compared to 2023 (Photo: VNA)

Investment in AI in Vietnam increases eightfold

Vietnam is entering a new phase of growth, where innovation, science, and technology are at the forefront of shaping its future. From being an emerging market, Vietnam has now risen to become a strategic destination for technology investment in Southeast Asia, driven by the aspirations of the entrepreneurial community and strategic guidance from the government

The talks between Vietnamese Minister of Industry and Trade Nguyen Hong Dien and Cambodian Minister of Commerce Cham Nimul on April 28 (Photo: VNA)

Vietnam, Cambodia seek ways to bolster economic, trade ties

Vietnam and Cambodia inked an agreement on promoting bilateral trade for the 2025–2026 period, which provides preferential tariffs for many competitive goods from each side – much more favourable than those under the ASEAN Trade in Goods Agreement (ATIGA).