Fostering an open business environment in Vietnam

Tiếng Việt

Fostering an open business environment in Vietnam

According to Dr Tran Du Lich, advisor to Prime Minister Nguyen Xuan Phuc, human resource development is integral for Vietnam to create a healthy business environment that can successfully integrate into the global economy.

“A country, such as Japan and South Korea, which counts on its human resources for development, will be more successful than one that relies only on its natural resources,” said Dr Lich, the keynote speaker at an event hosted by RMIT Vietnam at both campuses.

The event entitled International business environment in Vietnam: opportunities, challenges and how to move forward saw the attendance of 300 international and local company leaders, policymakers, experts, scholars and students.

Dr Nguyen Quang Trung, RMIT Vietnam’s Discipline Lead for the International Business program and also speaker and organiser of the event, said there is a need for strong cooperation from the education and training sector to develop Vietnam’s human resources.

“In order to create a strong economy with the country’s human resources, local and international universities operating in Vietnam should have plans to equip students with 21st century skills and knowledge, as well as insights into international business trends,” Dr Trung said.

“An international business program should look at developing management skills through real-life business situations and analysis of global business trends.

“RMIT Vietnam’s Bachelor of Business (International Business) program focuses on the study of international law, global marketing, entrepreneurship, macroeconomics, finance, management, and economics.”

RMIT Vietnam’s Discipline Lead for the International Business program Dr Nguyen Quang Trung spoke at the international business colloquium.

Dr Trung added that Vietnam has been one of the fastest-growing economies in the world with a growth rate of 6.7 per cent in 2017.

However, the international business environment in Vietnam still has many issues and needs more improvements from now to 2035 in order to catch up with globalisation and information-age trends.

Dr Lich agreed with this idea, highlighting a number of such improvements to successfully integrate into the global economy including Vietnam’s government should support the development of private enterprises, privatise state-own enterprises, improve public investment management mechanisms, speed up the process of handling bad debts, focus on expanding the scale of the economy, and improve the quality of the stock market, bonds and insurance.

Dr Tran Du Lich, Advisor to Prime Minister Nguyen Xuan Phuc, was the keynote speaker at the event.

Dr Nguyen Si Dung, former Deputy Head of the Office of National Assembly, said Vietnam has to build a new business culture and philosophy for the country, including a focus on business ethics.

“In order to develop a good international business environment, we must immediately stop our short-term thinking, improve linkages within the economy, and improve transparency in business relations,” Dr Dung said.