Harnessing Synergy: Việt Nam's Bold Quest for Economic Empowerment
Discover how Vietnam's Resolution 68 is fostering cohesive collaborations between private, state-owned, and foreign enterprises for economic growth.
In a bid to bolster its standing on the global economic stage, Vietnam is placing a bet on unity—cultivating interconnectedness and mutual collaboration across its diverse economic entities. According to vietnamnews.vn, the passage of Resolution 68 stands as a testament to this, carving a path to collective strength through the harmonization of private enterprises, state-owned enterprises (SOEs), and foreign-invested enterprises (FIEs).
Embracing a New Paradigm
Recognizing the indispensable role of the private sector—contributing more than half of Vietnam’s GDP—Resolution 68 marks a pivot towards enabling even broader access to resources, capital, and innovation. It envisions a supportive ecosystem where each economic entity, irrespective of its nature, complements and elevates the others. As the backbone of the Vietnamese economy, the private sector is poised to intensify collaboration, particularly with robust SOEs and globally connected FIEs.
Strategic Synergies: A Powerful Triad
The resolution emphasizes a triangular approach, fostering a synergy where each player brings unique strengths to the table. SOEs, with their deep-rooted infrastructure and resource capabilities, align with FIEs’ advanced technologies and global perspectives, while private enterprises infuse innovation and adaptability.
Driving Innovation and Growth
Vietnam’s aggressive pursuit of innovation, particularly through tech-driven enterprises, signifies a thrust towards modernization and industrial elevation. With tech startups blossoming, gaining state backing becomes pivotal, affording them the leverage to innovate and scale on international platforms.
Overcoming the Hurdles
Challenges lie thick on the ground—limited capital access, fragmented supply chains, and technological lags inhibit potential breakthroughs. However, with Resolution 68, Vietnam commits to streamlining its policies, fostering equitable opportunities, and nurturing a robust business environment pivotal to overcoming these barriers.
Investing in Knowledge Transfer
By promoting knowledge transfer agreements, crafting joint ventures, and facilitating technology access, the resolution aspires to close capability gaps, ensuring Vietnam’s enterprises are no longer outpaced by global competitors.
A Collective Drive for Future Success
Petrovietnam’s strategic alliances with private behemoths like Hòa Phát Group and tech collaborations between VNPT and FPT Group encapsulate the potential of these collaborations. Such partnerships, part of Resolution 68’s vision, signal a robust path to national resilience and economic independence.
Paving the Way for Global Integration
As Deputy Director Phí Vĩnh Tường suggests, fostering genuine synergy necessitates an inclusive business environment, empowering private entities with equal opportunities and resources to step alongside state counterparts. Transformative cooperation, innovative embedding, and strategic participation shall pave the way for integrating at least 20 Vietnamese firms into global value chains by 2030, as envisioned by the resolution.
By advancing these collaborative efforts, Vietnam aims to transcend beyond merely navigating through global markets but rather establishing a firm presence and enduring impact in them. As Vietnam sets its sights on double-digit GDP growth, the unlock lies within this synergy—a catalyst for evolving its economic narrative into one of strengthened resilience and expansive reach.
