Vietnamese businesses five years after joining the WTO

HCM City held the Vietnam Business Forum on January 19 to discuss the challenges facing small and medium-sized enterprises and their potential solutions after Vietnam’s five years as WTO member.

HCM City held the Vietnam Business Forum on January 19 to discuss the challenges facing small and medium-sized enterprises (SMEs) and their potential solutions after Vietnam’s five years as World Trade Organisation (WTO) member.

Cao Si Khiem, President of the Vietnam Association of Small and Medium-Sized Enterprises (Vinasme), reviewed Vietnam’s achievements since joining the WTO, including increases in foreign investment capital sources, high export growth, improvements in both product quality and design, and advances in general business knowledge and management experience.

The national economy is still confronted with  major obstacles - like the limited quality of human resource training and ignorance of international laws - that impact the production and business activities of domestic businesses.

Some businesses said that they now encounter difficulties relating to capital, technology, trademarks, and product outlets.

Thang Loi International Garment Joint Stock Company’s Management Board President Ngo Duc Hoa acknowledged the support businesses have received from State policies in recent years. The trend should continue into the future, strengthening domestic businesses’ international market presence by helping them attract foreign partners, promote trademarks, and invest in technologies and workshops.

Experts recommend businesses keep the principles of sustainable development in mind when devising strategies in response to the Government’s development orientations.