Business development in the context of international economic integration

(Baonghean.vn) – Vietnam is integrating more and more deeply into the world economy with many opportunities as well as facing many difficulties and challenges - That is the basic issue raised by the training conference on international economic integration organized by the Department of Industry and Trade of Nghe An on the morning of August 11.

This activity is part of the plan to train and foster civil servants in the province to meet the needs of agencies and businesses in the current context of international economic integration.

Trainees are members, working groups of the Provincial Steering Committee for International Economic Integration, leaders of specialized departments under the People's Committees of urban districts, universities, colleges, vocational schools, and leaders of associations and enterprises in the province. They were informed about some contents on creating added value in integration and approaches (approach according to production networks and supply chains; approach according to products to create higher value).

Dr. Vo Tri Thanh - Deputy Director of the Central Institute for Economic Management discusses the contents surrounding international economic integration. Photo: Viet Phuong

In particular, the issue of the role of FDI and effective FDI attraction in the new context was of interest at the training conference. To have effective FDI, it is necessary to have an approach from all three interrelated perspectives.

Firstly, from the perspective of those who want to attract FDI; secondly, from the perspective of direct investors; and thirdly, from the perspective of economic openness and integration - and this is also the point that allows attracting foreign investors.

Regarding the challenges for reform and enterprises in the context of deep integration and a changing world, for enterprises, the core is to consider business as a career and attach that mission to learning how to do business in the new context. That is: learning to seek business opportunities, learning to connect and accept competition, learning to mobilize capital, learning to manage uncertainty through understanding and effectively using risk prevention tools, turning uncertainty into certainty, learning to accompany the government and learning legal dialogue.

Delegates attending the training. Photo: Viet Phuong

Vietnam has entered a new stage of development in the process of increasingly deep integration into the world economy with many opportunities as well as facing many difficulties and challenges. Therefore, it requires officials, civil servants, business leaders... to fully grasp information, raise awareness of the international economic integration situation to serve the work of directing, policy making, and building strategies for their units.

Produced at Hoa Sen steel factory. Photo: Viet Phuong

At present, there is a great need for more complete and in-depth information and exchanges and dialogues between the Government and businesses and associations. Information is not only about TPP, FTAs ​​that Vietnam participates in and integrates in general, but also about current policies and reforms as well as necessary changes in the coming time.

Viet Phuong