Vietnamese big businesses' leading role in national economic growth

Despite the pandemic’s impact on production and trade, many large enterprises joined the government’s epidemic prevention and control efforts, says Vu Tien Loc, President of the Vietnam International Arbitration Centre (VIAC).

“The pandemic severely affected almost every business of any size. Despite huge losses to the pandemic, many large businesses responded without hesitance to appeals by the Government and the Vietnam Fatherland Front to contribute generously to welfare funds, sustainable development, job generation, and national growth. This reflects Vietnamese people’s tradition of solidarity and “haves helping have-nots,” said Loc.

Both private enterprises and state economic groups including EVN and VNPT have reduced prices electricity, telecommunications, telephone, and internet costs while Vietnam Airlines provided repatriation flights for Vietnamese citizens in epidemic-affected areas.

Many businesses including the Vingroup, Truong Hai -Thaco, and Vinamilk have also contributed a large sum of money to the vaccine fund.

Pham Thi Ngoc Thuy, Head of the Office of the Private Sector Development Research Board, said, “Big businesses play a leading role in attaining national economic goals and boosting the competitiveness of the Vietnamese economy. In every field, large enterprises lead the market, create the trends and the momentum, and play a central role in technology development, capital investment, and job generation.”

Technology experts say that large businesses need to play the leading role in applying the advances of the Fourth Industrial Revolution in order to induce small businesses to participate in the supply chain.

Large enterprises are improving their operational efficiency and competitiveness by adopting modern technologies, becoming more creative and innovative, and adopting international management standards in restructuring state businesses until 2025.