Positive impacts of APEC events on Vietnamese business

Thursday, Nov 09, 2017 12:00

The 2017 APEC Economic Leaders’ Meeting in Da Nang has drawn more than 2,000 CEOs from leading groups and businesses in the Asia-Pacific. Viet Nam News reporter Hoai Nam reports on the positive impacts of the meeting on Vietnamese business from the perspective of attendees.

Chiu Cheng Tsai, general manager of Pu Fong trading and service company, from Chinese Taipei and a member of the Chinese Taipei Commerce Association in Viet Nam

Chiu Cheng Tsai. — VNS Photo Cong Thanh

Viet Nam constantly seeks opportunities for global integration and the creation of a better world.

Viet Nam should use the meeting with the APEC economic leaders to speed up co-operation. The summit is a chance for Việt Nam to boost bilateral trade ties among APEC members, thus promoting exports and foreign investment in Viet Nam.

The summit is also a forum to try and dismantle trade barriers.

Chinese Taipei joins the APEC Summit with the aim of expanding co-operation and economic ties with Viet Nam and APEC members. Chinese Taipei is one of the top investors and trade partners with Viet Nam.

Businesses from Chinese Taipei have built up long-term investments, creating more than two million jobs at local factories.

In coming years, we wish to invest in hi-tech farms, solar power, electronic and manufacturing projects in Da Nang City.

The central city has a hi-tech park to attract manufacturing projects from foreign countries, so it should offer more favourable conditions and preferential policies to lure more long-term investors.

I have been doing business in Viet Nam and Da Nang since 1999, and I have witnessed positive progress in the country in policy making and economic growth during past decades.

Da Nang, which is one of the biggest port cities in central Viet Nam, is seen as a major port in the Southeast Asia region and the world.

Our company alone exports seafood worth US$10 million to Europe and the US market annually. We are a small business with 20 local workers, but we have received positive support from local government with administrative reforms.

Ly Dinh Quan – CEO of Songhan Incubators Centre

Ly Dinh Quan

Da Nang is seen as the most favourable city in Viet Nam. Its hosting of the 2017 APEC Summit confirms this as the Government declared it a city of events, festivals, business start-ups and hi-tech hubs. The APEC Summit is a great chance to introduce the city as a destination for tourism, investment and business start-ups. It is also a livable city for investors and travelers.

APEC is an opportunity for us to call for investment from APEC members and other nations in our young start-up business projects in central Viet Nam.

Songhan Incubators was launched early this year as the first private sector incubator, in order to attract waves of investment from the APEC members as the city hosts 2,000 CEOs and economic leaders, as well as numerous tourists and journalists.

The incubator offers consultancy for young people starting businesses. It aims to develop a start-up ecosystem and popularise the spirit of business among other locals in Viet Nam.

The city’s business start-up ecosystem debuted in 2014 as a base for young generation beginning their business courses. Three hundred start-up projects, of which 10 received funding from investors, were born from the ecosystem’s co-working space.

The government of Viet Nam has supported businesses through its policies: the law of supporting and development of small and medium-sized enterprises was born in 2016, and it will come in to effect in 2018.

However, business start-up programmes at colleges and universities have yet to be promoted, while funds for risky investment are still limited among young business generations.

I hope that the year of 2018 will see a booming of start-up business nationwide with effective support from the Government on legal and financial regulations and policies.

Hirai Yukiko, executive director of Selfwing Viet Nam Company

Hirai Yukiko

Operating in Da Nang as an incubation centre, Selfwing Viet Nam hopes that the APEC Summit will create a new driving force to boost a shared future and relationships among ASEAN members. The APEC Summit will help businesses improve competitiveness and innovation in the digital era and information technology boom, while expanding the public-private partnerships as well as enterprises owned by businesswomen and young people.

However, APEC also brings challenges for small and medium-sized enterprises (SMEs) in the post-APEC Summit periods.

Vietnamese SMEs have to prepare infrastructure, advertisements and customer awareness all while competing against large companies. Therefore, they require more Government support to thrive amid tough competition.

Businesses also eye the need for the growth of high quality human resources, while seeking new updated technologies and participation in the fourth industrial revolution.

Tran Song Binh Duong, vice chairperson of Viet Nam-Japan Friendship Association, Da Nang

Tran Song Binh Duong

The APEC Summit will be a chance for businesses to contribute to the development of the APEC community. Businesses are crucial to achieving our goals in free trade and investment in 2020, as well as the Trans-Pacific Partnership (TPP) and the World Trade Organisation (WTO) that the country has joined.

The 2017 APEC Summit will enhance the status of Viet Nam and Da Nang as the host of the APEC Summit. It’s a chance for Viet Nam to promote its relationship with APEC member economies, while Vietnamese businesses could set up connections with giant groups in APEC and the world at business forums.

It’s also an opportunity for Viet Nam to boost its image as a dynamic and reinvigorated country with a creative government. The positive integration of the country into the world and region will create more opportunities for local businesses and communities to participate in global development and prosperity. — VNS


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