Prime Minister Nguyen Xuan Phuc presented Thanh Giong Cup, the symbol of strength and aspiration of the Vietnamese business community, to the 100 prominent entrepreneurships of 2016. — VNS Photo Doan Tung

HA NOI (Biz Hub) — The global technology revolution coupled with the government's hastened efforts for improving the business climate are enabling Vietnamese firms to reach global standards.

Speaking at the Viet Nam Businesspeople Forum 2016, organised by the Viet Nam Chamber of Commerce and Industry (VCCI) in Ha Noi on October 11 on the occasion of Viet Nam Entrepreneurs' Day (October 13), VCCI Chairman Vu Tien Loc said the role of businesspersons in the socio-economic development had a new dimension, which was different from traditional concepts.

"Advantages are no longer in the hands of the traditionally strong, but with those who own innovation, technology and digital resources," Loc said.

"The technology revolution is an opportunity for Vietnamese businesspersons to make breakthroughs," Loc said, adding that reaching global standards is critical to keep up with the world's development trends and build a community of one million efficient businesses by 2020.

In the next phase, the picture of the business community will be painted by strong entrepreneurship and innovation, as traditional advantages such as cheap labour and resources were gradually getting exhausted.

"I see a new trend developing in which businesspersons are more adaptive to an innovative economy."

Speaking at the forum, Ray Sanket, CEO of Coca-Cola Viet Nam, said the secret for the success of the global beverage company, serving its products to billions of consumers in more than 200 countries every day, was innovation.

What businesses need: Transparent mechanism

"Vietnamese entrepreneurs need an ecosystem in which their innovations are promoted," Loc said, adding that this would require the government making efforts to hasten improvement of the business climate.

Firms were not as worried about competition as much as they were about a mechanism which lacked transparency and unstable policies, according to Loc.

"Businesspeople are those who understand the market trend better than anyone. They do not need the government to tell them what to do. What they need is a stable and favourable environment where they don't have to rely on a relationship to do business," Loc said.

The government of Viet Nam has signaled it is hastening efforts to overhaul the business environment and building an upright government.

"Chances are there for businesses and the government's partnership, but greater efforts are needed to build a development-friendly government and promote a business community with high competitiveness." "Knowledge will be the core, innovation will be the engine to drive business," he said.

In the evening on the same day, Viet Nam will launch a patriotic emulation movement themed "Vietnamese businesses towards integration and development" and present the Thanh Giong Cup to the 100 prominent entrepreneurships of 2016.— VNS