A beer production line at the Sai Gon-Dak Lac Beer Co in Buon Ma Thuot. The Sai Gon Beer Alcohol Beverage Joint Stock Corporation has already adopted innovative production methods. — VNA/VNS Photo Hong Ky

HCM CITY (Biz Hub) – With the economy not recovering and natural resources running out, innovation and creativity have become imperative for businesses globally, experts said.

Speaking at a recent conference in HCM City on the creative economy, they said the benefits brought by money, machines, and labour are limited compared to those yielded by creativity and innovation, which decide the competitiveness of a company.

But not many Vietnamese businesses realise that, they lamented.

Underlining their point is the fact that last year Viet Nam slipped to 76th out of 141 countries in the global creative index.

But they admitted that companies and entrepreneurs have to pay a cost for creativity and for creating an innovative environment.

One attendee said it is time for Vietnamese companies and the whole economy to embrace the world's innovative trends, which would bring new energy.

Sai Gon Beer Alcohol Beverage Joint Stock Corporation is one company that has adopted innovative methods.

Pham Dang Tuat, its chairman, said companies must believe in their own strengths and not be chained to market trends, adding this is the only way to be creative and innovative.

Another delegate said most Vietnamese firms depend on Government policies rather than innovate by charting their own course.

To innovate and create, a company must ensure that human resources at all levels -- from managers to staff -- have effective strategies, he said.

At the conference, which was attended by 300 business executives and experts, delegates analysed the common aspects behind the successes of Google, Facebook, and Apple.

Experiences related to managing and developing innovative methods at big companies were also discussed.

The conference was organised by Viet Nam Report and online newspaper Vietnamnet. -- VNS