A company produces wooden products in southern Binh Duong Province. Experts urged the Goverment to provide practical policies and a stable environment for SMEs. — VNA/VNS Photo Thanh Vu

HA NOI (Biz Hub) — To develop the economy requires innovation and young entrepreneurs should take the lead, Viet Nam Young Entrepreneurs' Association chairman Bui Van Quan said on an online talk show organised by Business Forum newspaper yesterday.

During the show, executives offered advice to aspiring entrepreneurs.

Lawpro Ltd director Doan Thu Nga said that young entrepreneurs should acquire more information about the markets, while Agricare Viet Nam general director Dam Quang Thang said they should take advantage of their education and try to learn from their predecessors.

"Young entrepreneurs are very creative and eager to realise their ideas," he said.

Asked whether students should drop out of school to create startups, Quan spoke out in favour of education, saying that schools were built for a reason and young people should learn when they were young. However, others took a more pragmatic approach.

"You should realise your ideas whenever you feel confident and competent enough, or the chance will pass you by," Nga said.

Chu Duc Luong, Chief Executive Officer of Phu My Group, agreed. "With or without a university degree, the most important things are what you have learnt and what you will do in the future," Luong said.

Other discussions

Participants saw difficulties ahead for domestic companies in the context of global integration. Facing strong competition from foreign players, firms would have to find niche markets to develop. Overall, however, they were optimistic about the future of the country's economy.

Luong and Thang said the government should provide practical policies and a stable environment for small- and medium-sized enterprises.

The policies should be transparent, public and well-organised for all businesses, since the current ones were quite difficult for the companies to access.

Nga added that there was no need to develop a supportive law for small- and medium-sized companies.

The companies would need a specific procedure from the government to prepare for the Trans-Pacific Partnership (TPP), which Viet Nam was in the process of joining, Thang said. — VNS