HÀ NỘI — Việt Nam is poised to enhance its role in global supply and value chains, according to Hoàng Quang Phòng, Vice Chairman of the Việt Nam Chamber of Commerce and Industry (VCCI).
Speaking at a recent conference in Hà Nội, Phòng highlighted Việt Nam’s increasing attractiveness as a strategic investment destination for countries, corporations, and large enterprises worldwide amid evolving global supply and value chain dynamics.
Acknowledging the government’s efforts in promoting supply chain development, Phòng noted Việt Nam’s advantage in technology application and innovation facilitation. He pointed out that Việt Nam has signed 19 free trade agreements, 16 of which are in effect, providing significant opportunities for the country’s supply chain expansion.
Vietnamese enterprises are adapting by shifting from raw material exports to processed and industrial products, targeting markets with high-quality and sustainability standards.
Phòng drew parallels with South Korea, Taiwan (China), and Singapore, where increased participation of domestic enterprises in global supply chains has boosted these economies.
The government’s focus now includes developing networks of direct and indirect suppliers, aiming to enhance the production of complex products and diversify export offerings.
Nguyễn Tú Anh, Director of the Centre for Economic Information, Analysis, and Forecasting under the Central Economic Commission, emphasized that global economic trends offer new opportunities for Việt Nam. He highlighted ongoing efforts to address infrastructure challenges, including upgrades to infrastructure, seaports, and highways.
However, Anh also noted challenges such as workforce shortages, high energy demands for rapid development, and the imperative of green transformation.
Lê Duy Bình, Managing Director of Economica Vietnam, emphasized the necessity for Vietnamese businesses to adopt environmental, social, and governance (ESG) standards and embrace circular and green economy models to integrate deeper into global supply chains.
He stressed that compliance with international standards, such as the EU’s carbon border adjustment mechanism, is crucial for businesses operating in international markets.
Despite progress, Bình identified institutional bottlenecks and policy support gaps that need addressing to bolster Vietnamese businesses’ confidence in global supply chain participation.
Nguyễn Mạnh Hùng from RMIT University underscored the growing importance of green production practices in enhancing competitiveness and meeting consumer demand, particularly in environmentally-conscious markets like the EU.
He highlighted the shift towards sustainable products driven by consumer preferences and regulatory requirements, emphasizing the role of buyers in promoting green transformations across supply chains.
In conclusion, stakeholders agree that Việt Nam’s strategic position in global supply chains presents significant opportunities, contingent upon sustained efforts to overcome existing challenges and align with international standards and market demands.
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