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Vietnam Today

SMEs need to learn from stories of success

Released at: 12:45, 06/04/2019

SMEs need to learn from stories of success

Photo: Ngoc Lan

SMEs need to grasp any and all opportunities to develop, Hanoi workshop hears.

by Ngoc Lan

Vietnam needs a strategy to quickly seize opportunities from successful trends and the lessons of other countries to support small and medium-sized enterprises (SMEs), a leader from the Ministry of Planning and Investment (MPI) told a workshop on “Small and Medium-Sized Start-up Businesses: Catching the Opportunities for Development” held in Hanoi on April 5.

There are many successful lessons from around the world about building innovation centers to support startups and SMEs to expand and apply innovative solutions and science and technology.

In Vietnam, the government has determined that the country needs specific strategies and actions to quickly seize opportunities from Industry 4.0 and learn lessons of success from countries around the world. This is considered key to promoting economic development based on science and technology and innovation.

The National Innovation Center (NIC) will be a center for the research and application of innovative technology in Vietnam, thoroughly applying international experience, private mobilization, or foreign experts, to operate and compete with other countries in the world.

The construction and operation of NICs will be a long and difficult process, requiring effective pilot programs and coordination as well as the support of ministries, branches and associations, investors, banks, companies, and educational organizations.

Mr. Sharath Martin, Policy Advisor ASEAN Region, Australia and New Zealand, at the Association of Chartered Certified Accountants (ACCA), said that in order to scale up effectively, SMEs need to develop goals, visions, and growth strategies. “Their growth strategy will be built on three main fields - forecasting prospects, organizational structure, and behavior,” he said.

ACCA also introduced a set of tools that SMEs can use to maximize the opportunities to expand their business and successfully call for capital, such as a detailed proposal of their immediate needs.

Mr. Tang Ngoc Truong An, General Director of Ibosses Vietnam, said that SMEs and startups have great opportunities, as they are accompanied by the government and receive interest from investors and financial institutions while support from the entrepreneurial ecosystem is growing. “However, success only comes to enterprises that are well-managed under international standards and have financial transparency,” he added.

At the workshop, representatives of MPI, ACCA and Ibosses Vietnam jointly signed and announced a pilot project for developing an entrepreneurial ecosystem for SMEs.

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