Multisectoral collaboration can bring high benefits: Experts

Multisectoral collaboration has become a rising trend among the Vietnamese business community, especially micro-, small- and medium-sized enterprises thanks to benefits for all parties involved, according to experts.

Multisectoral collaboration has become a rising trend among the Vietnamese business community

Dr. Cao Dinh Khien from the Foreign Trade University said that with the development of technologies and globalisation, this form of collaboration is becoming obvious, helping participating firms expand their operation scale, reduce costs, and increase competitiveness.

In Vietnam, many policies have been introduced to encourage multisectoral economic development and speed up the international economic integration process through the opening of the economy and actively engaging in global economic organisations, he noted.

The expert held that this has created potential and opportunities for development but also posed challenges for domestic firms, requiring them to foster connectivity and optimise advantages from the linkage to enhance their competitiveness.

However, Dr, Kien said that business collaboration in Vietnam is small with horizontal and cluster linkages to form craft villages or business associations in a certain industry. Meanwhile, the rate of business linkages for core business activities or participation in the global value chain is still modest, mostly because the majority of businesses in Vietnam are still of a small scale with a lack of production standards.

He said that in order to promote business connectivity, it is necessary to increase the engagement of the State, trade associations and businesses. He underlined that active businesses play a key role in forming and operating economic connections, especially in seeking cooperation opportunities in dealing with difficulties in the value chains that they are operating in.

Meanwhile, Nguyen Minh Tien from the BNI Foundation in Vietnam said that by joining a network, businesses will be trained to use shared databases to create more business opportunities, thus enhancing revenue and profits./.

VNA