Private economic sector embraces new opportunities- Part 2

Part 2: To ignite entrepreneurial ambitions 

With the foundations established by the Binh Duong government, coupled with the spirit of innovation, resourcefulness, and the extensive business acumen of numerous generations of entrepreneurs, Resolution 68 is anticipated to significantly enhance the culture of innovation, encourage proactive opportunity-seizing, and facilitate the transition towards a sustainable development strategy that businesses are aspiring to achieve. 

The essence of the spirit of bold thinking and practical knowledge

Over the past three decades, Binh Duong's economy has experienced rapid and sustainable growth. The province's economic structure has evolved towards modernity, with numerous socio-economic indicators ranking at the forefront nationally. Achieving these results has required not only the leadership and guidance of the Central Government but also the concerted efforts of the Party Committee and authorities at all levels. Equally significant is the vital role and substantial contributions of the business community and entrepreneurs in the region. Currently, the province is home to more than 77,600 enterprises, boasting a total registered capital exceeding VND 873,000 billion.

In the realm of private economic development, Binh Duong has consistently implemented innovative and effective solutions to support and partner with businesses. The province has established a robust mechanism for dialogue and consultation with enterprises, fostering a conducive investment and business environment. Concurrently, it facilitates the growth of businesses within a favorable landscape, thereby enhancing the province's competitiveness. Vice Chairman of the Provincial People's Committee, Bui Minh Tri, emphasized that Binh Duong holds in high regard the contributions of Vietnamese businesses and entrepreneurs to recent socio-economic advancements. The province aspires for its business community to continue upholding its commendable traditions, intensify efforts, navigate challenges, proactively seize opportunities, and pursue sustainable development. On the governmental front, Binh Duong remains committed to supporting and collaborating with businesses and entrepreneurs throughout their developmental journey.

Beginning his business in the early 1990s, Mr. Nguyen Duc Thuan, Chairman of the Board of Directors of Thai Binh Investment Joint Stock Company, quickly recognized in the inaugural year of the factory's operation that the added value per unit of finished product was limited, and the production process yielded minimal profits. Throughout those years of development, he pondered how the world's leading brands managed to transcend the initial phase and achieve sustainable growth.

In a conversation with us, Mr. Nguyen Duc Thuan expressed that exposure to international brands, participation in exhibitions, and visits to their factories and research and development facilities marked a pivotal moment in the strategic thinking and direction of TBS leadership. This experience enabled the company's leaders to gain a comprehensive understanding of the global fashion manufacturing industry and to identify pathways for enhancing the value of Vietnamese labor. The key lies in mastering the production chain and engaging deeply in the global value chain. The Chairman of TBS asserts, "If the world can do it, we can do it too." He believes that the Vietnamese people possess the capability to be masters in their own homeland.

Businessman Ly Ngoc Minh, Chairman of the Board of Directors and General Director of Minh Long Ceramics I Company, stated: “I consistently learn from the most accomplished individuals in various fields, focusing deeply on problem-solving. I draw insights from everyday experiences to address the 'challenging issues' inherent in the narrative of innovation. My approach differs in that I do not pursue formal majors or specialties, as systematic study is time-consuming and life does not afford such luxury; instead, I seek more efficient pathways.”

In offering guidance to the next generation of entrepreneurs, he remarked: “After 50 years, I have come to understand that if young people today aspire to craft their own narratives, they must remember one fundamental principle: we need to comprehend the operational dynamics of the story we wish to pursue. Nature serves as the most effective teacher. Any journey requires considerable time, encompassing years of research, experimentation, and refinement to yield a complete product. This presents leaders with the challenge of optimizing time while still attaining maximum efficiency. For instance, by implementing high-temperature single-fire technology alongside various other advanced, innovative techniques in production, Minh Long can significantly reduce costs and ensure that products achieve the highest quality.”

Prepared for moving forward 

Dr. Mai Huu Tin, Chairman of the Binh Duong Business Federation, asserts that fostering an open and transparent business environment is essential for enabling companies to navigate challenges and thrive. Furthermore, investment in infrastructure and the development of quality human resources are crucial for sustaining trade and investment growth. The business community has also demonstrated a resolute commitment to overcoming obstacles and challenges, embodying a spirit of dynamism and creativity. They are encouraged to think innovatively, take bold actions, proactively embrace innovation, leverage advanced science and technology, enhance competitiveness, expand market reach, and produce high-quality products and services that meet the evolving demands of the market, thereby making significant contributions to the province's socio-economic development.

Representing the young business community, Mr. Huynh Tran Phi Long, Chairman of the Binh Duong Young Business Association, affirmed their commitment to fostering a spirit of creativity, bold thinking, and proactive action, while continuously enhancing their competitiveness through ongoing learning. With enthusiasm and a sense of responsibility, the business community pledges to actively contribute to the sustainable development of the province's economy, while promoting positive values within the community. The Association aims to serve not only as a networking platform but also as a springboard to empower entrepreneurs to advance further, collectively cultivating a robust, united, and courageous business community.

Ms. Trinh Thi Hong Chau, Vice President of the Binh Duong Electromechanical Association, remarked that despite numerous resolutions and action programs over the past two decades, it was only with the issuance of Resolution 68 that a discernible shift in developmental thinking was observed. “Upon reviewing Resolution 68, we take pride in being accurately identified, positioned appropriately, and acknowledged as the foremost driving force of the national economy, recognized by the nation's leaders as soldiers on the economic front. However, what most businesses seek is clarity on how various levels and sectors can effectively implement Resolution 68. Will innovative mechanisms and policies be swiftly enacted to provide timely assistance to millions of businesses and entrepreneurs facing current challenges? Achieving this necessitates robust engagement from policy enforcement agencies at all levels, from central to local. The primary aspiration of the business community is to cultivate an equitable and transparent business environment,” Ms. Trinh Thi Hong Chau expressed.

To be continued

Reported by Tieu My – Anh Tuan – Translated by Vi Bao