Time for businesses to improve their "internal strength"

Workshop "US reciprocal tax and Vietnamese enterprises' response" - Photo: VGP/HT

This is the opinion of delegates exchanged at the workshop "US reciprocal tax and Vietnamese enterprises' response" co-organized by the Vietnam Federation of Commerce and Industry (VCCI) on April 18 in Hanoi.

Time to accelerate market and supply chain restructuring

VCCI Chairman Pham Tan Cong said that diversifying export markets and supply chains has become an urgent task. Enterprises need to effectively utilize new-generation free trade agreements (FTAs) such as EVFTA, CPTPP, RCEP to expand their markets to the EU, Canada, Australia, etc. Along with that, exploiting potential markets such as Southwest China, the Middle East, Latin America and developing the domestic market of more than 100 million people.

Another important direction is to restructure the supply chain and supporting industries. The VCCI representative emphasized that enterprises must increase the localization rate and develop basic industries such as chemicals, new materials, logistics, and high technology to reduce dependence on imports.

In particular, Vietnamese enterprises need to proactively participate more deeply in the US strategic supply chain – through investment in semiconductor centers, green industry and renewable energy – to gradually replace China's role in the global value chain.

In danger there is opportunity , enterprises reposition and transform internally

Sharing the same view, Mr. Dau Anh Tuan - Deputy General Secretary of VCCI, cum Head of Legal Department (VCCI) said that enterprises should restructure export markets, take advantage of FTAs ​​to diversify output; at the same time, improve production models towards sustainability, focus on efficient supply chains and enhance comprehensive competitiveness.

Dr. Can Van Luc, Chief Economist of BIDV, member of the National Monetary and Financial Policy Advisory Council, said, "We still have room to act, and opportunities to turn the tide."

Dr. Can Van Luc agreed with the view that management agencies should continue to promote bilateral relations, actively resolve issues of concern to the US, and at the same time implement specific solutions to balance the trade balance and support affected businesses.

On the business side, Dr. Can Van Luc recommends taking advantage of tax, fee, and credit support policies and promoting dual transformation including green transformation and digitalization. Businesses need to improve their comprehensive competitiveness: from technology, human resources to risk management and transparency of origin.

In addition, businesses need to diversify not only in terms of markets, but also in terms of partners, products, services, and capital sources. This is a long-term strategy that helps businesses adapt to global fluctuations, especially in the context of increasingly geopolitical trade.

“This year and the new term, we are in a new and extremely important opportunity, drastic reforms, so we must prepare a new mindset, not to retreat, only to work, to contribute more to the country in the new era. Do not be subjective, do not be pessimistic because we still have a lot of room and opportunities ahead, the Vietnamese people always stand firm, and cope very well in difficult times like now,” Dr. Can Van Luc affirmed.

Mr. Minh

Source: https://baochinhphu.vn/thoi-diem-de-doanh-nghiep-nang-cao-noi-luc-102250418155020009.htm