The seminar attracted the participation of about 100 Ambassadors/Heads of Vietnamese representative missions abroad, 300 economic experts, and representatives of Vietnamese associations and businesses.

At the seminar, delegates pointed out opportunities and challenges for Vietnamese businesses in the integration process. Specific solutions were also proposed to help businesses boost exports and investment, take advantage of new trends, and open up new industries. Businesses and Ambassadors/Heads of Representative Missions also discussed to make specific, substantive recommendations.

Request from Business

At the seminar, General Director of FPT Group Nguyen Van Khoa said that during the group's 10 years of investing abroad, Vietnamese representative missions abroad have always provided great support for FPT.

He expressed his wish: "The Government should consider people and businesses as customers, because we pay taxes to the Government. We also hope that the Ministry of Foreign Affairs considers businesses as customers. I believe that once businesses are considered customers, leaders of the Ministry will set KPIs for Vietnamese representative missions abroad". He also requested that diplomatic missions abroad could share more in-depth information about local culture and regulations with businesses.

Nguyen Quoc Hung, Deputy Head of the Electricity and Renewable Energy Department under the Vietnam Oil and Gas Group hoped that Vietnamese representative missions abroad continue to support businesses in attracting capital, especially from partners with developed scientific backgrounds like G7 countries.

Speakers discussed at the seminars. (Photo: World & Vietnam Report)

Than Duc Viet, Vice Chairman of Vietnam Textile and Apparel Association and general Director of Garment 10 Corporation requested that Ambassadors and Heads of Vietnamese representative missions abroad help to bring models of foreign businesses to Vietnam; organize trade promotion programs by topic; find out information about large and potential customers to advise domestic businesses.

General Secretary of the Vietnam Association of Seafood Exporters and Producers (VASEP) Truong Dinh Hoe said that representative agencies need to have appropriate data to help businesses understand the situation and information about the foreign market. Businesses need support from Ambassadors to find large and potential partners and lobby or mobilize to help remove trade barriers imposed on Vietnamese products.

Currently, Vietnam's seafood industry is planning to expand to potential markets such as India and the Middle East. Therefore, the Association hopes to receive support from the Ministry of Foreign Affairs to have market information, help businesses build export strategies, and ensure the target of USD 20 billion in export turnover by 2030.

Ready to Accompany Vietnamese Business

Sharing about the Chinese market, Consul General of Vietnam in Nanning Do Nam Trung commented on 3 factors of good timing, location and people that can facilitate the operation of Vietnamese business in China.

In terms of timing, the relationship between the two countries is currently developing very well, especially after two visits by the two General Secretaries. The two countries are both members of many FTAs and agreements such as RCEP, and China-ASEAN. After 3 years of shutdown due to the Covid-19 pandemic, the two countries are opening and recovering strongly, with a relatively large proportion of the Chinese middle class being the main customer group using Vietnamese goods.

In addition, China also attaches great importance to Vietnam's market of 100 million people, and the two sides promote the export of agricultural products to each other's markets. Therefore, Vietnamese businesses can negotiate on an equal footing with Chinese partners.

Regarding location, it is the geographical proximity between the two countries, which facilitates the transportation and circulation of goods.

In terms of people, China and Vietnam share many cultural similarities, while agricultural trade between the two countries is promoted by senior leaders of both sides.

However, there are still many challenges for Vietnamese businesses exporting to this billion-people market. China is no longer an easy-going market but is increasingly moving towards high standards, and e-commerce is developing fast. Chinese agricultural products are increasingly of good quality, which requires Vietnamese producers and exporters to also improve the quality of their products. Besides, the speed of goods circulation is sometimes quite slow.

Discussion between Heads of Vietnamese representative missions abroad and associations and businesses. (Photo: World & Vietnam Report)

According to Ambassador, Head of the Vietnamese delegation to Belgium and the EU Nguyen Van Thao, in an increasingly developing world with the current trend of greening and circular economy, if businesses do not adapt, they will be eliminated from the game. Meanwhile, foreign partners have many regulations, businesses must proactively learn and adapt. With the task of economic diplomacy serving development, Vietnamese representative missions abroad are always ready to accompany the business community.

Vietnamese Ambassador to the United States Nguyen Quoc Dung suggested that businesses and localities should proactively approach partners, and participate in forums, seminars, fairs, and exhibitions to learn about partners' capabilities and needs. Businesses also need to be realistic and look at their conditions to realize what they have and what they lack to overcome. Ministries and branches will coordinate with each other and with localities to remove barriers.

In his concluding remark, Deputy Foreign Minister Nguyen Minh Hang believed in the initiative and determination of the Vietnamese business community, and the companionship and active support of the Ministry of Foreign Affairs and Vietnamese representative missions abroad and ministries and branches, especially through the results of the seminar, the diplomatic sector and Vietnamese businesses will have specific directions to promote economic diplomacy.

Thereby contributing to helping businesses "turn risks into opportunities," overcome difficulties and challenges, and effectively take advantage of opportunities to constantly innovate and create, improve competitiveness, reach out to the region and the world, and continue to write many success stories in the country's new development phase.

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