Business
Enhancing Vietnamese capacity for global trade
Vietnamese companies have encountered difficulties piercing foreign markets due to lack of managerial skills and failure to carefully evaluate the market risks, said Dr. Christiane Beck, Project Director Sequa Trade Capacity Building.
A high-quality due diligence market analysis is critical to the success of doing business in a foreign country, Beck said in announcing the launch of a new programme for small and medium-sized businesses in 15 provinces and cities nationwide.
The programme funded by the European Trade Policy and Investment Support Project (EU-MUTRAP) aims to improve managerial skills for Vietnamese businesspersons and, in particular, their competence in transacting international trade.
Vietnamese companies have encountered numerous difficulties manoeuvring the complicated maze of laws and regulations, particularly in the European Union, noted Dr. Christiane Beck.
She added the project will focus on developing skills to insure Vietnamese companies understand the means and methods of how to obtain and analyse market information to optimally assess market opportunities.
Nguyen Dac Hoan, Project Manager of DEVIWAS from Germany in turn said by learning how to properly assess foreign markets local businesses will be able to better plan and prepare themselves to understand and comply with the requirements of foreign markets and the business culture of partners.
Vietnamese companies primarily are suffering from short-sightedness and lack of long-term strategic planning. In the move to global integration, they tend to be putting the cart before the horse and are getting ahead of themselves, said Hoan.
In a nutshell, the problem is lack of strategic thinking and the failure to lay out sufficiently detailed short, medium and long-term plans. This has resulted in Vietnamese businesses turning their businesses into “general stores” and not zeroing in on their areas of strengths and forging a market niche.
Therefore, businesses are not developing in a sustainable and stable manner, Hoan said.
Experts from DEVIWAS caution that faced with fierce competition, Vietnamese businesses, especially those in short supply of capital resources, experiences, technologies and human resources should not attempt to compete head on with the foreign competition.
If Vietnamese businesses are to be successful then they must establish alliances with foreign partners and benefit from their experiences via cooperative and joint venture projects.
Dr. Christiane Beck echoed the experts from DEVIWAS views, saying said the project’s activities are aimed at enhancing capacity of Vietnamese businesses to cooperate with partners from the European Union.
The “European Trade Policy and Investment Support Project (EU-MUTRAP) is the continuation of 15 years of successful cooperation between the EU and the Ministry of Industry and Trade in the field of trade related to technical assistance.
The EU-MUTRAP project supports sustainable international trade and investment in Vietnam with a total budget of EUR16.5 million, of which EUR15 million has been sourced from the EU and the remainder from Vietnam.
Vietnamese companies have encountered numerous difficulties manoeuvring the complicated maze of laws and regulations, particularly in the European Union, noted Dr. Christiane Beck.
She added the project will focus on developing skills to insure Vietnamese companies understand the means and methods of how to obtain and analyse market information to optimally assess market opportunities.
Nguyen Dac Hoan, Project Manager of DEVIWAS from Germany in turn said by learning how to properly assess foreign markets local businesses will be able to better plan and prepare themselves to understand and comply with the requirements of foreign markets and the business culture of partners.
Vietnamese companies primarily are suffering from short-sightedness and lack of long-term strategic planning. In the move to global integration, they tend to be putting the cart before the horse and are getting ahead of themselves, said Hoan.
In a nutshell, the problem is lack of strategic thinking and the failure to lay out sufficiently detailed short, medium and long-term plans. This has resulted in Vietnamese businesses turning their businesses into “general stores” and not zeroing in on their areas of strengths and forging a market niche.
Therefore, businesses are not developing in a sustainable and stable manner, Hoan said.
Experts from DEVIWAS caution that faced with fierce competition, Vietnamese businesses, especially those in short supply of capital resources, experiences, technologies and human resources should not attempt to compete head on with the foreign competition.
If Vietnamese businesses are to be successful then they must establish alliances with foreign partners and benefit from their experiences via cooperative and joint venture projects.
Dr. Christiane Beck echoed the experts from DEVIWAS views, saying said the project’s activities are aimed at enhancing capacity of Vietnamese businesses to cooperate with partners from the European Union.
The “European Trade Policy and Investment Support Project (EU-MUTRAP) is the continuation of 15 years of successful cooperation between the EU and the Ministry of Industry and Trade in the field of trade related to technical assistance.
The EU-MUTRAP project supports sustainable international trade and investment in Vietnam with a total budget of EUR16.5 million, of which EUR15 million has been sourced from the EU and the remainder from Vietnam.
