Repositioning businesses associated with new thinking for sustainable development

DNHN - Repositioning businesses with regard to new ways of thinking: sustainable development, promoting inclusive diversity, inclusiveness in business, pursuing a green economic model, and circular economy.

To accelerate the recovery process, capitalize on opportunities, and create a breakthrough momentum for businesses in the coming period, the Vietnam Confederation of Commerce and Industry (VCCI), the Business Forum Magazine, and the Ministry of Industry and Trade organized the Forum "Repositioning enterprises for sustainable development" on the afternoon of March 23.

Nearly 200 delegates representing State management agencies, VCCI representatives, economic experts, industry association leaders, and businesses attended the Forum. The Vietnam Oil and Gas Group and the Vietnam Joint Stock Commercial Bank for Industry and Trade.

During his address at the forum, VCCI Chairman Pham Tan Cong emphasized that the organization's top priority is to grasp the situation, assist businesses in overcoming obstacles in 2023, and continue to recover and develop. Since the final months of 2022 and the beginning of 2023, the economy has exhibited ominous indicators. Vietnam's economic expansion has slowed significantly. The major export markets reduce demand, affecting export growth, production, and enterprise operations.

Although the context contains numerous "gray shades," it also reveals opportunities. If businesses quickly recognize and adapt to new developments, they can capitalize on the growth drivers of the green economy and digital transformation and attract new investment capital. Therefore, this is an opportunity for businesses to create innovations, the basis for future "speeding up."

According to the VCCI's Provincial Competitiveness Index (PCI) survey, the business community faces numerous challenges in the production and business activities processes due to the negative effects of the COVID-19 epidemic and the economic recession.

Small and medium-sized businesses account for a large proportion of the economy, contributing approximately 40% of GDP, 30% to the state budget, and employing nearly 60% of the labor force, but they are susceptible to external disadvantages such as epidemics, natural disasters, and natural disasters. War, the ear.

"VCCI continues to propose, develop, and implement national programs, projects, schemes, and tasks aimed at enhancing the business environment, boosting the competitiveness of businesses, and assisting businesses and businesses. Mr. Cong stated that repositioning businesses and enhancing their competitiveness are crucial in order to capitalize on future growth opportunities.

Accordingly, business repositioning is associated with new ways of thinking: sustainable development, diversity promotion, inclusion, business inclusion, pursuit of a green economic model, and circular economy. Innovation, creativity, and digital transformation accelerate the process of constructing sustainable pillars for businesses.

The sustainable development values of businesses must be shaped and developed in accordance with business ethics and culture. Ethical requirements in production and business, consumer protection, and environmental protection are emphasized in the context of global integration and competition, creating both new standards and technical barriers. market penetration, in particular in developed nations.

Dr. Tran Thi Hong Minh, director of the Central Institute for Economic Management, stated at the forum that the Russian-Ukrainian conflict remains tense and uncertain, with numerous unforeseeable repercussions for the country. global economy.

As a result of the cases involving Silvergate Bank, Silicon Valley Bank, Signature Bank, and Credit Suisse, the financial markets in a number of economies, such as the United States, Switzerland, etc., have experienced serious disruptions. The global economy is expected to decelerate, and inflation will rise in a number of nations, impacting the domestic economy and creating significant challenges for businesses.

Exports, one of the primary contributors to economic growth in 2023, have slowed due to a decline in demand on the large market. Even though Vietnam has one of the most open economies in the world, its participation in global and regional value chains remains limited.

Moreover, Vietnam is currently overly focused on a variety of markets, products, and businesses. In which textiles, electronics, chemicals, and metals accounted for two-thirds of the trade turnover; the four largest markets were China, Japan, South Korea, and the United States, accounting for sixty percent of the trade turnover...

"Additionally, after the pandemic, some of Vietnam's primary export markets have gradually shifted to stricter sustainability standards, making it difficult for Vietnamese businesses, particularly textile and footwear businesses, to remain competitive in the new environment. The change in production organization and technology line will result in an increase in investment costs, despite the fact that enterprises' access to capital is currently extremely limited, according to Ms. Minh.

This fact necessitates that businesses reposition and restructure in order to adapt and grow sustainably and steadily. This is mandatory and not an option.

Vice President and General Secretary of the Vietnam Textile and Apparel Association Truong Van Cam recommended that, from now until 2030, the fashion industry must develop in tandem with the textile industry; gradually shift focus to sustainable development, circular business to protect the environment and meet the requirements of the import market; meet the requirements of supply chain control on labor and the environment...

Simultaneously, reducing the impact on the environment by increasing product durability, reusing, and recycling, and extending product life.

According to Mr. Ngo Sy Hoai, Vice President and General Secretary of the Vietnam Timber Association, businesses in the industry are integrating along the value chain and transforming toward in-depth development; equipment technology innovation, green trade transformation, and green economy.

In addition, bolstering accountability, responsible processing and trade, and the circular economy; enhancing design capabilities, building brands, and diversifying markets.

Hoai Anh