Economic Diplomacy Important Contribution to Vietnamese Business Success

Mr. Nguyen Van, Vice Chairman of the Hanoi Association of Supporting Industries (HANSIBA)

I propose that Ambassadors and Heads of Vietnamese Representative Offices abroad continue to identify, connect, and introduce local partners interested in cooperation on investment, production, technology transfer, and funding with businesses in Vietnam's industrial and supporting sectors, especially in Hanoi. I suggest that relevant agencies cooperate with VCCI and other associations to organize trade promotion programs in the host countries, both in-person and online, to help supporting industries expand their export markets, sales, and the supply of domestic products and components.

I also propose that agencies expedite and ensure the timely processing of administrative procedures (visa issuance, entry permits) for partner delegations, businesses and entrepreneurs associated with us when they have programs to visit Vietnam. They should coordinate with relevant ministries and agencies such as the Ministry of Industry and Trade, the Ministry of Science and Technology, the Ministry of Planning and Investment, and the General Department of Customs to ensure smooth customs clearance for supporting industry partners and businesses to import machinery and manufacturing equipment into Vietnam.

Additionally, I suggest that Ambassadors and Heads of Representative Offices cooperate with and encourage research organizations, innovation, and education and training institutions in the host countries to collaborate in welcoming and training graduate students, international students, and temporary workers. This will help create a skilled workforce and a youth generation that will engage in entrepreneurship and establish businesses in the industrial and supporting industries in Vietnam, particularly in sectors and industries that Vietnam is prioritizing and encouraging development, such as semiconductors, optoelectronics, high-tech machinery, aviation, shipbuilding, high-speed trains and nuclear power, to meet the needs of domestic enterprises participating in major state projects that the government is currently implementing.

Mr. Truong Van Cam, Vice Chairman and General Secretary of the Vietnam Textile and Apparel Association (VITAS)

The textile and apparel industry in Vietnam currently employs around 3 million workers, and it is projected that the export turnover in 2024 will reach approximately US$44 billion. According to the Development Strategy of the Textile, Apparel, and Footwear Industry of Vietnam, the export turnover is expected to reach about US$68-70 billion by 2030. However, the current export turnover of textile enterprises does not reflect the full potential of the industry. One reason is the lack of information about international markets and partners. Recently, some long-established retailers have gone bankrupt, and textile businesses, lacking timely information, have faced negative consequences. Therefore, we hope diplomatic agencies can provide timely updates and assist in connecting businesses with reputable lawyers to resolve disputes when they arise.

In the past, contracts between partners were primarily based on trust and reputation. However, in today’s economic context with many fluctuations, each international market has its own cultural characteristics and different requirements for textile products. Enterprises need to have a thorough understanding of the legal mechanisms in each market to ensure sustainable cooperation. To achieve growth, enterprises must clearly understand consumer needs and preferences, as well as market capacity.

We urge Vietnamese representative offices abroad to strengthen ties and support the textile industry in expanding its market. This includes providing market information, updating on new regulations from host countries, and helping businesses adapt. Given the volatile business conditions such as wars, pandemics, and natural disasters and new requirements from major markets like the U.S. and EU (e.g., sustainable development strategies and eco-labels), proactive preparation is essential. These issues have not been fully grasped by textile enterprises and require more information.

Moreover, we propose that Vietnamese representative agencies abroad support businesses with information related to advanced technology and techniques to promote the "greening" process and enhance the competitiveness of Vietnam's textile industry.

Mr. Le Anh Tuan, Deputy General Director of Hanoi Trading.Corporation (Hapro)

The support from diplomatic agencies is crucial in expanding markets and protecting the interests of businesses. With their reputation and position, Ambassadors have helped businesses access major partners and expand into potential markets. Many businesses have also received support from Ambassadors in connecting with local authorities, which has allowed them to address and prevent risks and potential damages, especially in international transactions involving high-tech products.

A recent case involved one of our member companies, which signed an import contract with a U.S. company. However, the company encountered a serious issue when hackers targeted them. After transferring US$200,000 to the exporter’s account, we discovered the receiving account was in Dubai, not the U.S. as agreed. Thanks to the timely intervention of the Vietnamese Ambassador in the UAE, the company was able to avoid significant losses. This highlights the important role of Ambassadors in protecting the interests of Vietnamese businesses in international transactions, while also contributing to enhancing the safety and transparency of cross-border trade deals.

Ms. Nguyen Le Thanh, Ambassador of Vietnam to Denmark

Businesses need to pay attention to European consumer preferences in order to offer products that are suitable for expanding into this market. Denmark is a clear example of how markets and economies must align with reducing energy consumption and emissions. Denmark offers many opportunities for cooperation with Vietnam in areas such as: wind energy, machinery, shipbuilding, food processing and consumer goods. Notably, Denmark maintains an open policy with minimal barriers. Additionally, Denmark is part of the Vietnam-EU Free Trade Agreement (EVFTA), meaning that goods from Vietnam that reach Denmark can freely circulate within the EU market.

Denmark has a high demand for agricultural products, but businesses should be aware that the European market tends to favor green consumption, prioritizing organic products, reducing environmental emissions, promoting healthy food, reducing animal meat consumption, increasing plant-based products, products without sugar, and products with natural plant-based coloring.