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SMEs need to innovate

Update: October, 10/2015 - 09:25
"Globalisation and regionalisation via free trade agreements would increase the inflows of goods, services, capital, skilled labourers, technology and information on a larger scale," said Vo Tri Thanh.— Photo bizlive

HCM CITY (VNS) — With fierce competition as a result of open-door policies in many countries, businesses, especially small – and medium-sized enterprises (SMEs), should build their own markets, apart from selling what the market demands.

Vo Tri Thanh, Deputy Director of the Central Institute for Economic Management (CIEM), made the recommendations at a seminar yesterday as part of a business festival in HCM City.

Regarding opportunities offered to SMEs, he said globalisation and regionalisation via free trade agreements would increase the inflows of goods, services, capital, skilled labourers, technology and information on a larger scale.

Southeast Asia was a dynamic region with huge potential to develop goods and services, Thanh noted.

Nguyen Phuong Dong, deputy director of the municipal Department of Industry and Trade, stressed the need for SMEs to maximise their efforts and affirm their role as pioneers in improving the competitive edge of made-in-Viet Nam commodities and boosting exports.

Victoria Kwakwa, the World Bank's country director in Viet Nam, suggested SMEs market products favoured by consumers at reasonable prices.

Enterprises should focus on innovations to keep their traditional customers and lure new ones while focussing on exploring the actual demands of the market instead of being concerned about their rivals, she said.

Co-operation will help them gain more knowledge and experience to churn out high-quality products more quickly, she recommended.

The festival, which drew hundreds of businesses from cities and provinces in the southern region, featured a range of activities, including a 60-booth exhibition, aiming to help the businesses exchange and update information on Viet Nam's integration. — VNS

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