Need good policies, good institutions

Sir, the Party and the State are currently determined to build strong and powerful enterprises as the core force for economic development. How do you evaluate the potential of building a team of Vietnamese enterprises?

- It can be said that the internal strength of the Vietnamese economy is very large, so setting the goal of building foreign-invested enterprises is correct and extremely necessary. But the important issue is whether the State has a good policy framework and good institutions to take advantage of internal strength or not.

The story of building a national enterprise is not far away or long-term, but in the near future I see it as very necessary. If we cannot do this, cannot connect Vietnamese enterprises to create national branded products, to compete internationally, we will find it difficult to survive.

To grow, we need pure Vietnamese products.

How can Vietnam build innovative enterprises, sir?

- In fact, if we want to grow now, we must have purely Vietnamese products, which means the development of leading enterprises, both state-owned and private enterprises, so that they can create products with national brands and international influence. Then those enterprises play a role as the nucleus, connecting small and medium-sized enterprises, so that we can have the so-called purely Vietnamese production chain, the purely Vietnamese value chain and have the so-called "own internal strength".

Because as we see today, up to 70% of exported goods are goods of foreign-invested enterprises (FDI). But FDI is mostly exploited for many years, until it is no longer effective, maybe because of high wages, old machinery, or no longer competitive products, they leave. What do we do then?

These are the concerns that require us to create a mechanism so that large Vietnamese enterprises, which are the core or leading cranes, can gather small and medium enterprises, create a purely Vietnamese production chain, a purely Vietnamese value chain, and have products with national brands that have influence in the international arena. Only then can we rise up.

And in that process, the Government must be the one to create the legal framework, creating conditions for businesses to grow, so that we can create purely Vietnamese products and chains of Vietnamese people.

"It is impossible to have a general policy that requires large enterprises to gather"

So, in your opinion, what mechanisms and policies are needed to promote the team of enterprises to grow strongly and soon become innovative enterprises?

- Policy is very important, and in fact the Politburo, the Central Committee, and the Government have already had resolutions, and the Government has already discussed them. For example, we are aiming to build the Law on Key Industries, so clearly we must now pay more attention and be more specific. At that time, large enterprises and key enterprises will have a development mechanism, from which they will call on small and medium enterprises to cooperate with them. From there, they will build priorities for small and medium enterprises, how they will do it when they have preferential mechanisms for capital, assets, and methods of operation. Only when policies are specific will large-scale, leading enterprises have the strength to gather smaller enterprises. We cannot have general policies and then ask large enterprises to gather.

Or for example, large enterprises want to mobilize large capital, but it is difficult to mobilize domestically and the Government does not guarantee international capital mobilization. If this enterprise goes alone, it is clearly "too much". Therefore, policy development is a problem, we must make sure that the policies are specifically and clearly regulated. Those preferential and preferential policies must be practical and consistent with the wishes of the enterprise.

From there, they can make typical products, then they can gather businesses, classify which specific parts this business produces, which details other businesses produce in the goods and products that large businesses produce; gradually, they can create a so-called purely Vietnamese production chain, a purely Vietnamese value chain. Only then can we stand on our own two feet.

Thank you very much!