To maintain growth momentum and move up international value chains, businesses in Vietnam should focus on enhancing their capabilities in three areas: talent, technology and governance, Ms Dinh Thi Quynh Van, General Director of PwC Vietnam, told the Vietnam Business Summit 2018 held in Hanoi on September 13.
Enhancing capabilities for growth
Representing PwC Vietnam, the knowledge partner of the summit, Ms Quynh Van delivered a speech during the session “Vietnam – Connect and Innovate: New business opportunities”.
New research shows that Vietnam’s growth in GDP, FDI inflows, workforce, and middle-income consumer base have consistently outperformed many of its regional peers. All added to Vietnam’s reputation as one of the rising stars of ASEAN and the global economy. She pointed out, however, that the country’s advantage in low labour costs will become less valuable over the coming years, as new technologies and changing global trade dynamics threaten this core value proposition.
“In order to grow sustainably, businesses should invest in three key areas: technology, talent and governance,” Ms Quynh Van emphasized. “Under the impact of Industry 4.0, companies should seriously consider transforming their business to become smarter, more efficient, and more risk-resilient and transparent. For that, they’ll need to equip themselves with the right technologies, the skilled people to operate those technologies, and the appropriate governance structure.”