Promoting Private Enterprises to Reach the Global Market

In the context of deep economic integration, enabling Vietnamese private enterprises to compete internationally is not just an inevitable trend but also a crucial factor in enhancing the country’s overall competitiveness. The government has introduced various support policies, yet numerous barriers still hinder domestic businesses from fully leveraging opportunities to expand into global markets.

Opportunities for Private Enterprises to Expand Globally

Vietnam has been actively integrating into the global economy through a series of next-generation free trade agreements such as CPTPP, EVFTA, and RCEP. These agreements present tremendous opportunities for private enterprises to expand their markets and strengthen international partnerships.

1. Access to Large International Markets
FTAs provide Vietnamese enterprises with preferential tax policies and easier access to major markets. This is particularly beneficial for key export sectors such as textiles, footwear, electronics, agriculture, and technology. According to the Ministry of Industry and Trade, exports from the private sector have grown by over 20% annually since the EVFTA took effect, demonstrating the immense potential of global market integration.

2. Inflow of Foreign Direct Investment (FDI) and International Cooperation Opportunities
Vietnam has attracted a significant amount of FDI, creating opportunities for technology transfer and strategic partnerships. Many Vietnamese private enterprises have successfully integrated into global supply chains, such as VinFast in the electric vehicle industry and VNG in the technology sector.

3. Technology and Digital Transformation as a Gateway to Global Markets
The Fourth Industrial Revolution and the rise of digital transformation allow private enterprises to access international customers more easily. Platforms like Amazon, Alibaba, and Shopee have enabled SMEs to expand their reach beyond domestic borders. If businesses effectively leverage e-commerce, AI, and digital platforms, they can overcome traditional constraints related to capital and geographical limitations.

Major Challenges Hindering Global Expansion

Despite these opportunities, few Vietnamese private enterprises have successfully penetrated the global market. Several key obstacles include:

1. Lack of Strong Branding and Competitive Edge
Many Vietnamese businesses produce high-quality products but lack well-developed international branding strategies. In contrast, companies from South Korea, Japan, and China have successfully established globally recognized brands, giving them a strong competitive advantage. Without a coherent branding and marketing strategy, Vietnamese businesses struggle to gain international recognition.

3. Regulatory Barriers and Compliance with International Standards
Different international markets have unique legal and technical standards, requiring businesses to meet strict regulations on product quality, environmental impact, labor conditions, and intellectual property rights. Many Vietnamese enterprises lack the experience and resources to navigate these complex regulatory landscapes, making global expansion more challenging.

Strategies to Help Private Enterprises Go Global

To support Vietnamese private enterprises in expanding internationally and enhancing their competitiveness, coordinated efforts between the government and businesses are essential.

1. Building Strong Global Brands
The government should introduce branding support programs to help businesses register trademarks internationally, secure intellectual property rights, and promote products in foreign markets. At the same time, enterprises must invest in international marketing strategies to enhance brand recognition and customer trust.

2. Leveraging FTAs and Expanding Global Partnerships
Businesses should actively engage in international trade promotion efforts, participate in global trade fairs, and establish stronger connections with foreign companies. Taking full advantage of FTA incentives can boost exports and attract investment partnerships.

3. Accelerating Digital Transformation
Technology adoption is no longer optional—it is mandatory for global competitiveness. The government should promote financial incentives, training programs, and infrastructure development to help businesses transition to digital platforms. Expanding into e-commerce, cloud computing, and AI-driven business models will enable Vietnamese companies to scale internationally with greater efficiency and lower costs.

4. Improving Access to Capital and Regulatory Support
To help enterprises expand globally, financial institutions should offer tailored financing solutions such as export credit programs and investment support funds. Additionally, simplifying export procedures, assisting businesses in meeting global standards, and streamlining legal compliance processes are critical to facilitating international trade and investment.

Conclusion

With strong policy backing from the government, proactive innovation from businesses, and effective utilization of international trade opportunities, Vietnamese private enterprises can secure their place on the global economic map.