Honoring the 50 most creative and effective businesses in Vietnam

On the afternoon of June 28, in Hanoi , Investment Newspaper in collaboration with Vietnam Business Research Joint Stock Company (Viet Research) organized the Announcement Ceremony of the List of Top 50 Innovative and Effective Enterprises in Vietnam 2023 (VIE50) and Top 10 Innovative and Effective Enterprises in Vietnam 2023 in various industries (VIE10).

Vinh danh 50 doanh nghiệp sáng tạo và kinh doanh hiệu quả nhất Việt Nam

Vietnam Oil and Gas Technical Services Corporation ( PTSC ) is one of the enterprises honored in the VIE50 list. (Photo: Hong Chau)

The event attracted more than 200 typical representatives from enterprises in the VIE50 and VIE10 lists in the industries of Manufacturing and Processing; Information Technology - Telecommunications; Pharmaceuticals - Medical Equipment; Logistics; Banking; Insurance; Retail; High-tech Agriculture ; Food and Beverage, Construction - Real Estate.

This is also the first year that the VIE50 and VIE10 lists were published by Investment Newspaper based on research results of Viet Research.

The businesses honored at the event are those that have applied creativity, innovation and reform in their operations, contributing to improving production and business efficiency, establishing a position in the market and contributing to the overall development of the country.

A quick survey of businesses in the VIE50 and VIE10 lists shows that up to 84% of businesses believe that innovation is an important key to growth in the coming time, with the majority of businesses focusing on innovation, improving products, services and processes. 70% of businesses in the survey also said they plan to increase their budget for innovation in at least the next 2 years.

Also within the framework of the event, domestic and international experts shared about the importance of innovation for development potential and shaping the future generation of businesses.

World Bank Chief Economist in Vietnam, Mr. Andrea Coppola, mentioned the importance of productivity growth and innovation towards achieving Vietnam's goal of becoming a high-income country by 2045.

Associate Professor Dr. Vu Minh Khuong, Lee Kuan Yew School of Public Policy, National University of Singapore, shared specifically about key factors to help Vietnamese businesses accelerate development through innovation.

According to this expert, there are three values that businesses need to clearly see when practicing innovation. The first is efficiency. bring to the business, expressed in revenue, profit,...

Second , effectiveness, which means innovative solutions help customers and society trust and love the business more. Third , efficiency. adapt to change and volatility.

In addition, according to Associate Professor Dr. Vu Minh Khuong, businesses need to clearly understand the three pillars of innovation, including efficiency, business innovation capacity, and conditions for encouragement and resource support.

On the Government side, it is necessary to create an innovative environment from financial and technological support, regulations, institutions, technical standards, and favorable conditions for recruiting talents. In addition, it is necessary to have an equal and competitive environment. This means that genuine businesses benefit and reward deserving and creative people. At the same time, there needs to be support from society and the Government for businesses to move forward.

Dr. Vo Tri Thanh, Director of the Institute for Brand Strategy and Competitiveness Research, also mentioned the innovation environment for the Vietnamese business community and the difficulties and challenges that businesses need to overcome.

Top 10 creative and effective businesses gather many big brands. (Source: Viet Research)

As the economy recovers and develops, businesses that want to move up the ladder in the global value chain must innovate and create to survive and compete successfully. Effective and successful innovation creates a solid foundation for production and business activities, increases value and promotes growth for businesses; gradually shapes the DNA code and culture of innovation in businesses. Innovation not only helps businesses increase their ability to adapt to new business contexts and promote growth, but importantly, shows their position as leaders and game changers in the market.

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