Vietnamese Entrepreneurs Seizing New Opportunities
Leveraging Vietnam’s Global Partnerships for Business Growth
Nguyễn Tất Thịnh, President of the Asia-Pacific Institute for Development Research, a strategic management expert at the National Academy of Public Administration, and Dean of the PTI Business Training School, is widely recognized for his influential books such as “The Director’s Profession”, “The Journey of Human Perspective”, and “Management and Organizational Leadership – Strength Through Value”.
On the occasion of Vietnamese Entrepreneurs’ Day, he shared his insights with Thời báo Ngân hàng on self-reliance, national prosperity, and the essential qualities required for Vietnamese entrepreneurs to embrace new opportunities.
“Small Collaborates with Big to Achieve Competitive Strength”
Q: One of Vietnam’s major historical milestones in 2023 was the state visit of U.S. President Joe Biden, during which the two nations upgraded their relationship to a Comprehensive Strategic Partnership. How do you view this event’s impact on Vietnamese businesses and entrepreneurs?
A: President Biden’s visit to Vietnam and the strengthening of U.S.-Vietnam ties have generated great enthusiasm and optimism across all sectors—from government officials to business leaders. There is widespread anticipation of transformational changes, particularly in economic cooperation.
Vietnam remains a small economy with limited technological and financial resources, but we possess many relative advantages, including strategic location, political stability, rich natural resources, and a population of nearly 100 million. Partnering with the United States offers a unique opportunity to leverage America’s global influence and cutting-edge technology.
While success ultimately depends on our internal efforts, external support and collaboration can accelerate progress. By combining Vietnam’s relative advantages with America’s absolute advantages, we can achieve exponential growth. Small working with small doubles the opportunity, but small working with big leads to superior capabilities.
“Competing Through Technology and Scientific Management”
Q: While external support is valuable, internal strength is crucial. What must Vietnamese entrepreneurs do to maximize self-reliance and resilience?
A: Vietnamese entrepreneurs—and Vietnamese people in general—are hardworking and resilient. However, true self-reliance goes beyond endurance; it requires vision and strategic ambition.
While many entrepreneurs have strong aspirations, their commitment to bold action remains insufficient. Many businesses rely on experience and local networks but lack the drive to expand beyond their comfort zones.
Traditional mindsets rooted in village-based business practices, risk aversion, and self-satisfaction with small-scale success are no longer viable in today’s globalized economy. To compete and thrive, Vietnamese businesses must embrace advanced technology and modern management methodologies.
A true leader operates with grand vision and strategic discipline. To scale operations and compete globally, entrepreneurs must shift from intuition-based decision-making to a structured, knowledge-driven approach.
Intelligence in business today is not just about personal skill but about leveraging systems, processes, and technology. Collaboration, efficiency, and innovation are key. A smart entrepreneur maximizes all available resources, avoids unnecessary conflicts, and creates win-win partnerships.
Most importantly, technology and scientific management must be integrated. Technology alone is insufficient without effective organizational structures—it’s like trying to walk on one leg. To move forward, businesses must balance management excellence with technological prowess.
“From Character to Influence: Building a Lasting Legacy”
Q: In business, creating win-win scenarios and avoiding conflicts are crucial. What are the key character traits that a modern entrepreneur must cultivate?
A: Character is forged through discipline. Just as steel is tempered by fire, resilience and excellence emerge from challenges and hardships.
A truly great entrepreneur is not just knowledgeable but deeply aware of economic laws and able to apply them effectively.
- Vision Beyond Tradition: Many entrepreneurs cling to outdated habits. To grow, they must shed restrictive practices and embrace modern knowledge and global best practices.
- Leadership with Impact: A strong entrepreneur does not simply succeed personally but uplifts others, fostering an ecosystem where employees, partners, and communities thrive together.
- Legacy Building: Just as great civilizations have left behind landmark achievements like the Pyramids or the Great Wall, business leaders should aspire to build enterprises that stand the test of time.
“Moral Integrity: The Guiding Principle for Business”
Q: When opportunities arise, how can entrepreneurs seize them effectively while staying true to their core values?
A: Everything starts from within. Business leaders must endure challenges without compromising ethics. Integrity is the ultimate compass—it transcends legal frameworks, guiding people from small beginnings to great achievements.
An entrepreneur must embody:
- Lifelong Learning & Adaptability – Continuously seek knowledge and innovation.
- Inspiring Trust & Vision – Instill confidence in stakeholders and chart a clear path forward.
- Creating Opportunities for Others – Build an environment where employees and partners can develop and contribute.
- Pioneering Innovation – Lead the way in overcoming challenges and driving breakthroughs.
- Commitment to Community & Society – Success should not be self-serving. Entrepreneurs should uplift their employees, community, and nation.
Final Advice to Vietnamese Entrepreneurs
Q: If you could give one concise piece of advice to Vietnamese entrepreneurs, what would it be?
A: My advice is based on cause and effect, deep reflection, and life experience. I always encourage businesses to follow these 10 short guiding principles:
- Start with yourself.
- Value what you have.
- Prioritize needs over wants.
- Learn to act.
- Strive for excellence in small things.
- Think with clarity.
- Move with purpose.
- Turn success into results.
- Achieve and be satisfied.
- Finish what you start.
Ultimately, a great entrepreneur is someone who surrounds themselves with people who are more skilled than they are—not just those who work beneath them.