Vietnamese Entrepreneurs at a New Turning Point
Mr. Nguyễn Tất Thịnh – President of the Institute for Economic Development in Asia-Pacific, Strategic Expert in Organizational Development at the National Academy of Public Administration, and Principal of PTI Entrepreneur Training School. He is also the author of widely admired books among business leaders, such as “The Director’s Profession,” “A Journey of Human Perspective,” and “Organizational Management and Leadership – Strength through Value.”
On the occasion of Vietnamese Entrepreneurs’ Day, he sat down with a journalist from Banking Times to share his insights on entrepreneurial spirit, self-reliance, prosperity, and the essential qualities required for Vietnamese businesses and entrepreneurs as they step into a new era of opportunities for the country.
Small Businesses Partnering with Larger Entities to Gain Competitive Strength
Q: One of Vietnam’s most significant historical events in 2023 was U.S. President Joe Biden’s state visit to Vietnam. What are your thoughts on the opportunities this event presents for Vietnamese entrepreneurs and businesses?
Following President Biden’s visit to Vietnam and the elevation of the U.S.-Vietnam relationship to a Comprehensive Strategic Partnership, I have engaged with individuals across various sectors—including politics, public administration, and business. The prevailing sentiment is one of optimism and enthusiasm, with high expectations for profound transformations, particularly in the economic sphere.
While it is important to acknowledge that Vietnam remains a relatively small economy with limited financial and technological resources, our strategic advantages are numerous: favorable geographic location, political stability, rich natural resources, and a population of nearly 100 million. These factors, when leveraged through partnerships with the U.S., can significantly enhance our market access, distribution channels, and, most importantly, allow us to tap into the U.S.’s absolute strengths in global influence and technology.
Success undoubtedly requires internal efforts, but external support can serve as an accelerator. The key is to harness external forces to amplify internal capabilities, combining relative advantages with absolute strengths to build substantial competitive power.
In business, small businesses partnering with other small businesses may only double their opportunities, but when small businesses align with larger players, they can achieve an exponential leap in competitiveness and capability.
Competing Through Technology and Management Science
Q: As you mentioned, while external support is valuable, internal capability remains crucial. What should Vietnamese entrepreneurs do to maximize self-reliance and resilience?
In my view, Vietnamese entrepreneurs, and Vietnamese people in general, are known for their resilience, perseverance, and ability to unite in times of hardship. However, when it comes to true self-reliance, there is still much to be addressed.
While awareness and aspirations among Vietnamese business leaders are high, the willingness to take bold risks for greater ambitions is still lacking. Many businesses still operate based on experience, confined within localized perspectives, and remain content with their current status quo.
Traditional village-based business mindsets, self-sufficient operations, and small-scale, informal business practices are no longer suitable in a globalized world. To compete on a global scale, businesses must embrace technological advancements and modern management practices. True leaders must think big and act strategically.
Key Principles for Entrepreneurial Success in the Modern Era:
- Business intelligence lies in strategic cooperation – leveraging competitive advantages, optimizing resources, and creating win-win partnerships.
- Avoiding conflicts and ensuring sustainable outcomes – a smart business creates mutual benefits rather than leaving behind negative consequences.
- Technology and management must go hand in hand – relying solely on technology without structured management is like walking on one leg. A true business must stand on two strong legs: management science and technological expertise.
From Personal Qualities to Entrepreneurial Impact
Q: You mentioned that in business, success is about creating win-win outcomes and avoiding negative consequences. In your opinion, what qualities must entrepreneurs possess in the digital era?
Character is not innate—it must be cultivated. Just as steel is tempered by fire and gold is tested in hardship, entrepreneurs must go through rigorous self-development to build their personal and professional stature.
A true entrepreneur is like a mighty tree—once it grows strong, it no longer needs constant nurturing but instead creates an ecosystem that benefits everything around it.
Three Core Entrepreneurial Qualities in the Digital Era:
- Deep Understanding Beyond Book Knowledge – Entrepreneurs must go beyond textbook theories to master real-world business dynamics and adaptability.
- Pioneering a Civilized Business Mindset – This includes the courage to abandon outdated practices, shedding localized, small-scale thinking in favor of globalized, knowledge-driven strategies.
- Creating Impact Beyond Individual Success – A great leader doesn’t just accumulate wealth but influences and uplifts others—whether employees, the business community, or society at large.
A nation’s greatness is built not just on individual success but on collective ambition and impact—just as the Pyramids and the Great Wall stand as testaments to civilizations that built for the future.
Entrepreneurs Must Uphold Ethics and Vision
Q: When faced with new opportunities, how should entrepreneurs harness their potential and maximize their advantages?
Everything must start from within. Entrepreneurs must go through challenges, but their ethical values must remain unwavering. Beyond legal frameworks, there are justice and ethics, and these must be upheld in all business dealings. Respect for natural and social harmony is crucial.
Five Key Entrepreneurial Mindsets for Success:
- Continuous Learning and Adaptation – Always seeking knowledge and innovation.
- Building Trust and a Clear Vision – Inspiring confidence in stakeholders.
- Creating an Environment for Growth – Empowering employees and fostering development.
- Leading Through Challenges and Innovation – Pioneering new business models and industries.
- Carrying a Broader Mission – Serving the community and creating shared value, rather than focusing solely on personal or family wealth.
The true essence of leadership is recognizing that success comes from surrounding oneself with people more talented than oneself—not just subordinates.
Q: If you could offer a single piece of advice to Vietnamese entrepreneurs, what would it be?
My advice is rooted in the principle of cause and effect, gained through years of experience and contemplation. I often share this succinct ten-word wisdom with entrepreneurs:
➡️ “Start from within / Value what you have / Need over want
➡️ Learn to act / Excel in small things / Think with clarity
➡️ Move toward the goal / Achieve results / Completion brings flow.”
In essence, entrepreneurs should take pride not in controlling others, but in assembling and leading people more capable than themselves.
Closing Remarks
Thank you for sharing your invaluable insights. We deeply appreciate this thought-provoking conversation.