VCCI Fostering Innovation and Embracing New Opportunities

“It is imperative that we stay mindful of VCCI’s mission, which is not only to accompany and support businesses in overcoming challenges but also to play a pivotal role in achieving the country’s economic development objectives. Our collective goal and aspiration is to transform Vietnam into a developed, high-income nation by 2045. The year 2024 is forecast to be challenging, yet it presents an opportunity for VCCI to innovate and grow, thereby enhancing its position and role within the business community and society at large.”

VCCI has initiated many awards, including the “Outstanding Vietnamese Entrepreneurs,” “Golden Rose” for women entrepreneurs, and “CSI” honoring most sustainable businesses. The photo features Prime Minister Pham Minh Chinh honoring the top 10 Outstanding Vietnamese Entrepreneurs of 2022

This assertive statement was delivered by VCCI President Pham Tan Cong at the conference that evaluated VCCI’s performance in 2023 and outlined its planned activities for 2024. Over 61 years of development (April 27, 1963 - April 27, 2024), VCCI has evolved from a modest beginning with 93 members to a robust organization with a comprehensive nationwide membership network. This network consists of over 200 business associations and more than 200,000 businesses across all fields, industries and economic sectors.

Embarking on new missions

On March 14, 1963, a congress was convened for the establishment of the Chamber of Commerce of the Democratic Republic of Vietnam, an entity primarily engaged in import and export activities. Subsequently, on April 27, 1963, Prime Minister Pham Van Dong, representing the Government Council, ratified the Charter of the Chamber of Commerce of the Democratic Republic of Vietnam through Decision 58-CP. This marked the official formation of what is now known as the Vietnam Chamber of Commerce and Industry (VCCI). From that moment, VCCI embarked on its mission to accompany the country’s development, economy and business community. This journey, spanning over six decades, has been instrumental in shaping the economic landscape of Vietnam.

From its establishment until the national reunification in 1975, the activities of the chamber were intricately linked to the country’s wartime requirements and tasks. The advent of the “renovation” period in 1986 marked a significant turning point for VCCI’s operations. VCCI’s proactive implementation of the renovation policy played a crucial role in disseminating Vietnam’s Investment Law and reform policies abroad, thereby fostering trade exchanges and investment cooperation between Vietnam and the global community.

VCCI has hosted or participated in many significant and prestigious economic and business policy dialogue forums, such as the Prime Minister’s annual meetings with businesses, the Vietnam Business Forum (VBF), the APEC Business Summit, the Vietnam Business Summit, the ASEAN-EU Business Summit, and various ASEAN events

In 1993, acknowledging the escalating importance and role of VCCI in the construction of a socialist-oriented market economy, the Government granted VCCI the status of an independent agency and permitted it to conduct the Second National Congress. VCCI was entrusted with the additional responsibility of representing the burgeoning business community in Vietnam. During this period, VCCI not only supported and propelled the growth of the business community but also provided counsel on policies and guidelines related to international economic integration. Furthermore, it advocated and facilitated international negotiations on Vietnam’s accession to the WTO and trade agreements with other nations.

Upon the request of VCCI and various business associations, Prime Minister Phan Van Khai, on September 20, 2004, enacted a decision to designate October 13 as Vietnamese Entrepreneurs’ Day. This initiative was aimed at fostering the development of Vietnamese entrepreneurs. In 2011, the VCCI Party Committee, entrusted by the Politburo, took the lead in formulating a project that led to the promulgation of Resolution 09-NQ/TW. This resolution, titled “Building and Promoting the Role of Vietnamese Entrepreneurs in the Period of Accelerating Industrialization, Modernization and International Integration,” was the first document of the Party and State on entrepreneurs.

The VCCI-initiated Provincial Competitiveness Index (PCI) is a key catalyst for Vietnam’s economic reform, enhancing provincial economic governance and bolstering investment and growth

In recent years, VCCI has undertaken research and published the Provincial Competitiveness Index (PCI), providing supportive consultation to localities on its improvement. VCCI has been the host of numerous significant and prestigious economic and business policy dialogue forums in Vietnam. These include the Prime Minister’s annual meetings with businesses, the Vietnam Business Forum (VBF), the APEC Business Summit, the Vietnam Business Summit, the ASEAN-EU Business Summit, ASEAN BIS, ASEAN BAC, and business forums with leading CEOs, heads of state, and cabinet leaders of other countries.

To guide and honor entrepreneurs and businesses, VCCI has launched several awards such as the “Outstanding Vietnamese Entrepreneurs” Award, the “Golden Rose” Award for women entrepreneurs, the “Sustainable Business CSI” Award, among other prestigious recognitions.

VCCI President Pham Tan Cong said: “In alignment with the national development path outlined by the 13th National Party Congress, the 7th VCCI National Congress, convened in December 2021, ushered VCCI into a new phase of development. Our vision and mission are to build a ‘Strong Business Community - Thriving Nation.’ This vision aligns with the country’s new phase, which is to strive to achieve the goal and aspiration of transforming Vietnam into a developed, high-income country by 2045.”

The Congress endorsed the renaming of VCCI, transitioning from its Vietnamese name “Phòng Thương mại và Công nghiệp Việt Nam’ to ‘Liên đoàn Thương mại và Công nghiệp Việt Nam”, while retaining the English name. The Congress also adopted six pivotal tasks and three strategic breakthroughs aimed at fostering the growth of enterprises and the business community, and fortifying, expanding and enhancing the capacity and role of VCCI.

The three strategic breakthroughs include: Facilitating the construction of an enabling business environment; pioneering in building the Vietnamese business culture; and accelerating digital transformation in businesses.

VCCI is committed to upholding its traditional activities while simultaneously reforming and developing new operational content and methods to deliver superior quality and outcomes. Significantly, on October 10, 2023, the Party Central Executive Committee issued Resolution 41-NQ/TW of the Politburo, focusing on building and promoting the role of Vietnamese entrepreneurs in the new era. As part of its sixth group of tasks, Resolution 41 advocates for upholding the role of VCCI and business representative bodies.

The Vietnam Leading Business Council, established by the Executive Committee of VCCI, is entrusted with the mandate to foster leading Vietnamese businesses as the foundation for a robust business community and a prosperous nation 

Embracing new opportunities

As said by President Cong, the year 2024 is viewed as a critical milestone for the implementation of the resolutions of the seventh VCCI Congress. Beyond its annual programs and activities, VCCI is set to undertake additional significant tasks. Primarily, VCCI will execute a comprehensive enactment of Resolution 41-NQ/TW, aimed at building and promoting the role of Vietnamese entrepreneurs in the new era. This enactment will not be confined to the VCCI system but will permeate the entire society. In collaboration with the Central Economic Committee and other central and local agencies, VCCI is committed to successfully realizing this resolution.

Simultaneously, VCCI is resolved to reform its membership development, a significant concern for the entire system that necessitates insightful research, careful consideration and a unified approach for consistent implementation. Furthermore, VCCI plans to expand its working platforms and facilities.

VCCI’s Program on Benchmarking and Announcing Sustainable Businesses (CSI), functions as an instrumental resource for enterprises seeking to incorporate sustainable practices into their corporate governance framework, underscoring the commitment to fostering a sustainable business environment in Vietnam

Additionally, VCCI will concentrate on a program that fosters coordination with the Central Commission of Propaganda and Education, the Ministry of Information and Communications, and the Vietnam Journalists Association. The objective is to cultivate a favorable press and media environment and augment support for the development of entrepreneurs and enterprises. The enhancement of entrepreneurship in society becomes even more crucial in the year 2024.

Of particular note, VCCI will focus on vigorously stimulating the construction of business ethics and business culture. This major strategy will be carried out not only in the 7th term but will continue to be a focus in many subsequent terms, years and generations.

Furthermore, VCCI will maintain its emphasis on international activities. With the advent of new trade agreements, fresh opportunities are emerging. In 2024, it is incumbent upon VCCI to promote and leverage these potential advantages. Aligning with the Party and State’s foreign policy, VCCI will enable the Vietnamese entrepreneur and business communities to broaden their investment and business cooperation with key markets.

Foreign affairs in 2024 will not only combine trade and investment promotion, but VCCI must also embark on the important task of training and nurturing Vietnamese entrepreneurs. This commitment is not only a mandate from VCCI but also a responsibility assigned to it by the Politburo in Resolution 41. As per the resolution, VCCI is tasked with participating in the training of entrepreneurs and senior executives for businesses, prioritizing large firms in particular.

Consequently, new spaces, areas and opportunities are unfolding for VCCI. However, as VCCI President Pham Tan Cong pointed out, these opportunities come with substantial challenges. It requires VCCI to stand united, resolute and cohesive to fully harness their abilities and intellect, and to build and develop VCCI to attain an increasingly significant position and role in the business community and society at large.

By Anh Mai, Vietnam Business Forum