Wednesday, October 16, 2019 1:34:59 PM - Markets open
VN-INDEX 994.38 +1.33/+0.13%
HNX-INDEX 105.95 -0.06/-0.05%
UPCOM-INDEX 56.49 -0.27/-0.48%
VN start-ups eyeing the world must have global mindset: forum
https://vietnamnews.vn/ - 8/10/2019 1:38:56 PM
 (0 ratings. You must sign in to rate.)
Vietnamese start-ups that wish to go global must have a “global mindset” and “decision-making power” and be willing to “take risks” to capitalise on the opportunities for success in the digital economy, experts have said.
 
Speaking at a recent forum in HCM City, Nguyễn Quang Trung, senior lecturer and discipline lead for the International Business Programme at RMIT University Việt Nam, said first and foremost global start-ups must be passionate about their adventure as “passion gives you vision and energy.”
 
“They must also have a strong international outlook and international entrepreneurial orientation, and proactively compete in the international market,” he told Việt Nam News.
 
In addition, they must be willing to take risks, he noted. “Risk gives you quicker education.”
 
There are four “C risks” in international business, according to the lecturer.
 
He listed them as commercial risk (weak partner, operational problem, poor execution of strategy), cross-cultural risk (cultural differences, negotiation patterns, decision-making styles, ethical practices), country risk (government intervention, protectionism and barriers to trade and investment, red tape, lack of legal safeguards for intellectual property rights, social and political unrest), and currency risk (currency exposure, asset valuation, foreign taxation, inflation and transfer pricing).
 
“The specific advantages of taking risks include learning faster than people who do not take risks, having a broader range of experience and being able to overcome or get around obstacles faster.”
 
Other things needed for global start-ups to be successful include strong people skills such as understanding and treating people well to help build the business and business reputation, according to Trung.
 
For start-ups that want to go global, the key is to leverage advanced information and communications technology.
 
“ICT allows you to process information efficiently as well as communicate with partners and customers worldwide at a much lower cost.” 
 
A global start-up is a venture launched to exploit a global niche from the first day of operations.
 
Start-up eco-system
 
Also speaking at the event, Dr Nguyễn Quân, chairman of the Việt Nam Automation Association (VAA) and a former minister of science and technology, said Việt Nam was emerging as a new start-up hub in the region.
 
Meanwhile, the Government targeted developing the country into a technology powerhouse, he said.
 
"One factor driving Việt Nam’s dynamic innovation eco-system is the country’s young and well-educated population, which is a low-cost yet tech-savvy talent," he said.
 
Global start-ups, especially those that lack experience, would face a lot of challenges, he said, explaining one of them is the conflict between mindsets due to cultural differences between Vietnamese and people in other countries.
 
To help start-ups go global, the Government has collaborated with global venture funds as part of a national programme to support an innovative start-up eco-system through 2025.
 
For example, the Korean Venture Investment Corp, in partnership with the Vietnamese Ministry of Science and Technology, has set up a joint venture fund to help Vietnamese start-ups explore the Korean market.
 
Besides ventures funds, Vietnamese start-ups can also receive support from incubators, mentors and accelerator programmes.
 
Under the national digital transformation plan, Việt Nam aims to emerge as one of the top four countries in ASEAN in terms of digitisation by 2025 with 80,000 digital technology companies.
 
Việt Nam is currently among the most dynamic start-up hubs in the world and its well-educated, young entrepreneurs are expected to improve the country’s position on the global start-up map.
 
There are no official statistics on start-ups in the country, but according to some regional tech sources, there are as many as 3,000 in the country, which makes it the third largest start-up eco-system in Southeast Asia.
 
The country jumped 12 places to 47th out of 127 economies on the World Intellectual Property Organisation’s 2017 Global Innovation Index, its highest ranking in the last 10 years.
 
In Southeast Asia, it is only behind two countries, Singapore and Malaysia.
 
Việt Nam has become one of the fastest growing economies in the world and has begun to change its role in the international economic order, experts said.
 
A large number of Vietnamese firms are joining the disruptive, innovative global digital economy, which is already estimated to be worth $11.5 trillion world-wide.
 
These firms can immediately start dealing with international customers and suppliers and, so, are born global.
 
Titled ‘Born Global: The Future of Việt Nam’s Digital Economy’, the forum was organised by RMIT University Việt Nam.
 
Nearly 100 business executives, policymakers and academics from around the country took part. — VNS
 
Read original article here
Newer News
14/10 Three more kinds of Vietnamese seafood exported to China
13/10 Economic zone draws investment from the manufacturing sector
11/10 Vietnam’s economic growth predicted to be higher than target
09/10 Vietnam up 10 places in Global Competitiveness Index
08/10 Rice export volume up but value falls
07/10 Vietnam continues to enjoy trade surplus with Israel
04/10 Rice exports bring home 2.24 billion USD in nine months
02/10 Energy efficiency important as VN power needs grow with economy: conference
02/10 Phones and components lead in January-September export turnover
30/09 GDP in first three quarters climbs to 9-year high
Older News
08/08 China's prolonged falling yuan may harm Việt Nam's trade
07/08 Vietnam investigates anti-dumping on imported plastic products
06/08 Tuna exports to Italy shoot up 60 percent in H1
05/08 28 items see import value of over 1 billion USD in seven months
04/08 Labour-related difficulties lie ahead for Vietnamese textile firms
31/07 Việt Nam’s new FTA with EU a “role model” for ASEAN members
29/07 Vietnam, Russia’s Primorye region step up economic cooperation
28/07 Exporting firms should focus on intellectual property
25/07 Vietnam up three spots in global innovation index
24/07 Vietnam exports 2.24 billion USD worth of steel and iron in H1
 
Newsletter Signup
Top Stories
Prices of Grade A office space rise due to low supply
VN stocks to beat 1,000 points in Q4
Consumer price index to be controlled at low level of 3.3-3.5% in 2019
Crude import tax zeroed in November
VN central bank makes first key rate cut since 2017
Market Update
Last updated at 1:55:01 PM
VN-INDEX 994.38 +1.33/+0.13%
Real-time chart
Top 5 Actives
Top 5 Gainers
Top 5 Losers
My Favorite Quotes
Your most recently viewed tickers will automatically show up here if you type a ticker in the Get Quotes box on the top of the page.
Company Research
Type in the symbol above for thorough background information, key statistics and financial information.
Stock Sectors
We continuously improve our services, here are the latest updates...
Portfolio
Allow you to monitor a customised group of securities. You can set up multiple Portfolios to help you better manage your investments.
Trigger Alerts
Get up-to-date alerts delivered directly to your email address.
Stock Screener
Allow you to filter the market and find exactly what sort of company you are looking for.
Live Terminal
Get instant access to FREE REAL-TIME streaming quotes for hundreds of stocks from HOSE, HNX and UPCOM exchanges.