HANOI: It is time for Vietnam to shift from its long-standing approach of attracting foreign direct investment (FDI) at all costs towards a more selective strategy focused on technology, innovation, green development, value creation and stronger linkages with domestic enterprises, experts say.
According to Associate Prof Dr Hoang Van Cuong, vice-chairman of the Vietnam Association of Economic Science, Vietnamese enterprises themselves cannot remain outside the process if the country wants to build stronger and more substantive connections with the FDI sector.
He said that domestic firms must proactively improve corporate governance, technological capabilities and workforce quality in order to participate more deeply in global supply chains.
“Vietnamese enterprises cannot enter the supply chains of multinational corporations unless they meet required standards,” Cuong said.
In reality, weak internal capacity remains a major bottleneck for domestic businesses. — Viet Nam News/ANN
