Vietnam CEO Forum 2024: Leaders Seek New Growth Drivers
Ho Chi Minh City, The Gulf Observer: Over a thousand Vietnamese business leaders and experts gathered on August 22 for the 12th Vietnam CEO Forum, where they engaged in in-depth discussions on identifying new drivers for sustainable national growth. The forum, organized by the HCM City Young Business Association (YBA) under the theme “Renovation or Innovation: What Truly Drives Sustainable Growth,” provided a platform for CEOs, experts, and policymakers to explore strategies for promoting business development in an era marked by rapid economic changes.
Lê Trí Thông, chairman of YBA and CEO of Phú Nhuận Jewelry JSC (PNJ), highlighted the challenges that Vietnam faces as it navigates the “middle-income trap,” a common obstacle for developing countries that have experienced rapid growth driven by cheap labor, abundant resources, and favorable investment policies. Thông emphasized the need for Vietnamese businesses to adopt sustainable growth models that prioritize innovation, warning that merely following traditional development paths could limit their potential.
“With the rapid advancement of technology and artificial intelligence, businesses now have unprecedented opportunities to achieve significant breakthroughs,” Thông stated. He noted that the emergence of multiple promising growth models in 2024 signifies a critical turning point for the economy, where businesses must decide whether to focus on renovation—extending existing development paths—or innovation, which involves exploring new avenues for growth.
The forum also underscored the impact of generational shifts in business management. Thông pointed out that younger managers, particularly those born in the 2000s, are bringing fresh perspectives and new approaches to company operations, which are essential for adapting to the evolving business landscape.
Vinamilk’s Marketing Executive Director, Nguyễn Quang Trí, shared insights into his company’s recent efforts to innovate by changing its brand identity and packaging in 2023. He described this move as a significant step that sets the foundation for future growth, illustrating how innovation can drive long-term success.
Nguyễn Thị Kim Ngọc, Deputy Director of the HCM City Department of Industry and Trade, expressed the city’s expectations for business leaders to develop effective and groundbreaking solutions that contribute to the broader economic development of Ho Chi Minh City. She urged the forum’s organizers to compile and relay the insights and proposals shared by the business leaders to inform the city’s policies on innovation and smart urban development.
The Vietnam CEO Forum 2024 continues its collaboration with InnoEx, an annual international event dedicated to promoting innovation and growth within the Vietnamese business community and the broader ASEAN region. This partnership is expected to further strengthen the focus on sustainable business practices and technological advancements as key drivers of economic progress in Vietnam.
