Introduction
The Vietnamese business community is witnessing a strong trend of multidisciplinary linkages, particularly among medium, small, and micro-sized enterprises. These linkages have resulted in the establishment of numerous multidisciplinary business communities that connect manufacturing enterprises, service providers, and consumer partners. As a result, the trade situation and growth rate of member businesses have been significantly promoted. This article explores the benefits and challenges of this trend and highlights the importance of coordination among various stakeholders to encourage and enhance business linkage activities in Vietnam. The Trend of Multidisciplinary Linkages in the Vietnamese Business Community
The Benefits of Multidisciplinary Linkages
Multidisciplinary linkages have become increasingly popular in the modern economy due to the numerous benefits they offer to participating parties. Dr. Cao Dinh Kien, from the Faculty of Business Administration at the Foreign Trade University, emphasizes the importance of business partnerships in expanding the scope and scale of operations, reducing costs, and increasing competitiveness. In Vietnam, the State has introduced policies to encourage multi-sector economic development and facilitate international economic integration. These policies create potential and opportunities for businesses to leverage business association activities and enhance their competitiveness.
Challenges and Opportunities for Small and Medium-Sized Enterprises
While many business links have been formed in Vietnam, there is still a lack of initiative from participating entities, especially small and medium-sized enterprises (SMEs) who stand to benefit the most from these activities. Business associations in Vietnam have primarily focused on horizontal and cluster linkages within specific industries, such as craft villages or associations. Large enterprises often associate with smaller ones through leasing or contracting for non-core business activities. However, the rate of conducting business linkages for core business activities or participation in the global value chain is relatively low.
The spontaneity and lack of standardized production processes and quality in the Vietnamese economy pose challenges for large enterprises or foreign entities to trust and engage in long-term cooperation. To address these challenges and encourage business linkage activities, coordination is required among the State, industry organizations, and economic entities. Functional branches should create a favorable legal framework and establish appropriate institutions and policies to support different types of businesses. Professional organizations in all economic fields must play a role in communication, organizing seminars related to business association activities, and facilitating connections between businesses to develop value chains both domestically and internationally.
The Role of Economic Entities and Businesses
Economic entities and businesses, including both enterprises and business households, play a crucial role in the formation and operation of economic links. They must be conscious of change, seek self-improvement, and proactively participate in the process of business linkages and value chain formation. To promote socio-economic benefits from business links, economic entities must actively seek opportunities for cooperation and address difficulties within the value chain. Only through such proactive engagement can new business links operate most effectively in the market.
Conclusion
The trend of multidisciplinary linkages in the Vietnamese business community presents significant opportunities for growth and development. By fostering collaboration between manufacturing enterprises, service providers, and consumer partners, trade situations and growth rates can be improved. However, to fully realize the potential of business linkages, there is a need for coordination from the State, industry organizations, and economic entities. Through the creation of a favorable legal framework, the establishment of appropriate institutions, and the active participation of businesses, Vietnam can enhance its competitiveness and successfully integrate into the global economy.
