Vietnam market is becoming more volatile and stronger. In the complex economic context, if Vietnamese enterprises want to survive and develop, they need to focus on the conditions for sustainable development in the following criteria:

#1 Clearly Define Your Business Goals.

When investing in a certain field, the first thing that businesses think about is profit, revenue and time to recover investment capital. Therefore, businesses will understand that, for sustainable development, they need to determine what to invest and what should not be invested to achieve the highest efficiency.

The determination of the investment sector or investment decision belongs to the responsibility of the enterprise that the Government cannot control.

The government can support businesses in this situation by providing an unified legal system without discrimination or prioritizing access to resources to achieve the goals of enterprises.

#2 Build An Effective Enterprise Management System To Help Businesses Develop Sustainably And Release Labor For The Leadership Team.

In order to compete with foreign enterprises, domestic ones need to have high productivity of workers and high profitability compared to revenue. In contrast, businesses with low productivity and low profit margins will be hard to sustain.

In Vietnam today, about 90% of private manufacturing enterprises are established and developed by people with technical and professional qualifications. Under the leadership of business leaders from tradesmen, these businesses will "quickly" develop and expand production in the first phase.

However, when the scale of enterprises is expanded, the leaders cannot control the business activities because of the lack of business management skills. This shows that, in order to help businesses develop sustainably, leaders need not only to understand technical expertise but also to master business management skills and practice flexibly those skills.

 

#3 Building And Maintaining Corporate Culture, Considering Corporate Culture The Core And Development Platform.

Corporate culture should be understood as a practical problem, the root of each enterprise instead of a theoretical issue. A business that loses its strategy can do it again, lose skills can retrain and lose talents who can be recruited but losing the culture will lose the brand forever.

#4 Care About Your Brand And Always Protect Your Brand.

Enterprises that want to stand firm in the economy and develop sustainably need to pay attention to their product brand. Brand is an invisible value but it contributes largely to creating profit and value for businesses. Enterprises, regardless of their size, must pay attention to developing and protecting product brands if they want their businesses to develop sustainably.

#5 Continuous Innovation And Creativity For Sustainable Development.

Innovation and creativity are vital for businesses in the context of world economic integration and especially in the current wave of technology revolution 4.0.

Innovation and creativity for businesses is not only about creating new products and new technologies, but also changing the mode of exchange between businesses and customers, how to care for customers or simply changes in the way employees communicate with each other.