Innovation and creativity are not only the lifeblood of enterprises but also the driving force for Vietnam’s economic growth and help turn the country into a “new Asian tiger,” heard a seminar in Ho Chi Minh City on Friday.

Asian tigersindicate major economic powerhouses in Asia.

The seminar “Innovate to Thrive in the New Era,” jointly held by the Ho Chi Minh City Department of Industry and Trade, Tuoi Tre (Youth) newspaper and the Vietnam Chief Sales & Marketing Officers Club (CSMO), attracted more than 300 experts, representatives of enterprises, brands and start-ups, as well as young people interested in innovation and branding, marking five years of the Ho Chi Minh City Brand Awards. 

Speaking at the event, deputy director of the municipal Department of Industry and Trade Nguyen Thi Kim Ngoc said the five editions of the Ho Chi Minh City Brand Awards had brought many values to the local business community.

The award has contributed to honoring outstanding brands and cementing the position of Ho Chi Minh City enterprises in the context of integration.

Enterprises have thereby improved brand values and fostered innovation and sustainability.

The seminar was a part of the fifth Ho Chi Minh City Brand Awards and kicked off the third season of the “Accompanying Brands: Walk & Talk” program in 2025. 

Nguyen Thi Kim Ngoc, deputy director of the Ho Chi Minh City Department of Industry and Trade. Photo: Quang Dinh / Tuoi Tre

Strong brands key to sustainable competition

Le The Chu, Editor-in-Chief of Tuoi Tre newspaper, said Ho Chi Minh City was undergoing a strong transformation, heading towards sustainable development and deep integration into the regional and global economy. 

Innovation is not only the application of new technology but also changes in business mindset and models and the willingness to try new ideas.

Chu spoke highly of enterprises’ shiift from traditional to multi-channel models, combining sales at brick-and-mortar shops and online sales, providing convenience to customers. 

Le The Chu, Editor-in-Chief of Tuoi Tre (Youth) newspaper. Photo: Quang Dinh / Tuoi Tre

Many enterprises have applied advanced technology, automated production, optimized processes and used environmentally-friendly materials.

Chu emphasized that the application of Internet of Things, artificial intelligence and Big Data has opened up many opportunities in optimizing production, forecasting market demands, personalizing products, and branding for sustainable competition. 

He affirmed the role of Tuoi Tre newspaper in spreading the spirit of innovation and creativity by introducing successful business models, sharing experiences, and reporting enterprises’ challenges during their innovation. 

The newspaper will organize many events, seminars, and competitions in the upcoming years, Chu informed, adding that with its efforts, Tuoi Tre expected to help spread the innovation spirit and boost the local socio-economic development.

Guests visit booths at the seminar in Ho Chi Minh City on January 3, 2025. Photo: Quang Dinh / Tuoi Tre

Vietnam expected to be “new Asian tiger”

Over the past 25 years, Vietnam has achieved impressive economic achievements with a high GDP growth and a significant reduction in poverty. 

Sam Korsmoe, the author of the “Vietnam: Asia’s Rising Star” book, said he and his partners had studied the driving forces of Vietnam’s development and forecast the country’s prospects in the future. 

He added that many people, including Vietnamese, have not clearly understood these driving forces. 

Vietnam can learn from Taiwan and South Korea to become the next tiger in Asia.

Korsmoe and his partners developed six criteria, namely exports, industrialization, specialization, markets, leadership, and innovation, for “Asian tigers”.

Vietnam currently meets most of the criteria but needs to improve its industrialization.

Korsmoe noted that infrastructure and policy development are vital to foster industrialization, in addition to innovation, which is the application of technology and digital techniques in the economy.

He pointed out eight major motivations for Vietnam’s development with the China+1 strategy, which is the business strategy to avoid investing only in China and diversify business into other countries, being a highlight.

He highly evaluated Vietnam’s large population of over 100 million people, including a high number of young laborers, and the important role of women in the economy, adding that the strong development of the Internet, diverse natural resources, and the China-U.S. trade war will create many opportunities for the Southeast Asian country.

Sam Korsmoe, an economic expert on Vietnam’s economy, shares his perceptions of Vietnam’s robust development in the global market. Photo: Quang Dinh / Tuoi Tre

He also stressed the role of large cities, such as Ho Chi Minh City, Hanoi, and Can Tho, in leading the country’s growth.

These cities need to further intensify innovation and develop events, cuisine and film industry to become a world-class destination.

“We need to think big, dream big and realize [the dreams] persistently,” Korsmoe emphasized, recommending Ho Chi Minh City become a venue for international events like large shows.

Thinking big means investing in future human resources, building global brands and promoting Vietnamese culture on the global market while identifying risks to develop sustainably.

Korsmoe also warned that Vietnam might face great challenges in avoiding the middle-income trap. The country should invest in education, improve infrastructure and reform policies to maintain sustainable development.

“If taking advantage of opportunities well, Vietnam will not only be an emerging star but may become a leading star in Asia,” Korsmoe affirmed.

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