External impacts have shifted from indirect to direct, significantly affecting business operations. According to Phan Minh Thong, Chairman of Phuc Sinh Group, although geopolitical fluctuations in the past were often short-lived, they are now more prolonged and complex, making it difficult for export-oriented enterprises to adjust pre-signed plans.
For Phuc Sinh Group, the Middle East once accounted for around 10–11% of export turnover. However, due to disruptions in maritime transport as shipping lines have reduced or suspended routes, the company has had to redirect to other markets in Asia, Europe, and North America to maintain orders. According to Thong, significant pressure also comes from domestic transport, where logistics costs in some areas have risen by more than 50% due to fuel price fluctuations and localised transport disruptions. This has directly increased production costs and reduced the competitiveness of Vietnamese goods.
In this context, the Government’s regulatory role has become particularly important. According to Vo Tan Thanh, measures such as regulating fuel prices, reducing fuel taxes, controlling inflation, and supporting macroeconomic stability have been implemented proactively, flexibly, and in a timely manner, helping to ease input cost pressures and enable businesses to sustain production. However, as geopolitical tensions remain unresolved and the risk of supply chain disruption persists, these are largely short-term, situational solutions.
In the long term, businesses cannot rely solely on external factors but must proactively restructure to adapt — shifting from outsourcing to innovation and value ownership; from a domestic-market mindset to a global orientation; and from rapid growth to sustainable development.
In the long term, businesses cannot rely solely on external factors but must proactively restructure to adapt — shifting from outsourcing to innovation and value ownership; from a domestic-market mindset to a global orientation; and from rapid growth to sustainable development.
Vo Tan Thanh, Vice President of the Viet Nam Chamber of Commerce and Industry
However, according to economic experts, this transformation is facing multiple internal bottlenecks. Up to 97% of Vietnamese enterprises are small or micro-small, with limited financial capacity, low technological levels, and labour productivity that falls below regional standards. In addition, there remains a shortage of high-quality human resources, particularly in technology and modern management. Weak linkages among domestic enterprises also hinder the formation of strong industry clusters and ecosystems capable of deeper integration into global value chains.
These issues not only slow down efforts to enhance competitiveness but also leave businesses vulnerable to external shocks. If not addressed promptly, they will pose significant barriers to long-term sustainable development for enterprises and to the broader goal of achieving double-digit economic growth.
To proactively adapt to global fluctuations, enterprises themselves must strengthen internal capacity, diversify markets, and focus on efficiency, adaptability, and long-term development. Specifically, they should effectively leverage opportunities arising from digital transformation, green transition, artificial intelligence, and new-generation free trade agreements (FTAs) to enhance competitiveness.
Rather than viewing these as cost burdens, businesses should integrate them into their development strategies to meet increasingly stringent international standards, improve resource efficiency, optimise processes, reduce costs, and enhance responsiveness to change.
