Starting a business is not easy, and starting a successful one is even harder, and it is not enough to simply have a good idea and passion, but involves many other factors, according to experts. Start-ups have been a hot trend in Viet Nam in recent years, with a search for “khoi nghiep” (start-up) on Google throwing up 79.8 million results in 0.34 seconds. “Starting a business is never easy, and nine out of 10 start-ups close or declare bankruptcy in one to three years,” Hang Nhat Quang, director of the HCM City branch of the Institute of Startup Success, said. “Typically, start-up failures are not because they are lazy or have poor business ideas, but most of them fail because of lack of business knowledge and strategies. “Business strategy planning is the identification of the key long-term goals of the business. From that, choose the mode of action and allocate essential resources to achieve those goals." The theory is simple, but the actual … [Read more...] about Strategy, a decisive factor in start-ups’ success, say experts
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Strategy, a decisive factor in start ups’ success, but often overlooked, say experts
A start-up team introduces a smart system that turns saltwater into drinking water at a recent start-up contest in HCM City. - VNS Photo Xuan Huong Start-ups have been a hot trend in Vietnam in recent years, with a search for “khởi nghiệp” (start-up) on Google throwing up 79.8 million results in 0.34 seconds. “Starting a business is never easy, and nine out of 10 start-ups close or declare bankruptcy in one to three years,” Hang Nhat Quang, director of the HCM City branch of the Institute of Start-up Success, said. “Typically, start-up failures are not because they are lazy or have poor business ideas, but most of them fail because of lack of business knowledge and strategies. “Business strategy planning is the identification of the key long-term goals of the business. From that, choose the mode of action and allocate essential resources to achieve those goals." The theory is simple, but the actual implementation is anything but (not … [Read more...] about Strategy, a decisive factor in start ups’ success, but often overlooked, say experts
Time to act for the future of ASEAN
PwC Vietnam's general director shared her expert views with the audience at the Vietnam, Business Summit 2018 Growth in ASEAN David Wijeratne Last year marked the 50th anniversary of the Association of Southeast Asian Nations (ASEAN), a unique achievement considering the regional conflicts and poverty which characterised the region in the first half of the 20th century. The ASEAN’s remarkable growth journey to become the world’s sixth-largest economy has been powered by its people, with the establishment of a formidable labour force and the subsequent creation of a wealthier middle class which has driven domestic consumption. Challenges to ASEAN’s growth However, against this backdrop, questions have been raised about the sustainability of the ASEAN growth story. Global economic growth has slowed in recent years and this has impacted all markets across the ASEAN. GDP growth in Singapore (or the developed ASEAN) dropped below the global average to 2.0 per … [Read more...] about Time to act for the future of ASEAN
BUSINESS NEWS IN BRIEF 31/8
Mitsubishi plans to make electric cars in Viet Nam Japan’s Mitsubishi Corporation plans to invest in an electric automobile manufacturing factory in Viet Nam, said Executive Vice President Hiroshi Sakuma during a meeting with Vietnamese Deputy Prime Minister Vuong Dinh Hue in Ha Noi on Wednesday. At the meeting, Sakuma said his firm was evaluating the feasibility of the project and look forward to new regulations on environmental protection taxes to promote investment in the country. Hue said Viet Nam’s National Assembly would soon discuss and pass the Law on Environmental Protection Tax. There would be incentives commensurate with environmentally friendly products. The Mitsubishi Corporation is currently investing in two BOT (Build-Operate-Transfer) projects in Viet Nam, namely the Vung Ang 2 Thermal Power Plant (1,200 MW) and Vinh Tan 3 (1,980 MW) Power Plant. The corporation and Viet Nam’s Ministry of Industry and Trade signed an investment … [Read more...] about BUSINESS NEWS IN BRIEF 31/8
Food safety investment to boost agricultural exports
Improving the food safety of products like poultry, fruits, and vegetables is said to be the key to unlock new market opportunities, increasing the income of local farmers, food producers, and exporters, as well as helping Vietnam achieve its agricultural export turnover target of $40 billion in 2018. Over the next three years, IFC, a member of the World Bank Group, in partnership with New Zealand, will build awareness for increased food safety standards and deliver customised training programmes to about 1,000 smallholder farmers based on the basic level of GLOBAL G.A.P. requirements and other relevant standards. This project will also provide a more intensive package of support to a maximum of 20 smallholder farmers, helping them acquire the GLOBALG.A.P. certification—an internationally recognised set of farm standards dedicated to Good Agricultural Practices (GAP)—or equivalent standards. It will also find opportunities to connect the trained farmers with potential … [Read more...] about Food safety investment to boost agricultural exports