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Top 10 Ways to Devise New Strategies for the New Year (2025) in Vietnam

December 27, 2024 09:00

Top 10 Ways to Devise New Strategies for the New Year (2025) in Vietnam

This is the second part of a two-part series focusing on how businesses in Vietnam can thrive in 2025. In the first part, we explored the top 10 business trends expected in the coming year. Now, we’ll outline strategic approaches companies can adopt to leverage these trends and stay ahead of the competition.

1. Embrace Digital Transformation

With Vietnam's digital economy expected to contribute significantly to GDP, businesses should focus on enhancing their digital capabilities. This includes adopting cloud computing, artificial intelligence, and big data analytics to improve efficiency, customer engagement, and decision-making. Companies that invest in technology and cybersecurity can gain a competitive edge in the increasingly digitised market.

2. Adopt a Green Strategy

As Vietnam accelerates its sustainability efforts, companies should align their strategies with green initiatives. This can include reducing carbon footprints, participating in the upcoming carbon trading market, or investing in renewable energy. Businesses that adopt sustainable practices may also benefit from government incentives and enhanced brand reputation.

3. Leverage E-Commerce Platforms

With Vietnam’s e-commerce market projected to reach $39 billion by 2025, businesses should focus on omnichannel strategies that integrate both online and offline sales. Consider optimising supply chains and logistics to improve delivery times and customer satisfaction. Establishing a strong presence on popular e-commerce platforms like Shopee and Lazada can drive significant sales growth

4. Invest in Employee Upskilling and Development

As the demand for skilled labour increases, companies should invest in employee training and development programs. Providing opportunities for workers to upskill in areas such as digital marketing, IT, and engineering will not only improve workforce quality but also enhance employee retention rates in a competitive job market.

5. Enhance Financial Services through Digital Solutions

The financial services sector is rapidly evolving with increased digital banking adoption. Businesses in this sector should focus on launching new digital products, such as e-wallets and mobile banking apps, to cater to the rising demand for cashless transactions. Collaborating with fintech companies to enhance digital payment options can also open new revenue streams.

6. Develop Strategic Regional Partnerships

With Vietnam strengthening economic ties within ASEAN and with countries like South Korea, businesses should explore joint ventures and collaborations with regional partners. This will enable access to new markets and shared resources, driving growth and innovation.

7. Capitalise on Infrastructure Improvements

The expansion of infrastructure and logistics networks presents opportunities for companies to optimise their supply chains. Businesses should consider expanding operations to newly developed regions or enhancing distribution networks to tap into these improvements, reducing costs and improving service levels.

8. Revaluate Manufacturing Strategies

As Vietnam transitions towards high-value manufacturing, businesses should invest in advanced manufacturing technologies like robotics and automation. Embracing Industry 4.0 concepts will allow companies to improve production efficiency, reduce costs, and stay competitive in the global supply chain.

9. Focus on Customer-Centric Strategies

Understanding evolving consumer behaviour is key to staying relevant. Businesses should leverage customer data to create personalised experiences and tailor their products or services accordingly. Implementing customer feedback loops and improving customer service through chatbots and AI can significantly enhance brand loyalty and satisfaction.

10. Prepare for Changes in Policy and Regulation

Staying informed about upcoming regulatory changes is crucial. This includes understanding new tax policies, trade agreements, and labour regulations. Companies should work closely with local advisors to anticipate these changes and adjust their strategies accordingly, ensuring compliance and minimising disruptions.

By implementing these strategies, businesses can position themselves for success and capitalise on the dynamic opportunities that Vietnam’s market will present in 2025.

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