LQT Talk #03: The Correlation Between Economic Development and Business Diversity

On 11ᵗʰ November, 2023, journalist Nguyen Huu Phuc Tien – Researcher, Director of Hop Diem Education Company participated in sharing at the LQT Talk #03 event of the WSU-LQT BBUS program, bringing students interesting perspectives on the history of the formation and development of Saigon (now Ho Chi Minh City), along with business stories associated with this process.

“UNIQUE” ADVANTAGES IN HCM CITY

A large river system covers: With a river system and the Vam Co Dong River, Ho Chi Minh City is not only facilitated for trade development with special economic opportunities. Saigon Port has become an important connection point for the import and export of goods, contributing significantly to the prosperity of the past and present economy.

According to journalist Nguyen Huu Phuc Tien, the division in the inner city culture unintentionally creates a bustling business industry. It is easy to see that in the Cho Lon area (District 5), traders will focus on seasonal products, along with that, cuisine with typical Chinese flavors creates a strong impression for this area.

Mr. Tien shared at the LQT Talk, geographical location is the key to opening the door to business development. Easy access to seaports and neighboring areas has created favorable conditions for the development of many types of businesses.

The principle of “Business thrives with partners, trade flourishes with guilds”

This principle is not only a folk proverb, but also a widely applied business rule. During the LQT Talk, Mr. Tien said that the close business relationship between enterprises and the community creates a positive commercial environment, creating many choices in the same industry for consumers.

Along with the development of large companies, many small and medium-sized enterprises’ supporting manufacturing companies (in charge of raw material production/raw material supply) are also recording strong growth. It can be seen that the development of an industry often goes hand in hand with the development of supporting enterprises, creating a strong value chain in the economy.

03 BUSINESS ADVICE FROM JOURNALIST NGUYEN HUU PHUC TIEN IN LQT TALK

From the economic development journey of this land, Mr. Tien distills key lessons as thoughtful guidance for young, business-minded individuals driven by passion and ambition. Researcher Nguyen Huu Phuc Tien shared in the LQT Talk:

1. Choose a geographic location intentionally

Geographic location can determine the success of a business. Most business owners will take advantage of the location of their stores to attract target customers.

Location is also related to the level of competition in the industry. Mr. Tien said that a good location helps businesses reduce competition from surrounding competitors while increasing brand recognition in the region.

2. Enlarge language skills 

Foreign languages ​​are a cultural experience that needs to be invested in when becoming an entrepreneur, expanding opportunities and developing important skills for success in today’s world. Multilingual skills help expand foreign relations, create new business opportunities with international markets, and expand the network of partners/customers.

Many businesses and organizations today appreciate employees who can use multiple languages. Knowing more languages ​​can open up new career opportunities and increase competitiveness in the labor market.

3. Observe and create from existing ideas

Business ideas can come from familiar things around us. At the LQT Talk, he emphasized that ideas do not need to be too far away, paying attention to observation and creating from existing things is the key to a developing business.

Summative Insights

Ho Chi Minh City is a symbol of innovation and development. In order to develop a business career and start a business in this land, entrepreneurs need to cultivate more knowledge about soft skills, culture, and foreign languages.

Through the business principles applied from the past to the present by small traders shared at the LQT Talk, journalist Nguyen Huu Phuc Tien – Researcher, Director of Hop Diem Education Company hopes that LQT students will draw their own business lessons, thereby creating momentum for their future development.

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BACHELOR OF BUSINESS LQT

With a diverse and rich teaching and learning method that is always closely following market fluctuations, future entrepreneurs of LQT Institute will be equipped with knowledge and skills that not all university students have, including business situations that are not found in books from the experiences of successful business owners and founders in the market.

See more LQT Talk #02: The international distribution journey of Thai domestic products