At the 3rd annual Vietnam New Economy Forum (VNEF 2025), co-hosted by the Central Commission for Policy, Strategy (CCPS), and the Vietnam Economic Association, and organized in Hanoi on October 2 afternoon by the Institute for Policy and Strategic Studies, the Department of General Economic Affairs (both under the CCPS), and Tap chi Kinh te Viet Nam (Vietnam Economic Times), representatives from various enterprises proposed solutions to help Vietnam to better leverage its internal resources while seizing opportunities to thrive amidst global economic fluctuations.

According to Mr. Tran Kim Chung, Chairman of CT Group, one strategic direction Vietnam should focus on is developing a low-altitude economy model, which has been robustly developed in countries like China.

This new economic model exploits the airspace below 1,000-3,000 meters above ground, utilizing various low-altitude flying vehicles such as UAVs, air taxis, and small helicopters for transportation, logistics, smart agriculture, tourism, surveillance, and rescue operations, he noted.

Mr. Chung highlighted that this model could be widely applied across sectors like construction, transportation, energy, security, agriculture, and tourism, opening up possibilities for cross-sectoral integration to form entirely new economic models. Notably, the low-altitude economy also addresses national challenges such as ensuring food security through precision agriculture, reducing urban congestion and pollution, and combating climate change through the integration of modern technologies.

"This model aligns with global technological development trends and suits Vietnam's current conditions and resources, as we are at the same starting line with many other countries. This is a golden opportunity for Vietnam to create a leap for the economy and various sectors to develop," Mr. Chung emphasized.

Beyond new economic models, enterprise representatives also believe that technology and innovation are foundations for enhancing internal strengths of the economy.

Mr. Ma Tuan Trong, CEO of Grab Vietnam, shared that in the digital transformation era, Vietnamese businesses need to promote multilateral cooperation, not only among themselves but also with the government, to build innovation  programs together.

"Especially, businesses must always put consumers at the center. Technology is not just for competition but, more importantly, to answer the question: What do users need? From there, businesses can sustainably develop in their innovation journey," Mr. Trong noted.

In addition to individual enterprise efforts, government support plays a crucial role in the national digital transformation and innovation process. The government needs to create a safe testing environment for new ideas, such as a sandbox mechanism, allowing small and medium enterprises to boldly experiment, verify, and develop their own technological products. This is the foundation to encourage creativity and motivate Vietnamese businesses to confidently compete and break through.

To achieve long-term development goals, Vietnamese enterprises themselves need to fundamentally change their development mindset from being "employees" to "owners." In the technology sector, Mr. Nguyen Trung Chinh, Chairman of CMC Technology Group, suggested that businesses must proactively own their products, affirm their creative capabilities, and bring their intellectual products to the world, rather than stopping at outsourcing. Countries like India have risen to become technology powerhouses by steadfastly pursuing self-reliance and developing their own domestic technology products.

"Not only the technology sector, but all other economic sectors in Vietnam also need to change their mindset, focusing on owning products and creative value, thereby gradually elevating their position to be on par with global powers," Mr. Chinh shared.

Particularly, in the process of boosting economic growth, alongside integrating into global value chains, Vietnamese businesses need to pay more attention to maximizing the domestic market. With a population of more than 100 million, improving income, and a modern distribution system, Vietnam's domestic market is truly a "gold mine" if it is exploited correctly.

Citing an example of the domestic market's development potential, Mr. Dau Anh Tuan, Deputy Secretary-General and Head of the Legal Department of the Vietnam Chamber of Commerce and Industry (VCCI), noted that from being completely overshadowed by foreign films, the Vietnamese film industry has recently asserted its position by winning over domestic audiences with quality products produced by Vietnamese enterprises.

If invested in the right direction, understanding consumer needs, and enhancing creative value, Vietnamese businesses can fully conquer the domestic market, turning the advantages of population size and consumption culture into sustainable development drivers. This is also an important foundation for other industries to follow, gradually building a strong Vietnamese brand that not only serves the domestic market but can also reach international markets.

Despite the Vietnamese economy facing significant pressure from reciprocal tariff policies and fierce competition, Mr. Tuan believes that Vietnamese businesses still have an advantage of understanding the domestic market, consumers, and local culture. This is a key factor that helps them conquer the domestic market through pricing, branding, and experience.

"Therefore, in the coming time, Vietnamese businesses need to boldly invest in and delve deeper into the domestic market, because this is a solid foundation for businesses to reach the global stage," Mr. Tuan emphasized.

In addition to seeking new growth models and spaces such as low-altitude economy, digital economy, and many new concepts being introduced and approached, Vietnam needs a coordinated effort between the government and the business community. To realize this, Dr. Le Duy Binh, Director of Economica Vietnam, believes that management and policy-making agencies must issue mechanisms and legal regulations that both meet management requirements and effectively mobilize resources.

Policies should aim to encourage innovation, unleash the full production potential of the economy, and ensure the use and allocation of resources according to a development-oriented mindset. "In particular, the government must also strengthen trust for businesses through specific actions, creating a safe, cost-effective, and transparent business environment. Such an environment will encourage businesses to take risks, boldly invest, and contribute more resources to the overall development of the economy," Mr. Binh stated.

To create a leap in the new phase, Vietnam and the business community need to proactively apply new economic models while effectively exploiting existing market and technological potentials and innovation, thereby making significant contributions to national economic growth.