The event also aimed to bring practical opportunities to domestic businesses in exports, market development, and economic value enhancement.

At the “Business Matching Day”, representatives of five multinational groups and enterprises discussed the demand and criteria for selecting suppliers in Vietnam. Direct meetings between purchasers and buyers offered an opportunity for each side to look for its partners and choose various goods and services.

Cu Duc Trung of Tomeco Mechanic-Electrical Company said: “I hope such an event will be held more regularly to connect companies with each other and Vietnamese businesses can meet more foreign enterprises. This is also an opportunity for businesses to advance their products and introduce their capacity to the international market. Interpersonal meetings and exchange of goods  will be more beneficial than purely online communications.”

Truong Gia Binh, Head of the Private Economic Research and Development Board and Deputy Chief of the Prime Minister’s Advisory Council on Administrative Procedure Reform, said Vietnam has negotiated and signed many new-generation trade agreements. This will offer an opportunity to have bigger market share but present challenges of fiercer competition.

“Connecting businesses and boosting international cooperation will help uncover  issues Vietnamese enterprises are faced with and bolster the private economic sector. The practice can also help bring about legal and policy changes for private companies to speed up their development,” said Binh.