English
The middle-income trap is a concept that is not new to Vietnamese businesses over the years, the risks and difficulties in the trap are always cling and grip causing businesses to face many obstacles in the way of sustainable development.
According to a survey of the GKM Finest Institute, 80% of businesses (aged 25 years or under) tended to focus on solving daily and short-term problems (unstable human resources, the quality of products and services does not meet the increasingly stringent requirements of customers, production costs and labor costs are increasing and etc.). This way makes many business leaders having no time and no mind to think about improvement and implementation of long-term business development plan. If there is no solution (management and technology) to get out of these problems, the likelihood of being trapped is very high.
With practical experience with the application of more than 1,000 businesses in Vietnam, “Made in Vietnam” Finest Management has shown its efficiency in improving productivity and quality. The effectiveness of the program is not only available in face-to-face consulting programs at enterprises, but also shows practicality through CEO training programs of GKM Finest Institute (GKM Vietnam) during the last 39 courses. At the training programs, CEOs and business leaders have found solutions to build the DNA and management solutions for their businesses, namely:
- Method of restructuring and perfecting the management system of enterprises according to “Made in Vietnam” Finest Management. This is aimed at building a foundation of business management system, which is the basis for putting production and business activities on it to ensure sustainability. Therefore, the businesses will return to the path of sustainable development, avoiding frequent incidents.
- Changing and perfecting the overall development strategy based on “Made in Vietnam” Finest Management Strategy Methodology. That strategy must be a smart path, using the strengths of the business to bring businesses in line with the world’s development standards, participating in the global value chain in a sustainable way and being feasible and accepted to overcome difficulties.
- Having a throughout and scientific management system to manage business activities such as “Made in Vietnam” Finest Human Resource Management, “Made in Vietnam” Finest Quality Management, “Made in Vietnam” Finest Operations Management…, since then, the activities of the business are standardized, minimizing the time and resources to solve the arising problems, ensuring the enterprise’s long-term sustainable development.
“Made in Vietnam” Finest CEO Program Course 39 has just ended. At the closing ceremony, the attending CEOs had their own share:
- CEO Bui Duc Thien: At the moment, I feel that my business is in the middle range of income. However, with the “Made in Vietnam” Finest Management School, it seems that I have found out the way to continue developing my company in a sustainable way, overcoming the challenges of middle-income trap by the solutions introduced by Dr Nguyen Dang Minh. We will work together day by day with the belief of escaping from the trap and developing our businesses sustainably.
- CEO Nguyen Tuan Anh: There are many different ways and management methods, but researching and understanding it is not the job of CEOs like me. I just know that now I have found a business management system that is right for my business. It is “Made in Vietnam” Finest Management. I believe in that way; the daily efforts will enable us to create world-class products and services. Therefore, our next task is to use the system of solutions creatively for our business in particular and for enterprises among architecture industry in general. In fact, this road is best suited to us today.
- CEO Tran Thanh Thuy: The management of our company always aspires to create more and more good products to serve the domestic and foreign markets. Joining to “Made in Vietnam” Finest CEO Course 39, we have a path for sustainable development along with specific plans for implementation. This is the solution to help us develop the company sustainably.
- CEO Trinh Van Tan: Before attending the program, we could not identify the problems we were facing. We have applied a lot of different solutions but only cut tangible costs and did not really see the effect as expected. All four members of the Board of Directors after attending the “Made in Vietnam” Finest CEO Course agreed that we need to restructure the business to follow “Made in Vietnam” Finest Management School. We believe “Made in Vietnam” Finest Management School is the solution to the problem for escaping from the middle-income trap and for sustainable development of the company.
- CEO Bui The Dung: “Made in Vietnam” Finest CEO Program Course 39, helped us to develop a thinking method to build our company management model by “Made in Vietnam” Finest Management. This solves the patching problem here and there. After each lesson the leaders of the company sat together and answered many questions related to company management, strategy, personnel and quality. Moreover, we have unified thinking in the way of working in the same direction, the motivation to work in each individual is strong again like the first day of starting a business.
The CEO program closed with many emotions and feelings of businessmen who are day and night trying to steer their business boat for an increasingly beautiful future. No one told anyone, but everyone felt the will and determination to overcome the middle-income trap, to sustainably develop businesses more intensely than ever.