After nearly 20 years since Vietnam joined the World Trade Organization (WTO), the Vietnamese business community has made remarkable progress in production capacity, corporate governance, brand development and participation in global value chains. Against this backdrop, the Vietnam Industry, Trade and Services Award 2026 has been relaunched by the Ministry of Industry and Trade (MoIT), expanding the scope of the former Vietnam Trade and Services Awards to include the industrial sector. On this occasion, the Newspaper of Industry and Trade had an interview with Nguyen Canh Cuong, expert lecturer at University of Economics and Business, Vietnam National University, Hanoi.

Building trust with customers and international investors

- After a decade-long hiatus, the Vietnam Industry, Trade and Services Award 2026 has been relaunched by the MoIT based on the expansion of the former Vietnam Trade and Services Awards. In your view, what significance does the relaunch carry in the context of nearly two decades of deep international integration since Vietnam joined the WTO?

Nguyen Canh Cuong: In my opinion, the MoIT’s decision to relaunch the Vietnam Industry, Trade and Services Award at this point in time carries special significance.

Whereas the award previously focused mainly on recognizing enterprises with outstanding achievements in trade and services development, nearly 20 years after Vietnam’s accession to the WTO, the Vietnamese business community has entered a new stage of development. Enterprises are no longer competing only in the domestic market but are now directly competing on the global stage in terms of product quality, governance capability, innovation, green development and brand reputation.

Therefore, the relaunch of the award is not merely an initiative to honor outstanding businesses. It also represents the State’s official recognition of enterprises that have contributed to bringing Vietnamese goods, services and brands to international markets.

What I particularly appreciate is that the value of the award lies not only in the trophy or certificate of merit, but also in the trust it generates. In international trade, trust is an intangible asset of tremendous value. When a company is selected and honored by a state management agency such as the MoIT through a transparent set of criteria, foreign partners gain additional confidence in assessing that company's credibility, governance standards and sense of responsibility.

It can be said that the award serves as a "seal of credibility" issued by Vietnam to its business community, helping enterprises build trust more quickly with customers, investors and international partners.

It also conveys a message of support and appreciation from the MoIT for enterprises that have consistently contributed to the country's international economic integration.

- This is also the only award administered by the MoIT that includes the participation of foreign-invested enterprises. In your opinion, what kind of playing field will this create for the Vietnamese business community?

Nguyen Canh Cuong: I believe this is one of the award’s most progressive features. In today’s economy, domestic enterprises and foreign-invested enterprises are no longer separate sectors; they are increasingly integrated within the same production ecosystem and value chain.

Opening the award to foreign-invested enterprises reflects the MoIT’s modern management mindset and aligns with the Party’s policy of recognizing the foreign-invested sector as an important component of Vietnam’s economy.

More importantly, this is not about competition between domestic and foreign-invested enterprises. Rather, it provides an opportunity for both groups to learn from one another and share experience in governance, technology, digital transformation, sustainable development and deeper participation in global supply chains.

An award that includes both Vietnamese and foreign-invested enterprises will also enhance its international credibility, as the evaluation standards will increasingly align with global benchmarks.

Guiding Vietnamese business community toward international standards

- One notable change in the 2026 award is the addition of the industrial sector. How do you view this expansion?

Nguyen Canh Cuong: In my view, this is a very reasonable development. Today, there are no longer clear boundaries between industry, trade and services. An industrial product can only truly succeed when supported by logistics systems, e-commerce, marketing, finance, after-sales services and branding.

A company’s competitiveness is now determined by the entire value chain rather than by production, trade or services alone. Therefore, expanding the award to include the industrial sector accurately reflects the development trends of a modern economy while providing more comprehensive recognition of enterprises that create added value for Vietnam’s economy.

The expansion also encourages businesses to invest in technology, innovation, brand building and deeper participation in international supply chains.

I believe that placing industry within the same framework as trade and services will enable the award to present a more complete picture of a modern enterprise. Such an enterprise is not only capable of efficient production and successful sales but is also able to organize value chains, serve customers effectively, build strong brands and develop in line with new market standards.

- How do you assess the award criteria for 2026?

Nguyen Canh Cuong: This year's criteria provide a comprehensive representation of what a modern enterprise should look like. The award does not evaluate businesses solely on revenue or growth rates. It also considers tax compliance, social insurance obligations, innovation, digital transformation, green development, corporate governance and social responsibility. These are all factors that are highly valued in developed markets today.

It can be said that the award criteria are designed not only to identify exemplary enterprises but also to guide the Vietnamese business community toward international standards. Companies that meet these criteria will enjoy a clear advantage when entering demanding markets such as the EU, the US, Japan and partners within new-generation free trade agreements.

What is particularly noteworthy is that these criteria do not place businesses within a short-term achievement-oriented framework. Instead, they focus on sustainable development capacity. At a time when international markets are paying increasing attention to governance quality, social responsibility, environmental performance and transparency, this approach will help enterprises better understand the requirements they must meet if they wish to grow and compete globally.

- In your view, how can the enterprises honored by the award become exemplary models whose influence extends beyond the title itself?

Nguyen Canh Cuong: I believe the greatest value of any award lies not in the award ceremony itself but in its impact afterward. Through this award, the MoIT can build a network of award-winning enterprises as a community of exemplary Vietnamese businesses and connect them with trade promotion programs, investment promotion initiatives, international trade fairs, overseas business delegations and national branding activities.

At the same time, successful governance models, innovation stories and international integration experiences of award-winning enterprises should be widely introduced so that the broader business community can learn from them.

For enterprises themselves, the title should also be leveraged as a competitive advantage in trade promotion activities. When working with foreign partners, being recognized by the MoIT serves as important evidence of a company's capability, credibility and responsibility.

I believe that if properly promoted and utilized, the Vietnam Industry, Trade and Services Award will become more than a recognition of achievements. It can evolve into a national brand symbolizing the excellence of Vietnamese enterprises. In doing so, it will help enhance the image of Vietnamese goods and services in international markets while demonstrating the MoIT’s appreciation for businesses that have made meaningful contributions to the country's integration and development.

- Thank you very much!