Global Business Forum 2023: Laying foundations for sustainable globalization

The Global Business Forum (formerly International Business Forum) is one of the largest annual industry-connected events hosted by The Business School, RMIT University Vietnam, and has been held since 2018.

This year's theme, "Laying the foundation for sustainable globalization" attracted guest speakers from multinational enterprises such as LEGO Manufacturing Vietnam, Unilever Vietnam, Savills Vietnam, Schaeffler Vietnam, and Keppel.

The discussion delved deep into the sustainability of the FDI sector by analyzing factors of production in global business operations. These include land, labor, and capital, with productive entrepreneurship and human creativity as essential complements.

RMIT’s Global Business Forum 2023 welcomed speakers from LEGO Manufacturing Vietnam, Unilever Vietnam, Savills Vietnam, Schaeffler Vietnam, and Keppel. Photo courtesy of RMIT

Experts in the forum remarked that in 2023, FDI enterprises will have significantly bolstered Vietnam's economy, with investment reaching US$28.85 billion in the first 11 months.

They emphasized that FDI is crucially growing through industrial parks, as evident in the fact that various multinationals have established or expanded their operations in industrial parks across the nation. This aligns with the government's aim to achieve net-zero emissions by 2050 and to entice new and exceptional FDI.

For example, the LEGO Group is building a $1.3 billion plant in VSIP III industrial park in Binh Duong Province, with an opening date expected in 2024. This would be the company’s first carbon-neutral factory worldwide.

LEGO is targeting a LEED (Leadership in Energy and Environmental Design) Gold certification for its Vietnam factory, setting up rooftop solar panels and a solar farm, in addition to having planted 50,000 new trees in Binh Duong.

According to Benny Choong, Head of Finance for Asia Operation at LEGO Manufacturing Vietnam, the company expects to recruit for 4,000 jobs in Vietnam over the next 15 years.

Vietnam is home to around 400 industrial parks, which John Campbell, Associate Director, Head of Industrial Services at real estate services company Savills Vietnam, described as "quite impressive for a country of its size."

John Campbell, Associate Director, Head of Industrial Services, Savills Vietnam. Photo courtesy of RMIT

He commended the Vietnamese government's growing focus on sustainable and eco-friendly industrial parks, Industry 4.0 technologies, and smart manufacturing, citing successful examples from the Vietnam Singapore Industrial Parks and Deep C Hai Phong industrial zone.

"These are the projects that we want because they improve the training of the workers as well as move the country up the value chain," Campbell said.

Adris Bin Isnin, Senior Director, Head of Technical Services, Real Estate Division (Vietnam) at Keppel, emphasized Vietnam's net-zero commitment as it creates numerous opportunities for the development of green products and services, facilitated by the contribution of foreign companies interested in this objective, with Keppel being among them.

He said that Keppel is increasingly focusing on constructing green buildings in Vietnam, considering that buildings and construction constitute around 40% of global carbon emissions.

"We also expect to do more work in sustainable urban renewal, where we bring people, AI-driven technology, and processes together to bolster the efficiency, sustainability performance, and valuation of both new and aged commercial buildings," the Keppel representative said.

The forum attracted 400 offline and online attendees. Photo courtesy of RMIT

The industry experts provided further examples illustrating the opportunities and challenges associated with navigating Vietnam's business landscape, with insightful discussions of labor quality and talent recruitment, management, and development.

Vietnam Leadership Development Lead at Unilever Vietnam, Ryan Trung Truong, described how sustaining Unilever’s "two greatest assets: brands and people" is key to achieving the company’s mission of sustainability.

He underlined the "We care, we grow" mindset when it comes to developing people. "At Unilever, we truly care for each individual. We believe that only when we care for each person’s differences, motivations, and ambitions in life, as well as their skills and capabilities, can they grow. And of course, the company will benefit from their growth."

Dr. Dang Thao Quyen, Senior Program Manager for International Business at RMIT Vietnam, said that the insights shared by the reputable multinationals can offer hints at how Vietnam can strengthen its business ecosystem to become more sustainable and appealing to high-quality FDI.

"Sustainable globalization is a timely topic for Vietnam and the world, as we have just witnessed the COP28 summit on climate change. Vietnam has the necessary foundation to aim for substantial progress, further strengthening its position as an attractive FDI destination globally," she said.

With a growing influx of high-quality investment, Quyen said a pressing issue for businesses is the supply of qualified human talent who are knowledgeable and skilled with international outlooks. RMIT University, particularly the International Business program, strongly commits to providing the required resources.

Explore RMIT’s Bachelor of Business program and Global Business major here.