Vietnam should promote workforce investments, clear regulations: Bosch

Vietnam should encourage the government and businesses to invest more in human resources and build a clear regulatory framework, Dominik Meichle, managing director of Bosch Vietnam, said at the Vietnam Business Forum (VBF) on Tuesday.

Improvements in those two sectors are imperative to sustainable development of Vietnam and vital for the success of foreign businesses in the country, the executive said.

To simplify the legal framework, Meichle highlighted the importance of a predictable and unambiguous regulatory environment. Bosch appreciates the government's persistent efforts to improve the local business environment, notably in streamlining administrative procedures.

"Nevertheless, the evolving nature of regulatory framework in Vietnam combined with overlapping jurisdictions among ministries have unfortunately resulted in the lack of consistency in government policies and decisions. This has led to negative consequences for business activities as well as investor confidence," he stressed.

The executive noted an example related to Bosch in Vietnam. Earlier this year, Bosch successfully installed a solar system that can generate around 2,300 MWh of clean energy annually, leading to reduction of 810 tons of CO2 emissions. Nevertheless, the project unfortunately took much longer than originally expected as the approval of permits was delayed for an extended period. This led to the delayed use of green energy and inefficient green transition, he said.

For human resources, the government should proactively take the lead as system orchestrator between industry academies and other relevant stakeholders in order to collect and promote these practices and guidelines. The government should also offer support by making initial funding available to build an ecosystem for innovation. "The National Innovation Center is a great example in this regard," Meichle emphasized.

He also highlighted Bosch Vietnam's efforts in the task. April 2023 marked the 10th anniversary of vocational training cooperation between Bosch and Lilama 2 International Technology College in Dong Nai province, an industrial hub in the southern region. So far after 10 intakes, 238 people have been trained and 134 have advanced to work at Bosch, not only in Vietnam but around the world.