Le Phuoc Vu, chairman of the management board of Hoa Sen Group, yesterday won the EY Entrepreneur of the Year 2014 award, the prestigious international prize which EY initiated in 1986.

The award, running for the second straight year in Viet Nam, aims to honour the innovation and bravery of the country's entrepreneurs in a fast-globalising and integrating world.

Speaking at the awards ceremony held here yesterday, Vu Tien Loc, chairman of the Viet Nam Chamber of Commerce and Industry (VCCI), said that in the context of globalisation and competition, Vietnamese businesses should strive to meet international standards in administration to maintain sustainable growth and increase business value.

"This is one of the most prioritised orientations in the restructuring process in Viet Nam. The prize, co-organised by VCCI and EY Viet Nam, aims to encourage the entrepreneurs' spirit," Loc said.

The award is granted on the basis of six globally applied criteria: entrepreneur spirit, strategic visions, financial ability, innovation, impacts to community, international businesses scale and straightforwardness in terms of the economy, culture and society.

Truong Gia Binh, chairman of FPT Group's management board and chairman of the award's assessment board, said the criteria was scientific and clarified all factors and conditions in the current world situation.

Vu, this year's winner, will attend the EY Entrepreneur of the Year event in Monaco next year. Four other entrepreneurs were included in the list of the top five: Phan Quoc Cong, general director of International Consumer Products Corporation (ICP); Huynh Quang Dau, chairman of An Giang Fruit-Vegetables & Foodstuff Join Stock Company (ANTESCO); Nguyen Trong Khang, chairman and general director of MK Technology Group; and Pham Thi Viet Nga, general director of Hau Giang Pharmaceutical Joint-Stock Company.

The prize is granted in 60 countries in the world. Viet Nam was the 11th country in Southeast Asia to set it up.

The first ceremony in Viet Nam took place in 2011, when Doan Nguyen Duc, chairman of Hoang Anh Gia Lai Company won the award.

VNS/VNN