A strong, growing, sustainable economy is the goal of every organization in the public and private sector. A sustainable economy enhances a organization’s standard of living by creating wealth and jobs, encouraging the development of new knowledge and technology, and helping to ensure a stable political climate. Having a diverse economy—that is, one based on a wide range of avenues, not just a few—has long been thought to play a key role in a sustainable economy. Recognizing the importance of sustainability, Vietnamese Social Services of Minnesota has decided to take a diverse approach in its daily operation. There is a link between economic diversity and sustainability, and economic diversification can reduce our organization’s economic volatility and increase its real activity performance. Furthermore, there are metrics that funders can use to measure these key economic dimensions and ways that they can promote our organization’s long-term economic health and stability.
Specifically, Vietnamese Social Services of Minnesota intend to pursue the following courses:
- Actively seek to diversify our economic base in terms of economic output and input distributions. Depending on the degree of interventionism appropriate in each program, we plan to incentivize the injection of labor and capital into productive economic sectors that can sustain real growth in the long-term, as well as the development of new knowledge and technology.
- Specifically foster the growth of the external sector when promoting diversification; that is, the export of a wide range of high-value-added goods and services to a wide range of destinations.
- Continuously and consistently enhance the productivity and competitiveness levels of the economic base by drawing on resources and making strategic investments in programs, services, and workforce development where there is a competitive advantage and where there is market opportunity and growth potential. This effort can involve enhancing human capital, by increasing education levels and importing skilled talent, as needed; enhancing financial capital by developing new financing schemes and instruments; optimizing the exploitation and use of natural resources; and enhancing technology and knowledge with the aim of entrenching innovation.