National Approaches to Supply Chain Risk Management: A Comparative Analysis of Singapore and Vietnam with Policy Recommendations
Globalization has intensified the complexity and vulnerability of supply chains, exposing many nations to risks such as geopolitical tensions, pandemics and natural disasters. Therefore, economic stability and sustainable development depend heavily on effective Supply Chain Risk Management (SCRM), especially for countries like Vietnam, a rising manufacturing powerhouse and Singapore, a global logistics hub. Due to their limited resources and reliance on international markets, Small and Medium-Sized Enterprises (SMEs), which are the backbone of both economies, face numerous difficulties. This research aims to propose policy recommendations for Vietnam’s SCRM framework by analyzing the legal frameworks and policies in Singapore and Vietnam, with a view to enhancing supply chain resilience. This is achieved through a comparative analysis of Singapore’s advanced SCRM system with Vietnam's emerging framework. The study examines the impacts of SCRM policies from 2014 to 2024, a 10-year period capturing key reforms and disruptions, including the COVID-19 pandemic. Policy frameworks governing SCRM in Singapore and Vietnam are analyzed. Singapore’s mature framework serves as a benchmark for Vietnam, which shares regional economic ties and faces similar SME vulnerabilities, making the comparison relevant for policy reform. This research clarifies SCRM policies in Singapore and Vietnam, comparing their regulatory frameworks, technological adoption and SME support. The study identifies best practices from Singapore to propose actionable recommendations for strengthening Vietnam’s SCRM framework, enhancing resilience for authorities and enabling SMEs to thrive in global supply chains.