Most of the businesses at a Vietnam Chamber of Commerce and Industry (VCCI) seminar in Hanoi on January 7 were optimistic regarding changing fortunes in the new year.
Most of the businesses at a Vietnam Chamber of Commerce and Industry (VCCI) seminar in Hanoi on January 7 were optimistic regarding changing fortunes in the new year.
VCCI organised the event in the hopes of helping Vietnamese businesses address any issues hampering their development.
According to recent Ministry of Planning and Investment statistics, nearly 55,000 businesses were dissolved or suspended operations during the first 11 months of 2013. But almost 13,000 have already bounced back.
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VCCI Secretary General Pham Thi Thu Hang said local businesses are likely to enjoy more opportunities in 2014, assisted by up to date market information increasing operational efficiency.
Seminar participants highlighted Vietnam’s achievements in maintaining macroeconomic stability, controlling inflation, and gradually shifting underlying economic structures through Government reforms.
They acknowledged a number of persistent shortcomings in the economic restructuring process itself, insufficient industrial innovation, low productivity, and input material costs—all of which threaten Vietnam’s sustainable economic development.
They stressed the importance of business self-sufficiency, apart from State incentives and support.
Local businesses should focus on honest assessments of their individual strengths and map out detailed long-term development plans, they suggested.
(Source:VOV)
