By Nguyen Huyen My
Dec. 7 – On the sidelines of the Vietnamese Business Forum on December 3 in Hanoi, the Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Dr. Vu Tien Loc said that to encourage investment in the market, it is necessary to create a fair, transparent business environment and the mechanism of ask-give must be eliminated.
Enterprise restructuring, advanced technology and management are the decisive factors for success. For example, small and medium-sized foreign-owned enterprises have been operating fairly successfully in the market because they focus on risk management, human resource training, core business, and market diversification.
According to VCCI’s forecast, Vietnamese enterprises are likely to continue facing difficulties in the coming year. Therefore, these enterprises rely largely on the policies and actions of the government for assistance in overcoming obstacles and gaining growth again. Under the current circumstances, the Vietnamese business community expects stable policies to be issued in order to avoid increases in expenses for enterprises. At the same time, within the enterprise reform program proposed by the State, the State can withdraw capital from the sectors which are not necessary and use a part of this capital to solve other current problems.
Dr. Vu Tien Loc also said that, at the moment, the whole political system is making efforts to put forward political power for institutional reform and for improving the business environment in a drastic way. Although there are still many difficulties, it is a good signal for investors and businesses, creating faith in enterprises and helping them to find the right direction for future investments.
In 2013, enterprises can promote investment, but it should be in the right direction. In fact, there are companies still investing and achieving high growth in the current environment. Even difficult times can create opportunities for the enterprises which have real competitiveness.
Dezan Shira & Associates is a specialist foreign direct investment practice, providing corporate establishment, business advisory, tax advisory and compliance, accounting, payroll, due diligence and financial review services to multinationals investing in emerging Asia. Since its establishment in 1992, the firm has grown into one of Asia’s most versatile full-service consultancies with operational offices across China, Hong Kong, India, Singapore and Vietnam as well as liaison offices in Italy and the United States.
You can stay up to date with the latest business and investment trends across Vietnam by subscribing to The Vietnam Advantage, our complimentary update service featuring news, commentary, guides, and multimedia resources.