Vietnamese Firms Urged to Unite to Increase Competitiveness

President of the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc has called on the Vietnamese businesspeople to unite to sharpen their competitive edge in the global market.

 

At the Vietnam Business Forum in Hanoi on October 13, Loc said this year’s event took place while the community of businesspeople is struggling with domestic economic slowdown.

 

In order to overcome challenges, businesspeople need to turn crisis into opportunities, Loc added.

 

Deputy Minister of Industry and Trade Tran Quang Khanh said in the short-term, banks should extend payment deadlines and offer lower interest rates to businesses. He also urged them to work closely with the Government to tackle challenges, towards stabilising the macro-economy and restructuring the economy.

 

Economic experts at the event said the monetary policy needs to be adjusted in a more flexible manner to both curb inflation and create favourable conditions for businesses to thrive.

 

According to them, investment environment also needs improving to restore investors’ confidence from all economic sectors.

 

Nearly 472,000 businesses, out of over 675,000, are operating across Vietnam. In the past nine month of this year, around 40,000 closed down or halted operations, up 6.5 percent from the same period of last year.

 

 

(CPV/VNA)