Business leaders eye challenges, opportunities to boost growth after COVID-19

Geopolitical tensions in some notable hot spots, anti-COVID-19 measures of global manufacturing hub China, and the US Federal Reserve’s monetary policies could damper Việt Nam’s economic recovery, experts said at a business forum held in HCM City on Thursday (August 4).
Business leaders eye challenges, opportunities to boost growth after COVID-19
Speakers discuss at the annual business forum themed “Regenerating Growth” organised by Forbes Vietnam in HCM City on August 4. — Photo www.hcmcpv.org.vn

Geopolitical tensions in some notable hot spots, anti-COVID-19 measures of global manufacturing hub China, and the US Federal Reserve’s monetary policies could damper Việt Nam's economic recovery, experts said at a business forum held in HCM City on Thursday (August 4).

To provide a business overview and a vision for a sustainable future, US business magazine Forbes Vietnam organised its annual business forum themed “Regenerating Growth”.

The 10th annual event attracted the participation of more than 300 leading Vietnamese and international policy makers, economic experts and business leaders to exchange ideas on the current business outlook and prospects for sustainable growth.

It created opportunities to connect with hundreds of senior business leaders, government representatives, economists, entrepreneurs and top CEOs of the 50 best listed companies in Việt Nam.

Speakers assessed Việt Nam’s competitive advantages, previewed the country’s macro-economic outlook and shared how they have been building their competitive advantages based on digital insights.

Experts said the economic road to recovery will remain bumpy due to obstacles such as rising raw material costs, record inflation, and disjointed management and stimulus packages across the world’s leading economies.

With import and export quotas doubling its GDP, Việt Nam is now among the world’s most open economies and consequently vulnerable to external factors. Therefore, the country will encounter both opportunities and risks in the coming post-COVID period, they said.

Economic expert and lecturer of Public Policy Fulbright University Nguyễn Xuân Thành analysed the country's macro-economic prospects for the second half of this year and 2023, focusing on the risk of inflation.

Inflation has become a topic that attracts the attention of the business community due to past crises that have devastated the global economy, causing many negative consequences for businesses.

Trần Thị Hải, strategic advisor of WWF-Việt Nam’s footprint conservation programme, said by 2030, the global use of resources could increase threefold compared to current consumption. The amount of waste would exceed the environmental carrying capacity, according to the United Nations Environment Programme (UNEP).

“The world’s resources are being gradually depleted, which forces businesses to balance economic benefits with the environmental protection to achieve sustainable development,” she said.

At the 26th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP26) on reducing global emissions at the end of 2021, Việt Nam was among the countries that pledged to achieve the goal of reducing greenhouse gas emissions to net zero by 2050.

Domestic businesses are actively promoting green development to proactively reach the Government's goals.

At the discussion sessions, representatives of businesses also shared issues on responsible business practices and sustainable development, pressure to innovate, and new generation free trade agreements.

The pandemic has changed the market and customer needs, making a lot of businesses have to transform their business models.

The businesses that recover the fastest are the ones adopting technologies and digital transformation promptly and effectively.

Representatives of leading businesses agreed the fastest way of recovery and creating competitive advantages is technological strength.

Business leaders eye challenges, opportunities to boost growth after COVID-19
Representatives of companies received awards as the Top 50 Listed Companies in Việt Nam by Forbes Vietnam on August 4. — Photo www.hcmcpv.org.vn

A special ceremony was organised in the framework of the event to honour the top 50 listed companies in Việt Nam by Forbes Vietnam.

The top 50 includes leading companies such as the Việt Nam National Petroleum Group (Petrolimex), Steel maker Hòa Phát Group and the Joint Stock Commercial Bank for Foreign Trade of Việt Nam (Vietcombank).

Nine companies were named among the Top 50 for the first time, including Military-run telecom giant Viettel’s affiliate Viettel Construction Joint Stock Corporation (CTR), Digiworld Corporation (DGW), Đông Hải Joint Stock Company of Bentre (DHC), Hải An Transport & Stevedoring JSC (HAH), Petrovietnam General Services JSC Corporation (PET), Century Synthetic Fiber Corporation (STK), Tiên Phong Commercial Joint Stock Bank (TPBank), VNDirect Securities Corporation (VND) and Thác Mơ Hydropower Plant (TMP). — VNS

Source: VNS
vietnamnews.vn

Related News

Quang Ninh Customs: Many activities to develop Customs-Business partnership

Quang Ninh Customs: Many activities to develop Customs-Business partnership

VCN - Developing the Customs-Enterprises (DN) partnership continues to be identified by the Quang Ninh Customs Department as one of the key tasks to be implemented in 2024.
Enterprises accelerate production and business activities after Tet holiday

Enterprises accelerate production and business activities after Tet holiday

VCN - Following the Tet holiday in the year of the Wood Dragon 2024, numerous enterprises have resumed their production and business operations, swiftly ramping up with a plethora of orders from the very start of the year.
Deploy business support programs at the Customs unit with a turnover of "hundreds of billions of dollars"

Deploy business support programs at the Customs unit with a turnover of "hundreds of billions of dollars"

VCN - The spirit of considering businesses as partners, always "side by side" with the business community through dialogue, troubleshooting, and timely support activities has widely immersed by the Department's leaders to each unit leader of the Bac Ninh Customs Department, thereby maintaining the leading position in turnover of "hundreds of billions of dollars".
Trade promotion focuses on market development

Trade promotion focuses on market development

VCN - In 2024, trade promotion activities will continue with the goal of expanding new export markets and exploiting FTAs; Digital transformation is associated with green transformation in trade promotion to develop sustainable foreign trade.

Latest News

China as Việt Nam

China as Việt Nam's largest wood chip export market

Việt Nam exported over 9.38 million tonnes of wood chips to the Chinese market last year.
Proactive in trade defense to maintain export advantages

Proactive in trade defense to maintain export advantages

VCN - Due to increasing production and export capacity, Vietnam's exported goods are facing cases of investigation and application of trade defense measures by foreign countries.
Enterprises expect effective, substantive reforms and put into practice

Enterprises expect effective, substantive reforms and put into practice

VCN - The restoration of the Program on reforming and improving the business environment by issuing Resolution No. 02 dated January 5, 2024 aims to create pressure and arouse the motivation and reform spirit of ministries and branches, and localities.
Trade deficit from China in the first two months of the year hits over US$ 11 billion

Trade deficit from China in the first two months of the year hits over US$ 11 billion

VCN – Over the past two months of the year, Viet-Nam trade turnover reached over US$ 27 billion.

More News

Considering long-term strategies for rice exports

Considering long-term strategies for rice exports

VCN - In 2023, Vietnam continues its standing as one of the top three global rice-exporting nations, constituting about 15% of the total global rice export volume. Despite Vietnamese rice having established a foothold in various global markets, competition with other contenders has never ceased.
A new decree expected to promote industrial cluster development

A new decree expected to promote industrial cluster development

The Government has issued a new Decree, No 32/2024/NĐ-CP, dated March 15th, 2024, regarding industrial clusters, with the aim of eliminating overlaps and fostering transparency in management and development.
Vietnam to export chicken meat to Islamic countries

Vietnam to export chicken meat to Islamic countries

The Ministry of Agriculture and Rural Development (MARD) will hold a conference in May to announce the export of chicken meat products to Islamic markets with an estimated volume of around 1,000 tonnes per month, according to Deputy Minister of Agriculture and Rural Development Phung Duc Tien.
Phones and components led the export turnover in the first 2 months of the year

Phones and components led the export turnover in the first 2 months of the year

In the first 2 months of 2024, most products recorded growth; Up to 39/45 items increased compared to the same period last year. Notably, phones of all types and components are the leading items in export turnover, estimated at US$9.58 billion.
Quảng Ninh targets to attract seven foreign-invested projects

Quảng Ninh targets to attract seven foreign-invested projects

The province strives to attract US$3 billion worth of foreign investment by the year-end.
Binh Duong to have 10 more industrial parks by 2030

Binh Duong to have 10 more industrial parks by 2030

The southern province of Binh Duong has planned to develop 10 more industrial parks (IP) in the 2023 - 2030 period, according to head of the provincial Industrial Park Management Board Nguyen Trung Tin.
Wood, furniture firms advised to take advantage of e-commerce

Wood, furniture firms advised to take advantage of e-commerce

To increase brand recognition and to access more customers, Vietnamese wood, furniture, and handicraft businesses need to consider and invest systematically in online sales activities, diversifying sales channels in their business strategies, Vice Chairwoman of the Handicraft and Wood Industry Association of Ho Chi Minh City (HAWA) Duong Minh Tue has said.
Resolve shortcomings for sustainable cashew export

Resolve shortcomings for sustainable cashew export

VCN - Behind the record number of cashew export output in 2023 are increasingly greater risks and challenges, causing the business performance of Vietnamese cashew processing enterprises to decline. Association and cooperation to share benefits in the value chain will be the key to bringing business efficiency and sustainable development to all parties.
Building Vietnamese product brands abroad: Lessons from persistence

Building Vietnamese product brands abroad: Lessons from persistence

VCN - Many Vietnamese products have affirmed their position and created a solid foothold in foreign markets thanks to successful brand building. However, experts say that the brand image of Vietnamese goods is still relatively modest in many markets.
Read More

Your care

Latest Most read
China as Việt Nam

China as Việt Nam's largest wood chip export market

Việt Nam exported over 9.38 million tonnes of wood chips to the Chinese market last year.
Proactive in trade defense to maintain export advantages

Proactive in trade defense to maintain export advantages

Due to increasing production and export capacity, Vietnam's exported goods are facing cases of investigation and application of trade defense measures by foreign countries.
Enterprises expect effective, substantive reforms and put into practice

Enterprises expect effective, substantive reforms and put into practice

VCN - The business environment is an important pillar of institutional reform to create the most favourable conditions for enterprises of all economic sectors to develop; making a meaningful contribution to the economic development of the industries, loca
Trade deficit from China in the first two months of the year hits over US$ 11 billion

Trade deficit from China in the first two months of the year hits over US$ 11 billion

VCN - According to the General Department of Vietnam Customs, Vietnam’s export turnover to China increased 6.4% to US$ 7.96 billion year-on-year.
Considering long-term strategies for rice exports

Considering long-term strategies for rice exports

VCN - In 2023, Vietnam continues its standing as one of the top three global rice-exporting nations, constituting about 15% of the total global rice export volume. Despite Vietnamese rice having established a foothold in various global markets, competitio
Mobile Version