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.

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