HCMC business group warns of more grim times

“Hang in there” was the message from the HCM City Union of Business Associations to its members as it warned them the economic situation would remain dire next year.

Speaking at a meeting held yesterday to review the association’s performance this year and set tasks for the next, Huynh Van Minh, its chairman, admitted that 30 per cent of businesses in Viet Nam had ceased operations this year due to the impacts of the global economic crisis and high interest and inflation rates at home.

But he promised them the association’s full support.

Pham Ngoc Hung, HUBA’s deputy chairman, explained what kind of support it offered.

It was a bridge between the Government and businesses, communicating the Government’s policies to enterprises and conveying the latter’s demands, and organised training courses, trade promotions, and meetings to help members raise their competitiveness and expand markets, he explained.

In 2012 it would continue to organise seminars, fairs, training courses, and trade promotions, he said.

This year it had admitted 154 new members, raising the total number to 46 associations and 200 enterprises, and raised more than VND8.3 billion (US$414,564) for social and charitable activities, he said.

The association had petitioned the Government to adopt urgent measures to support businesses, especially small and medium-sized ones, exporters, and those in the agricultural sector and producing essential consumer goods, he said.

He urged the HCM City government to speed up administrative reform and set up a fund to lend to SMEs.

The association had also petitioned the Ministry of Education and Training and the city to provide incentives related to land, finance, and others for establishing an Entrepreneurs Academy to train business executives, he said.

Huynh Khanh Hiep, deputy director of the HCM City Department of Industry and Trade, said the city appreciated HUBA’s accomplishments and was committed to providing the most favorable conditions for businesses.

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