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Business picks up thanks to stimulus
Business performance has improved significantly in up to 90 per cent of the country’s enterprises thanks to a series of the Government’s policies to stimulate the economy.
This statement was made yesterday by the general secretary of the Viet Nam Chamber of Commerce and Industry, Pham Gia Tuc, at a conference held in Ha Noi on the country’s economic outlook and business issues for 2009-10.
Deputy director of the Central Institute for Economic Management (CIEM) Bui Quang Tuan said the Government’s policies to stimulate the economy have proven to be successful and timely; the first package has greatly helped businesses to overcome challenges in the global economic slowdown.
However, Tuan recommended the Government needed to better supervise the second economic stimulus package in order to avoid waste and increase its effectiveness.
Another CIEM deputy director, Vo Tri Thanh, said the Government must better control inflation. Thanh found it possible that the country’s inflation could reach 7-9 per cent, well over the previously forecast 6 per cent.
At the conference, Thanh also said Viet Nam’s economic recovery was greatly interlinked with the world’s economic recovery, which remains slow. Therefore, Thanh forecast the domestic economy would still face many major difficulties in 2009-10, and require about 3-5 years to fully recover.
Businesses should be investing in improvements in several industries in the post-recession period, Dr Le Duy Hieu from the Viet Nam Economic Institute said, adding that agriculture, securities, business mergers and acquisition, education-training-healthcare, and real estate could be specifically targeted.
To make businesses better develop in the economic slowdown, director of the Institute for Business Development Pham Thi Thu Hang recommended the Government rapidly complete incentive policies on small- and medium-sized enterprises to minimise impacts from the world economic slowdown on inputs including human resources, administrative procedures, economic and market information forecasts, and trade promotion.
Hang also urged domestic businesses to increase their competitiveness through increasing investments in technology, co-operating with research institutions and building development strategies.
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