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Strong growth possible in hard times, experts say
In the view of economic experts, local businesses are enjoying a prime opportunity to sharpen their competitive edge in both local and foreign markets despite challenges presented by the global economic crisis and the national economic slowdown.
Vice President and Secretary General of the Vietnam Chamber of Commerce and Industry (VCCI) Pham Gia Tuc cited the figure that 91 percent of Vietnamese businesses have continued to develop stably and are even growing.
This outcome was attributed largely to the implementation of the Government’s stimulus packages, the VCCI official said while addressing a seminar on “economic prospects and issues facing Vietnamese businesses in 2009-2010” held in Hanoi on June 23.
Analysing the impact of the global financial and economic crisis on Vietnam ’s economy, Dang Xuan Thanh, an economist from the Institute of World Economy and Politics, said the year 2009 will still be hard for the Vietnamese economy.
In support of his view, he cited the slow growth of the GDP rate and in industrial production value in the first two months, as well as sharp drops in direct and indirect foreign investment into the country.
Thanh also forecast that difficulties will continue hitting the country in the coming time.
Commenting on the Government’s stimulus measures, Bui Quan Tuan, Vice Director of the Vietnam Economic Institute, said the Government’s first stimulus package proved to work well for businesses while the second package, designed for the mid- to long-term, is just starting to take affect.
According to Tuan, the Government should balance the dual needs of, on the one hand, achieving set growth targets and stabilizing the macro-economy, and, on the other, ensuring social welfare when designing its mid- to long-term strategy to prevent the country from relapsing into runaway inflation.
Tuan urged businesses to keep a close eye on movements in the global economy in order to define directions for future investment, and at the same time, review their own development strategies to enhance their competitiveness.
At the seminar, local economists also discussed credit opportunities for entrepreneurial development, scenarios for the restructuring of the Vietnamese national economy in the post-crisis era, post-crisis investment trends, and developments on the Vietnamese stock market.
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