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Greater global role for Asia
A new Asia with a greater global role will emerge from the current economic crisis and Asian enterprises would have to revise their leadership strategies to adapt to the situation, said Don Lam, chief executive officer and co-founder of VinaCapital Group.
He was delivering the keynote address at the Asia Leadership Dialogues 2009 held yesterday by the Platinum Circle, a private, by-invitation group of global and Asian corporations each of which have an annual turnover exceeding US$100 million.
Lam said the crisis had brought the focus on Asia. "Asian governments and companies are investing abroad at a pace never seen before," he said.
"Even Vietnamese companies have started to invest abroad, albeit on a small scale," he added.
He said Vietnamese companies focusing on the domestic market should prepare for greater competition as the Government encourages more foreign investment.
He decried the short-sighted strategy of retrenching people during a crisis, saying it would catch firms napping when the economy recovers. Lam noted that his own company had not laid-off any staff.
"Vietnamese companies need to see that improving corporate governance and engaging with broader society are a fundamental way to achieve better business results," he added.
Shyam Prasad Baddepudi, chief operating officer of SAP (Software Applications) Southeast Asia, said business leaders needed to innovate and strengthen their firms during a downturn so they can easily grab opportunities in the post-crisis period.
This involved building customer loyalty through improved quality and reducing costs and financial risks, he added.
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