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Businesses can turn challenges into opportunitiesVietnamese businesses will face increasingly intense competition from foreign rivals in 2014.

Delegates were told at a CEO seminar in Hanoi on December 6 which identified the risks and emerging challenges for Vietnamese businesses looming in the new year.The World Bank (WB) is cautiously optimistic about economic recovery in 2014 while dangers abound. Vietnam’s economy will slow, adding to already existing domestic pressures.

International economists say the government can help relieve some of this pressure by renovating its growth model to stabilise the economy, prioritise sustainable development, and continue economic restructuring.

Enterprises recognise the importance of reforming administration and improving human resource quality in securing long-term success.

Economic expert Pham Chi Lan said new Free Trade Agreements (FTAs) impose commitments that will steadily add to the ranks of Vietnam’s international competitors as early as 2015, particularly from FDI enterprises and ASEAN nation exports.

Business leaders stressed sound strategies, market surveys, and capital resource use plans will all be essential to overcoming these future challenges.

(VOV)

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