Speakers at the event (Source: VNA) HCM City (VNA) – Experts forecastthat the Vietnamese economy will grow by more than 6.8 percent in the last halfof this year at the Forbes Vietnam Business Forum 2018 held in Ho Chi Minh Cityon July 26.
Speaking at the event, General Director ofVietjet Air Nguyen Thi Phuong Thao underscored the need to fully tap thepotential of the private sector to make it a driving force of the economy.
It is time for the private sector toeffectively use State incentives, train human resources and adopt technologicaladvances to meet diverse demand, she said.
She warned that if the US – China trade warescalates, many sectors will be hurt because Vietnamese firms will incur highermanufacturing costs and competition with low-cost Chinese goods will becomefiercer.
Director of the Public Policy Programme atthe Fulbright School Nguyen Xuan Thanh mentioned machinery and mechanicalproducts as sectors hit by the trade war. As the US imposes tariffs on 34billion USD, then 200 billion USD worth of Chinese goods, interior décor andagro-fisheries will also be hurt. If the figure moves to 500 billion USD,almost all sectors will be affected, including footwear and apparel.
Apart from the trade war, exchange ratefluctuations will also impact Vietnamese growth between now and the year’s end.Despite the State Bank of Vietnam’s flexible foreign exchange management policy,controlling risks brought by currency exchange rate fluctuations is also necessary.
Pham Hong Hai, General Director of HSBCVietnam urged the Government, ministries and agencies to reform to controltrade fraud risks via close State management while creating an environment thathelps businesses rapidly adapt to changes.
Oil and gas and exports also indirectlyimpact the Vietnamese economy. As more global firms divest in emerging markets,the Vietnamese economy needs to speed up institutional reform, he said, addingthat Vietnamese businesses will easily become technologically backward if theyaren’t ready to join the fourth industrial revolution.
President of the Vietnam Chamber of Commerceand Industry Vu Tien Loc said easier access to incentives, State funding andland should be given to business community to fuel domestic growth and ensurefair competition.
Themed “BuildingSustainable Growth”, the event gathered top business leaders, experts, thinkersand policy makers to discuss strategies to ensure growth is sustained, throughlong term investment in core industries that Vietnam has the best capacity todevelop-VNA
Speaking at the event, General Director ofVietjet Air Nguyen Thi Phuong Thao underscored the need to fully tap thepotential of the private sector to make it a driving force of the economy.
It is time for the private sector toeffectively use State incentives, train human resources and adopt technologicaladvances to meet diverse demand, she said.
She warned that if the US – China trade warescalates, many sectors will be hurt because Vietnamese firms will incur highermanufacturing costs and competition with low-cost Chinese goods will becomefiercer.
Director of the Public Policy Programme atthe Fulbright School Nguyen Xuan Thanh mentioned machinery and mechanicalproducts as sectors hit by the trade war. As the US imposes tariffs on 34billion USD, then 200 billion USD worth of Chinese goods, interior décor andagro-fisheries will also be hurt. If the figure moves to 500 billion USD,almost all sectors will be affected, including footwear and apparel.
Apart from the trade war, exchange ratefluctuations will also impact Vietnamese growth between now and the year’s end.Despite the State Bank of Vietnam’s flexible foreign exchange management policy,controlling risks brought by currency exchange rate fluctuations is also necessary.
Pham Hong Hai, General Director of HSBCVietnam urged the Government, ministries and agencies to reform to controltrade fraud risks via close State management while creating an environment thathelps businesses rapidly adapt to changes.
Oil and gas and exports also indirectlyimpact the Vietnamese economy. As more global firms divest in emerging markets,the Vietnamese economy needs to speed up institutional reform, he said, addingthat Vietnamese businesses will easily become technologically backward if theyaren’t ready to join the fourth industrial revolution.
President of the Vietnam Chamber of Commerceand Industry Vu Tien Loc said easier access to incentives, State funding andland should be given to business community to fuel domestic growth and ensurefair competition.
Themed “BuildingSustainable Growth”, the event gathered top business leaders, experts, thinkersand policy makers to discuss strategies to ensure growth is sustained, throughlong term investment in core industries that Vietnam has the best capacity todevelop-VNA
VNA
