Numerous managers, economists and businesspeople gathered at a seminar in Ho Chi Minh City Thurday to discuss the opportunities and challenges as well as Vietnam’s policies and measures after the economic crisis.
Co-hosted by the Vietnam Investment Review (VIR) and the Association of Foreign-invested Enterprises, the seminar also served as a forum for the delegates to analyse the factors affecting the flow of investment and trade.
VIR’s Editor-in-Chief Nguyen Anh Tuan said that the global financial crisis had many adverse impacts on Vietnam in terms of exports, foreign direct investment (FDI), the stock market, international tourism and other fields.
However, Vietnam has managed to stave off the worst of the economic recession and stabilise its macro-economy thanks to concerted efforts by the government and the business community, he said.
Professor Nguyen Mai noted that FDI is considered the brightest spot in the country’s economic picture over the past two years, but Vietnam needs to improve the quality of this capital source.
While discussing the knock on effects on the stock market, the Vice Chairman of the State Securities Commission Nguyen Doan Hung emphasised the need to stabilise the market before implementing long-term targets, including enhancing the quality of auditing, information and corporate administration, tightening the supervision and protection of investments and dealing properly with securities companies suffering losses.
Dr. Le Xuan Nghia, the Vice Chairman of the National Financial Supervisory Committee, said that Vietnam is likely to face more monetary risks in the medium term, citing its foreign exchange rates.
The slow recovery of the global economy could hamper the flow of capital into Vietnam , worsen the depreciation of the Vietnamese dong and weaken the country’s international balance of payments, said Nghia.
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