2020 likely to bring more challenges to business sector: HCM City forum

Monday, Jan 06, 2020 19:17

Around 300 experts and local and foreign business executives take part in the Investment and Business Development Forum 2020 in HCM City on Monday. — VNS Photo Thu Ngan

Vietnamese companies will face a number of challenges in 2020, the last year of the five-year socio-economic plan, a forum heard in HCM City on Monday.

Speaking at the Investment and Business Development Forum 2020: Opportunities for Acceleration and Breakthrough, experts said 2020 is also the founding year for the country’s socio-economic development and the final year of a decade in which the Party and Government implemented important strategies.

This year, Viet Nam holds the position of ASEAN Chairman and becomes a non-permanent member of the United Nations Security Council for a two-year term.

For the financial sector, it is the deadline to clean up bad debts and for all banks to list on the stock market.

Chairman of the Viet Nam Chamber of Commerce and Industry, Vu Tien Loc, said: “2020 will be even tougher for local companies due to the slowdown as well as other challenges faced by the global economy.”

Economist Can Van Luc forecast four main challenges to the country this year.

The first is the slow adoption of regulations governing the digital economy and e-banking, the second would come from outside from the global oil and gold prices and exchange rates.

The third is related to capital increase at banks and the last is cyber security, he said.

“Last year, cyber attacks increased by 104 per cent.”

“How to manage the financial sector when the 58 banks in the country are studying how to issue their own digital money?”

Experts and executives from the aviation, property and banking sectors shared their views about the opportunities and threats facing each sector this year.

Last year, Viet Nam sustained its growth despite the global economic slowdown thanks to its macro-economic stability, they said.

For a second consecutive year, GDP growth topped 7 per cent while trade value exceeded US$500 billion.

The forum was organised by the Central Party Economic Commission, the VCCI, the Viet Nam Association of Business Development Services Organizations and BizLIVE.vn and attended by 300 delegates. — VNS

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