Firms urged to work together

HA NOI (VNS)— Viet Nam Chamber of Commerce and Industry' president Vu Tien Loc has called on Vietnamese business people to unite to sharpen their competitive edge in the global market.

Making the comment at the Viet Nam Business Forum in Ha Noi on Saturday, Loc said this year's event took place at a time when the business community was struggling with the domestic economic slowdown.

In order to overcome challenges, business people need to turn crisis into opportunities, said Loc.

Deputy Minister of Industry and Trade Tran Quang Khanh said that in the short-term, banks should extend payment deadlines and offer lower interest rates to businesses. He also urged them to work closely with the Government to tackle challenges and work towards stabilising the macro-economy and restructuring the economy.

Economic experts at the event said monetary policies need to be adjusted in a more flexible manner to both curb inflation and create favourable conditions for businesses to thrive.

The investment environment also needs to be improved, according to experts, to restore investors' confidence in all economic sectors.

During the past nine months of this year, about 40,000 businesses closed down or halted operations, up by 6.5 per cent from the same period last year. — VNS