Deloitte held Conference: “Vietnam Economic Prospects – Opportunities Awaiting Businesses?”

On May 17, 2016, Deloitte Vietnam held the conference titled “Vietnam Economic Prospects – Opportunities Awaiting Businesses?”. Attending the conference were well respected speakers from the Ministry of Planning and Investment, World Bank (WB), Ho Chi Minh City Stock Exchange (HOSE), Vietnam Chamber of Commerce and Industry (VCCI) and the leaders from Deloitte Southeast Asia and Deloitte Vietnam. The conference attracted the participation of representatives from hundreds of foreign-invested enterprises, and private sector companies in Ho Chi Minh City.

The conference was organized with the aim of providing the participating enterprises a comprehensive view of the investment landscape in Vietnam, the sustainable development trend as well as experts’ opinions on these issues, through which will raise awareness about sustainable development and a new corporate governance thinking, creating more values for enterprises as well as Vietnam economy in the context of integration with the global supply chain in the new chapter.

The conference consisted of 2 sections. The first section discussed issues that have caught the attention of the business community and investors in particular on Vietnam’s economic prospects as well as investment opportunities in the new economic chapter. The second section allowed in-depth discussion on topics such as the types of products that would benefit from tariff cuts in TPP and other trade agreements; suggestions on investment plans for enterprises operating in Vietnam; and how Vietnamese enterprises can succeed in the sustainable development environment.

Sustainable development has been a growing concern among nations around the globe and it is crucial that enterprises understand that they can play a positive and important role in the realization of sustainable development goals of a country. As Vietnam becomes increasingly integrated into the global economy, a closer alignment with the sustainable development trend is inevitable.

The United Nations’ Agenda 2030 for Sustainable Development emphasized that the role of the private sector is pivotal in improving the labor productivity, economic growth and job creation. This subject was also talked about in the recently published “Vietnam Report 2035” of the World Bank and the Ministry of Planning, which says “the private sector will be the center”. In order for enterprises to support sustainable development, it requires a change in thinking on the role of corporate governance.

Ms. Ha Thu Thanh, Chairwoman of Deloitte Vietnam, said: “In order to promote the role of the business in sustainable development, new methods of corporate governance need to be embraced by the management, specifically in three areas of financial capital, social capital and natural capital, together in the same system of governance. Research has shown that a business that manages the sustainability aspect well will also succeed financially.”