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Saturday, June 22, 2024

Navigating in uncertain times

by Hoang Hanh

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Vietnamese businesses should brace for ongoing economic uncertainties. Economic expert Nguyen Tri Hieu discussed this issue with The Saigon Times. Micro businesses also need BUSINESS AND RISK MANAGEMENT PLANS The Saigon Times: At the start of 2023, you mentioned that this is not a year for taking risks and that investors should exercise caution. What about businesses? Can you share any stories or concerns that entrepreneurs and business owners have brought to your attention? Nguyen Tri Hieu: I would say that 2023 is a year marked by exceptionally complex economic developments. The world, particularly the West and the United States, has implemented massive post-Covid-19 support packages, followed by the military conflict in Ukraine. These events have had immediate and profound impacts on the global economy. Inflation in the United States and Europe has surged to the highest levels seen in decades. Vietnam is one of the countries significantly affected by these events. Firstly, demand in major export markets like the United States and Europe has declined. Secondly, the exchange rate is under considerable pressure due to the rising value of the U.S. dollar and other currencies relative to the Vietnamese dong. Domestically, the Vietnamese economy is still grappling with the […]
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