VNR500 Summit 2009 to discuss life in ‘finance storm’
Phung Hoang Co, Senior Executive of Vietnam Report, the organiser of the workshop, said that the workshop will serve as a forum for participants to discuss and share experiences with representatives of businesses who have been in the midst of the ‘financial crisis storm’.
VNR500 Summit 2009 will gather Vietnamese policy makers, leading economists and experts from big banks in the world, including CitiBank Vietnam, ANZ, HSBC, Standard Chartered Bank, Ernst & Young Vietnam and PricewaterhouseCoopers auditing firms and other finance institutions.
With the theme of seeking and grabbing opportunities in the post-crisis period, which is the interest of most businesses, VNR500 Summit 2009 is expected to be a useful event for all businesses.
Vietnam’s top 500 businesses: keeping ship steady in big waves
Vietnam’s top 500 businesses have been keeping ship steady in big waves
The crisis has been playing havoc with the world’s economy over the last year. While a lot of enterprises have suffered from the storm, the big names in Vietnam’s top 500 businesses are keeping their ships steady.
Chief Executive Officers (CEO) and Chief Finance Officers (CFO) say the know-how to stay firm and develop strongly even in crisis is ‘considering crisis as an opportunity to make strategic changes towards development’.
Thirty-three percent of enterprises in the VNR500 ranking still got the pretax profit of 100 billion dong and higher in 2008, while 29 percent of enterprises got 50-100 billion dong. Only five percent of the top 500 businesses suffered losses.
The businesses, though seeing profit decrease slightly in 2008, saw total turnover up by 37 percent over 2007.
CEOs, when talking to VietNamNet, all said that the way to struggle in the storm is to restructure one’s ‘boat’ to make it and solid and uncluttered. In other words, instead of getting involved in too many business fields, when the storm rushed down, the enterprises immediately returned to their strengths. In fact, this is not a new ‘remedy’. The big names in the world’s top 500 businesses have been maintaining their leading roles in their fields with the principle of concentrating on their core capability.
Intel has never strayed from electronic chip production, Toyota has been trying to be the leader in car manufacturing.
Vinamilk is an example of concentrating on core capability. Instead of making investment in other business fields, Vinamilk has spent time restructuring its brand name while concentrating on marketing campaigns.
To expand its business, Vinamilk has invested in soft drinks, a field in which it is already well-situated as far as distribution and marketing.
