More than 200 local and foreign chief financial officers (CFOs) gathered in Hanoi on November 24 for a seminar on their role in dealing with fiscal turbulence.
The seminar promoted the sharing of information on corporate finance, integration into the international financial community and harmonizing financial and accounting standards.
Participants also discussed the global accreditation system by the International Association of Financial Executives.
Nguyen Ngoc Bach, director of the CFO Vietnam Club, said the global economy is gaining momentum, but financial downturn is not yet over.
He said the seminar offered an opportunity for CFOs and corporate leaders to develop measures to minimize risks in business operations.
Bach said the implementation of the association’s global accreditation and finance and accounting standards in Vietnam will help standardise financial management systems.
Hiroshi Yaguchi, vice chairman of the association and founder and executive director of the Japan Association for CFOs, told the forum that the world economy is relying on Asia to further grow.
He said the situation remains unstable and unpredictable and a second dip can still be triggered. However, the world economy had fully shifted to Asia.
Le Dang Doanh, former director of the Central Institute for Economic Management (CIEM), said Vietnam’s economy has witnessed a significant recovery during the past two years.
It was agreed that skilled human resources is the key to boosting industry and attracting foreign investment.
Public and private investments remain at high levels. However, the exchange rate has been strongly influenced by Vietnam’s rising inflation, budget deficits, increasing public and foreign debt, an international trade deficit and current account deficit.
To combat this, the Vietnamese Government has set an ambitious target of stabilizing inflation while trying to reach a higher economic growth rate.