The Da Nang Young Entrepreneurs’ Association on Wednesday held a seminar on ‘Businesses respond to crises amidst in global fluctuations’ to exchange experiences to overcome difficulties caused by rising inflation, the plummeting needs of developed economies, rising raw material prices and supply chain disruptions.

Illustrative image. (Photo: DNO)

Mr. Tran Si Chuong, the former economic and banking advisor to the US Congress, said that internal economic forces such as infrastructure, business environment, transparency and investment safety in the country are still is not strong enough, the level of disbursement of public investment, foreign investment, and domestic investment are all decreasing rapidly.

For a long time, domestic resources have focused too much on real estate, especially in the high-priced segment, which is a business field with low long-term investment efficiency for society, which makes the economy be affected when real estate "freezes".

In the face of pressures and challenges, Mr. Chuong proposed that businesses need to quickly cut down inefficient business areas, capture micro and macro information of the world, and the country in particular, related to their trade and business activities, especially information sources from business associations, connecting with domestic and foreign resources.

Meanwhile, Professor of Economics Tran Van Tho, Professor Emeritus at Waseda University in Japan’s Tokyp said, many years ago, when it came to how to meet the global value chain, we talked about quality, price and delivery terms.

Currently, in addition to the above-mentioned conditions, the global value chain requires more, including environmental requirements, environmentally-friendly and green production. Vietnamese businesses need to clearly define labour market stability.

The change in education and training is very important because the quality of human resources is the biggest challenge facing enterprises during international integration processes.

Reporting by M.QUE, NGOC BICH - Translating by A.THU