The skill level of employees must be improved if local companies aim to succeed after the global downturn, directors of local corporations have said.

The directors of local companies SJC, Win Win and Fideco Co, among others, met recently to discuss the urgency of reducing business risks during the post-economic crisis.

Han Manh Tien, chairman of the Vietnam Association of Corporate Directors, which held the meeting, said training and fostering a beter workforce took time and money, but the results were vital in achieving business success.

He also suggested that companies avoid staff cutbacks, if possible.

“Vietnamese firms must cooperate and share experiences as well as information sot that they can cope with the challenges ahead caused by the crisis,” Tien said.

Tran Huu Chinh, general director of FIDECO, said companies should help employees by offering training.
During an economic downturn, companies can ensure competitiveness by creating distinctive products through better design and packaging and by offering quality services.

“Firms need to have creative and innovative thinking when they research and develop new products, which can become their strength and advantage in the market,” he said.

Financial expert Dinh The Hien said the economic downturn had downsized world demand for imports and the foreign direct investment, creating difficulties for domestic firms.

To ease the economy’s dependence on exports, he advised businesses to shift their focus and expand their market share at home.

Le Van Son, general director of Anoasis Resort, said Vietnamese firms needed to build their brands to attract business opportunities. This could be done in various ways, including social events./.