Like other Southeast Asian economies, Vietnam’s economic crisis has bottomed out and is likely to recover sooner than expected, probably in the next 12 months, said a renowned UK economic strategist.

The remarks were made by Professor of Strategic Development Tom Cannon from the University of Liverpool in England at a workshop in Hanoi on July 29. The event drew many government officials as well as academic and corporate representatives.

The country has three assets that can ensure its early recovery, including the stability of its banking system, a quality workforce and a good strategy in which the government has paid due attention to the four important factors to development: creativity, corporate development, sustainable development and quality governance, said Professor Cannon.

He suggested that Vietnam should not be overly concerned about the current crisis but instead should prepare itself to make the most out of any new opportunities arising from the crisis.

According to Cannon, the Vietnamese government should concentrate on making it easier for newly-established enterprises to access banking loans.

He advised local producers to help each other through the credit crunch and focus on high-quality brands. He also asked exporters to review their products to cater to the world’s changing demands more effectively, citing an example of a change in North American consumers’ preference for natural products and organic foods which can be an opportunity for Vietnamese exporters.

Cannon, 65, is one of the most respected professors of strategic development at the University of Liverpool . He is also the Chief Executive Officer of Ideopolis International, a Liverpool-based company.

He works as a senior advisor to more than 30 multi-national groups including American Express, Microsoft, Airbus, Tesco, BP, Shell, HSBC, Earnst & Young, IMB, Cysco System, Nissan, BMW and Dell.

As an expert on Asia and particularly Southeast Asia , he has acted as a consultant in the development of science and technology and human resources for many governments in the region.

During his visit from July 27 to August 4, Professor Cannon had meetings with Permanent Deputy Prime Minister Nguyen Sinh Hung and the CEO’s of a number of Vietnamese firms./.