14:38 | 13/06/2019 Companies
(VEN) - Standard Chartered Bank, in collaboration with the Malaysia Business Chamber in Vietnam organised the “Growth Strategies for Mid-corporates” seminar on June 12 in Ho Chi Minh City, drawing over 100 senior executives from Asia and Vietnam businesses.
The event was co-hosted by Singapore Business Group in Vietnam, Thai Business Association in Vietnam and Indonesia Chamber of Commerce in Vietnam. This is the third Standard Chartered sponsored Bridging ASEAN seminar series.
Chidu Narayanan, Economist for Asia, Standard Chartered, kicked off the event by sharing the Bank’s view on the latest global, regional and local economic outlook. He discussed the growing uncertainty around the trade war, its likely evolution and impact on global and regional growth. Persistent uncertainty around the trade negotiations has weighed on global sentiment and growth, ASEAN stands to potentially benefit from diverted demand. Chidu noted that the outlook for the region remains steady, supported by domestic demand strength.
Jiten Arora, Global Head of Commercial Banking, Standard Chartered Bank, said: “ASEAN’s economy is projected to reach USD4 trillion by 2023 and become the world’s fourth largest economy by 2030; however, internal and external challenges can impact the region’s competitiveness and long-term growth. Mid-corporate businesses will have a more critical role to play in enabling future growth in the coming years, through transforming global supply chains and driving regionalised business models. Adopting digital solutions across the value chain and embracing regional expansion are two key growth themes which mid-corporates should focus on to ensure sustainable growth.”
Theng Bee Han, President of Malaysia Business Chamber in Vietnam, added: “Today, ASEAN countries play an important role for global trade. A lot of the production for the world’s supplies has moved to ASEAN and ASEAN is also becoming an important market to the world. The increase of trade activities in this region is obvious. Hence, the business and trade related information become important to the fellow entrepreneurs here.”
Nirukt Sapru, CEO Vietnam, ASEAN and South Asia Cluster Markets, Standard Chartered Bank, said: “ASEAN remains a positive growth story, but the extent of this depends on the adoption of new growth strategies by the private sector, sustenance of policy reforms by national governments and a renewed focus on infrastructure investments. The private sector will play a major role in driving ASEAN’s growth. In our long history in the region, we have developed an unrivalled knowledge of each market, and grown our network to be the only international bank operating in all 10 ASEAN markets. We have had the privilege of supporting and growing with the region, while constantly striving to have a positive socio-economic impact with our footprint. Leveraging on our vast experience, extensive network and in-depth knowledge, we are committed to helping companies do business and realise their growth ambitions in the region”.