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Businesses reconciled to waiting out downturn, work on weaknesses   2009-05-02 - VietNamNet/TN/TBKTSG

With the economic slump hitting consumption, many businesses have been forced to lower their growth targets , while some are using the period of relative inactivity to restructure and work on their weak areas.

Doan Dinh Quoc, general director of glass maker Dinh Quoc Corp., said his company had to alter its plans from growing as strongly as possible to growing at a “reasonable rate.”

Tran Thanh Sang, managing director of Viet Fashion Co. which makes the NinoMaxx brand of garments, said it is even harder for start-ups.

The crisis is like a fierce storm and would wipe out weak firms, he said, assuring, however, NinoMaxx would ride it out thanks to its good preparation.

NinoMaxx does not expect strong growth this year but would focus on improving its employees’ skills and finances, he said.

It is also utilizing the lull to find business partners, Sang added.

Do Hoa, chief executive of manicure instrument producer Nghia Nippers Co., said the company is restructuring its business.

It had gone over its entire operations and management to identify weaknesses and advantages, and keeping a close eye on its working capital and employees’ skills, he said.

All this has helped the firm post healthy earnings so far this year despite the economic turmoil, Hoa said, without elaborating.

The government has already said it will revise this year’s economic growth target to 5 percent from an earlier 6.5 percent after the economy posted its weakest first-quarter growth on record.

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