More than 400 domestic and foreign delegates attended the Vietnam CEO Summit 2012 titled “Corporate restructuring: Case Studies and Good Practice for Vietnamese Enterprises” in Hanoi on August 2.

At the summit, many economic experts said Vietnam has obtained rapid economic growth in recent years, thanks to the robust development of the industry and services sectors, the shifting to manufacturing products of high added value, and engagement in regional production network.

However, they said business environment is considered to be less attractive than in other countries in the region.

The large budget deficit, limited management capacity of the State apparatus, high risk of corruption, incomprehensive infrastructure and technology, and environmental issues are all big barriers to economic development.

In addition, Vietnamese businesses are facing challenges such as a lack of economic strategy and human resources, imbalance in capital and problematic development models.

The economists suggested that to overcome difficulties, domestic business should improve their capacity by implementing comprehensive restructuring plans, ranging from technology, and finance to human resources.

At the summit, experts and businesses discussed case studies on restructuring in Vietnam and overseas to learn important lessons for Vietnamese enterprises. They also talked about macroeconomic prospects and the business environment in 2012-13.