He also suggests they reassess their business plan and strategy for coping with business risks to best obtain a competitive advantage in the world marketplace and simultaneously grow their business.

Last year was a difficult year for businesses and the number which either temporarily or permanently ceased operating dramatically increased. However, some businesses managed to not only successfully survive but thrived in the marketplace, thanks to strategically implemented business strategies, he said.

A good example is VinaCommodities which specializes in exporting and importing farm produce and plant oils. 

The company not only maintained their production activities but expanded them and successfully launched a line of high end products to the domestic market.

Additionally, the company began exporting cashew nuts and plant oilsto international markets throughout the world.

Tran Van Toan, President of the Management Board of VinaCommodities in turn said that by fully tapping into its advantages and establishing an effective risk management system, the company successfully maintained a growth rate of over 40% in 2013.

At present, the company has more than 500 labourers and will recruit more this year to to keep up with the expansion of their production activities and achieve its growth target of 50% in 2014.

Toan also noted that the signing of the Trans-Pacific Partnership (TPP) Agreement in 2014 will create favourable conditions and many opportunities for businesses to penetrate foreign markets.

Director of Tuan Hung Construction and Technology Joint Stock Company, LeXuan Hung remarked that last year, his company only invested its capital and human resource in highly feasible projects.

Concurrently, it spent a great amount of time and effort in locating partners and cooperating with big companies in order to reduce risks.

Another factor which helped his company overcome difficulties was that they paid special attention to labourers.

Thanks to that, the staff has remained loyal and solidified in accomplishing the company’s goals.

Vu TienLoc, VCCI President said that despite the economic difficulties in 2013, there were over 50,000 newly established businesses and 10,000 businesses resumed production activities.

However, the outlook for 2014 is that it looks to be another difficult year and getting or maintaining a firm foothold in the local market remains critically important to businesses, said Mr. Loc.

He strongly suggests that businesses restructure and streamline their operating activities and focus on key areas for development. In addition, businesses should implement modernized management tools including the latest scientific and technological advances.