HCM City Party Secretary Dinh La Thang promised to create better conditions for local firms as they are facing tougher competition from trade agreements.
HCM City Party Secretary Dinh La Thang
The state-owned Saigon Beer, Alcohol and Beverage JSC Sabeco reported that the total consumption last year reached 1.5 million litres, 9% up on the previous year. Revenue also increased by 10% to VND27.7trn (USD1.3bn).
At the meeting with the company on June 5, Thang highly appreciated Sabeco's achievements as many local companies faced increased competition. He went on to say as Vietnam had joined more trade agreements, they would have to face more difficult competition and businesses would be bound by those agreements.
Thang urged Sabeco to quicken its equitisation process and develop autonomous finances to be more independent. "The management will improve once the company have more shareholders. The company must continue upgrading technology and analysing the market to expand production. The company must not forget to care for its employees and wages as well as charity and environmental protection activities."
While predicting that 2016 would be a more difficult year as more trade agreement terms take effect, Thang also said this was also an opportunities for local firms to boost development. Meanwhile, the local authorities would continue improving business environment such as applying stricter monitoring system to control corruption and implementing e-government to reduce bureaucracy and to be more efficient.
At a meeting with local firms in March, Thang also promised to sack officials that harass firms, are slow in work or show weak capability.
