Forum gives business advice

Different industries require distinct technical skills but good personal relationships are essential for success in every endeavour.

"Developing good personal relationships is often overlooked or neglected as many CEOs concentrate on the complex tasks of running their business," he said, adding that strategic relationships can ease burdens and grow businesses more efficiently than anything done solely by yourself.

In January, the Viet Nam Report found that more than 70 percent of private enterprises in the rankings planned to increase their investment and production activities in 2012.

However, he said that "although businesses were committed to invest in their business operations, they should set a feasible target that aims to avoid being overly optimistic and underestimates risks."

Businesses should focus on re-organising their operations to improve effectiveness rather than expand the production, particularly during an economic downturn.

Matthew McGarvey, manager at PricewaterhouseCoopers Beijing, China, said success during changing times required disciplined people, disciplined thought, disciplined action, and accountability.

For instance, businesses must try to learn how they can achieve the best results over the long term, and they should build relationships and promote their trademarks. However, a fast growth rate must be sustainable.

At the ceremony, the Viet Nam Report Joint Stock Company in collaboration with VietnamNet announced the second FAST500 list, comprising 500 of the fastest-growing companies in Viet Nam. The private sector accounted for 71. 6 per cent and state-owned businesses 22.2 per cent.

Nguyen Minh Hong, deputy minister of Information and Communications, said that FAST500 forum had been held for two consecutive years. The forum is seen as a bridge for exchanging information between domestic and foreign experts and experience.

The top 500 companies had an average growth rate of 57 per cent during 2007-10 and 54 percent in 2011.