Experts discuss ways to boost services sector
The services sector can only developed when the scope of production is expanding, said experts at a recent conference.
Le Xuan Nghia, former deputy head of the National Financial Supervisory Committee, spoke highly of the sector’s considerable contributions to the economy’s GDP growth rate of 5.03 percent.
Despite the fact that transport, restaurant and hotel services continue growing, the finance and banking sector remains in a bind, he said.
To help domestic businesses, Nghia said, lending interest rates should be cut to approximately 9 percent this year.
Nghia argued that for a long time, they have not paid due attention to promoting brand names or investing in sales and marketing. He suggested it is now time for them to develop marketing strategies to secure a foothold in foreign countries.
Nguyen Duc Kien, deputy chairman of the National Assembly’s Economics Committee, urged them to deal with their large stockpiles in the first place to keep the seafood, textile, steel and iron industries purring along.
Truong Dinh Tuyen, former Minister of Trade and member of the National Monetary Policy Advisory Council insisted that they should not hesitate to lower product prices. If not, they will lack necessary capital to clear outstanding debts and maintain production activities.
Nguyen Van My, director of Lua Viet Tourism Company, recommended the Government provide businesses practical support instead of issuing new regulations that would put them in a difficult position.