Vietnam Attractive for Foreign Financial Advisors

 Vietnam has become an attractive destination for international financial consultation groups as many of them entered the country last year, according to the Vietnam Chamber of Commerce and Industry (VCCI) branch in Ho Chi Minh City.

The chamber said that a dozen of renowned foreign financial advisors were interested in exploring the local emerging markets, such as the Providential Holdings, Samil PricewaterhouseCoopers, Golden Bridge and South Korean Harizon Group.

Nguyen Dac Hien, chairman of the law firm Providential Holdings, said Vietnamese firms find it difficult to access domestic and foreign capital sources because many remain reluctant to make their financial status and accounting procedures more transparent.

This prevents enterprises from accessing capital sources, said Hien, adding that financial and legal consultation is indispensable in such circumstances.

Ly Sang Joon, chairman of South Korea-based financial group Golden Bridge, shared the view, adding that it was necessary for Vietnamese businesses to learn from the experiences of other countries with strong currency markets seeking to secure capital sources.

 

Meanwhile, general director of the bourse-listed Telecommunication Cables and Materials Company (Sacom) Do Van Trac said that while the presence of legal and financial consultation groups in the country was a new trend, it would likely develop further to the benefit of domestic businesses.

He said that leading consultants were instrumental in reviving ailing companies in other developing countries.

 

Vietnamese enterprises must now focus on finding the right approach to using consultation services to aid their integration to the global economy, Trac said.