Although the country’s current economic malaise is expected to continue in 2013, many businesses say they will still expand investment, but in a more cautious way.
Optimistic investors say there are still chances amid the challenges, as long as they have an adequate business plan.
For instance, Golden Woods Vietnam, a furniture maker, has decided to lease the manufacturing plants and other infrastructure of a suspended rival company, instead of building its own, to save initial costs.
“A number of furniture manufacturers have had to cease operation, leaving their infrastructure unused, and leasing such plants enabled us to spare more capital for production,” company director Thieu Le Binh said.
Meanwhile, Huynh Hieu Dung, director of Ky Lan Co Ltd, which trades and leases used cars, chose to use money from his own pocket rather than bank loans to expand operation amid these hard times.
“I believe that the market will improve this year thanks to solutions from the government,” he said.
Dung said the company is set to open branches in three or four more districts, each requiring a VND1.5 billion investment.
“I will use my own money as it is difficult to access bank loans now, not to mention the exorbitant interest rates,” he said.
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