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Standard Chartered offers insights on growth strategies for mid-corporates

Released at: 20:58, 13/06/2019

Standard Chartered offers insights on growth strategies for mid-corporates

Photo: Khanh Chi (VET)

Bank's annual seminar this year discusses strategies for mid-corporates' development.

by Hong Nhung

Standard Chartered Bank, in cooperation with the Malaysia Business Chamber in Vietnam, organized the “Growth Strategies for Mid-Corporates” seminar in Ho Chi Minh City on June 12, drawing over 100 senior executives from Asian and Vietnamese businesses.

The seminar was co-hosted by the Singapore Business Group in Vietnam, the Thai Business Association in Vietnam, and the Indonesia Chamber of Commerce in Vietnam. This was the third Standard Chartered sponsored “Bridging ASEAN” seminar series, which is part of the bank’s commitment to supporting its clients to realize their growth ambitions both in their domestic markets and overseas.

Mr. Chidu Narayanan, Economist for Asia at Standard Chartered Bank, kicked off the seminar by sharing the bank’s views on the latest global, regional, and local economic outlook. He discussed the growing uncertainty around the trade war and its likely evolution and impact on global and regional growth. Persistent uncertainty around trade negotiations has weighed on global sentiment and growth, and ASEAN stands to potentially benefit from diverted demand. He noted that the outlook for the region remains steady, supported by strong domestic demand.

Mr. Jiten Arora, Global Head of Commercial Banking at Standard Chartered Bank, discussed the key findings from the bank’s recently released “ASEAN - A Region Facing Disruption: Positioning Mid-Corporates for Growth in Southeast Asia” report, and outlined the strategies ASEAN mid-corporates need to devise to build growth against major shifts in their respective sectors of operation. These strategies include Smart Operations, Digital go-to-market, and Cross-border expansion.

“ASEAN remains a positive growth story, but the extent of this depends on the adoption of new growth strategies by the private sector, the maintenance of policy reforms by national governments, and a renewed focus on infrastructure investments,” said Mr. Nirukt Sapru, CEO Vietnam, ASEAN and South Asia Cluster Markets at Standard Chartered Bank.

“The private sector will play a major role in driving ASEAN’s growth. In our long history in the region, we have developed unrivalled knowledge of each market and grown our network to be the only international bank operating in all ten ASEAN markets. We have had the privilege of supporting and growing with the region, while constantly striving to have a positive socioeconomic impact with our footprint. Leveraging on our vast experience, extensive network, and in-depth knowledge, we are committed to helping companies do business and realize their growth ambitions in the region.”

“ASEAN’s economy is projected to reach $4 trillion by 2023 and become the world’s fourth largest economy by 2030, but internal and external challenges can impact the region’s competitiveness and long-term growth,” said Mr. Arora.

“Mid-corporate businesses will have a more critical role to play in enabling future growth in the coming years, through transforming global supply chains and driving regionalized business models. Adopting digital solutions across the value chain and embracing regional expansion are two key growth themes that mid-corporates should focus on to ensure sustainable growth.”

“Today, ASEAN countries play an important role in global trade,” said Mr. Theng Bee Han, President of the Malaysia Business Chamber in Vietnam. “A lot of global production has moved to ASEAN and the region is also becoming an important market for the world. The increase in trade activities in the region is clear. Hence, business and trade-related information becomes important to fellow entrepreneurs.”

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