ECONOMYNEXT - Chief Financial Officers must be prepared to meet the challenge of rising forex risk in the region, global and Vietnam financial professionals who met in Ho Chi Minh City said.
There were fears that without proper risk management Vietnamese enterprises financed with a high ratio of foreign currency liabilities in the manufacturing and exporting industries could even go bankrupt.
Joseph Alfred from the Association of Chartered Certified Accountants UK (ACCA) said that financial professionals must be prepared to manage broader financial risks since forex risks do not come in a vacuum.
He was addressing over 300 CFOs, chief executive officer and financial professionals atVietnam CFO Forum 2015, which dealt with the managing finance as currency volatility intensified with many Asian nations seeing their currencies weaken.
In 2015, global financial markets have been jittery with many Asian currencies including the Chinese Renminbi weakening against the US dollar.
The forum was hosted by the Vietnam Chief Financial Officers (VCFO) in co-operation with Japan Association for CFOs (JACFO), and the Association of Certified Accountants UK (ACCA) on November 24.
Vietnam CFO Forum is an annual gathering where Vietnamese and international experts share their experience and insights to help attendees have better overview of the current situation, underlying causes of the economic environment, organizers said.
Therefore, they are able to improve future decision-making on management, investment, capital mobilization and risk controlling toward a sustainable enterprise development as Vietnam and the region moves towards greater integration. (Colombo/Nov27/2015)