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“Self-made vaccines” for businesses

by NDO29 May 2021 Last updated at 10:42 AM

In the context of the COVID-19 pandemic, enterprises should renovate their production methods and seek methods to minimise costs to improve their competitiveness in the market.
In the context of the COVID-19 pandemic, enterprises should renovate their production methods and seek methods to minimise costs to improve their competitiveness in the market.

VTV.vn - The report assessing the impact of COVID-19 on businesses in Vietnam shows that the pandemic has seriously affected the production and business activities of Vietnamese firms since it broke out in early 2020.

Specifically, more than 87% of the surveyed enterprises said that they suffered heavily from the disease, while 11% of respondents reported no impacts and only 2% of them were still running good business. COVID-19 has pushed many companies into extreme difficulties, evidenced through an increasing number of businesses leaving the market in the past four months, with 51,500 enterprises temporarily suspending operations, waiting for dissolution procedures or completing dissolution procedures (up 23.3% over the same period in 2020). On average, there are nearly 12,900 businesses ceasing operations each month. Although the Government has come up with many solutions to support and accompany businesses, many have yet to be able to get out of difficulties. When the fourth wave of COVID-19 hit the nation, production and business activities of many enterprises have almost come to a complete halt.

Therefore, in order to both safely cope with the pandemic and maintain effective business and production economic experts have stressed the need for a dose of “self-made vaccine” to strengthen businesses’ adaptability. Accordingly, each enterprise needs to build a flexible management system, vigorously implement digital transformation, and divert production and business to ensure sustainable development criteria. In particular, companies should renovate their production methods and seek methods to minimise costs to improve their competitiveness in the market. It is also necessary for them to expand their sales channels and markets while promoting product information to consumers through the internet and e-commerce trading floors in order to avoid severe impacts during the pandemic period.

It is the Government’s consistent view and goal to prioritise pandemic prevention and control, but still promote economic development and care for the people’s livelihoods. The Government is focusing on reforming, reviewing and removing overlapping regulations, policies and laws; implementing decentralisation and individualisation of personal responsibilities; and applying mechanisms to protect those who dare to think, to do, and to innovate. Vietnam must resolutely realise the dual goals, which is a prerequisite for political, economic, and social stability.

What the business community is aspiring for is the successful implementation of a Government of action to create in terms of economic, political and social institutions, while building a solid foundation for Vietnamese enterprises in the face of future fluctuations. In the current period, in addition to the effective support from the Government, businesses need to proactively and actively increase their ability to adapt to, withstand and co-exist with the pandemic. The Government has committed to developing effective policies to support businesses, ensuring the most transparent, simple and favourable access procedures possible. The flexible regulations of the State will assist enterprises in developing business models that adapt to the market and are strongly resilient to the adverse factors possibly occurring in the future, thereby contributing to enhancing the resilience of the whole economy.

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