Vietnamese businesses work to overcome effects of COVID-19

(VOVWORLD) - The COVID-19 pandemic has devastated the global economy. With government support, Vietnamese businesses are working to overcome local effects.
Vietnamese businesses work to overcome effects of COVID-19 - ảnh 1

Prime Minister Nguyen Xuan Phuc, at an online meeting on Saturday, asked businesses to try hard to support their workers and expand their markets.  

The COVID-19 crisis has affected every aspect of the economy. Vietnamese enterprises have had to scale down their business and cut their expenses while their employees have had to take a leave or seek alternate ways to generate a little income during the crisis.

Nguyen Thi Thu Trang, Director of the WTO and Integration Department of the Vietnam Chamber of Commerce and Industry, said: "Many enterprises have become more dynamic and creative in adapting to the new situation changing their markets, suppliers, production chains, and production methods. They have promoted online working and used technology to carry on their business."

Director of the Vietnam Agriculture, Food Import-Export Joint Stock Company Tran Thi Thu Hang said that because output has decreased sharply and retail sales have shrunk, the company has had to focus on the domestic market and will seek new markets in the future: “We will start producing processed food rather than just raw products. We will package our fresh products and sell them to companies and consumers living in apartment buildings. We are seeking new markets and India seems to have huge potential. We will attend a trade fair in India later this month.”

Vietnam’s tourism sector, which was hardest hit by the epidemic, has revived the domestic market with some attractive stimulus packages.

Nguyen Quoc Ky, Director General of Viettravel, said: “We will use messaging promoting Vietnam as a safe destination to attract more tourists. We will boost tourism between regions by creating triangles like Hanoi-Ninh Binh- Quang Ninh in the north, Hue-Da Nang-Quang Nam in the central region, and HCMC-Ba Ria Vung Tau-Mekong Delta in the south. In addition, we have urged local administrations to discount tickets to relic sites by half and called for the resumption of domestic flights.”

Vietnamese businesses have received strong support from the government, ministries and sectors. The Prime Minister promised to strengthen administrative reforms and create more incentives and favorable mechanisms for enterprises.

Prime Minister Phuc said: “Ministries, sectors, and localities need to devise action programs to help businesses grow. We need to accelerate administrative reforms and address businesses’ recommendations promptly. Every enterprise wants to do business in an environment of stable macro-economy, stable inflation, and stable currency.”

Mr. Phuc quoted Charles Darwin: “ It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is most adaptable to change.”  Prime Minister Phuc said that in the current context, dynamism, creativity and flexibility will help Vietnamese enterprises recover quickly and ride a new international investment wave.