Dynamism, innovation help businesses grow despite COVID-19

(VOVWORLD) - The outbreak of the coronavirus pandemic around the world created problems for enterprises in all fields. Many of them have suffered heavy losses, closed, or gone bankrupt. Others quickly adapted to the challenge, applied digital technology, and changed their business model to survive the crisis.
Dynamism, innovation help businesses grow despite COVID-19 - ảnh 1Nguyen Van Thuan is introducing the assembly line of Long Hai Company. (Photo: baophapluat.vn)

Despite limited financial resources, the Long Hai Company invested thousands of dollars in automating their production line.

This was just one step in a strategy of applying advanced technology, digitizing,  and optimizing production.

As a result, productivity has tripled and labor costs have been halved. Meanwhile, the company’s production and sales and its employees’ income have been stable throughout the COVID-19 period.

Nguyen Van Thuan, a foreman at the Long Hai Company, said, “We have invested in an automation line with lots of steps done by robots so our operators are freed up. Employees' wages have been steady during the COVID-19 pandemic. As soon as the disease was under control, we began to operate the line immediately.”

Long Hai has been one of the successful businesses in the coronavirus context, thanks to its dynamism, creativity, and adaptability.

According to a survey by the Private Economic Development Research Board set up by the Government's Advisory Council for Administrative Procedure Reform, 52% of businesses have allowed their employees to work online or used the Internet for marketing and sales.

This has helped them maintain production and other business activities despite social distancing and travel restrictions.

Dynamism, innovation help businesses grow despite COVID-19 - ảnh 2Nguyen Thanh Viet, Intracom Chairman and CEO  (Photo: nhadautu.vn)

Nguyen Thanh Viet, Chairman and CEO of the Infrastructure Investment and Transportation Construction Company (Intracom), said, “Doing what we do best minimizes our production costs. New things should be treated with caution.”

“When the economy is growing, we often pay little attention to costs, but during difficult times, we must consider even such minor costs as office stationery. We also need to pay attention to the management staff and measure the strengths and weaknesses of our technology against other companies in the same industry,” said Viet.

Economists say the COVID-19 pandemic has forced businesses to embrace digital transformation more seriously than before.

Economist Nguyen Tri Hieu told VOV that this period is creating new opportunities for businesses.

“First difficulties and achievements we experienced in the pandemic prove the Vietnamese proverb ‘Calamity is man’s true touchstone’. Second, in the pandemic, we should seize the opportunity to dominate the market. Your company will have a greater market share if some of your competitors become disabled during the pandemic period. We also need to make full use of the Government's support programs,” said Hieu.