COVID-19 impact puts businesses in fight for survival

Plenty of local enterprises have made great strides to adapt to the new situation whilst struggling to maintain production and their business activities despite numerous difficulties as a result of the impact of the novel coronavirus (COVID-19).
covid 19 impact puts businesses in fight for survival

COVID-19 impact puts businesses in fight for survival

Indeed, many industries have been strongly affected over the past few months due to the effects of the COVID-19.

Despite this tough economic picture, the country’s seafood exports have successfully enjoyed a rapid recovery due to the confidence of investors, importers, and retailers for Vietnamese seafood to grow significantly over time, according to Truong Dinh Hoe, General Secretary of Vietnam Association of Seafood Exporters and Producers (VASEP).

Hoe went on to express that while other seafood exporters have encountered numerous challenges as a result of the pandemic, the country has begun to recover production moving into the post-pandemic period as a means of maintaining seafood supply sources for the world, noting that this has also created a range of opportunities for Vietnamese seafood in the near future.

In addition, the nation’s supply chain of essential materials for aquaculture and processing have not been dependent on the Chinese market.

According to Hoe, a shift in production from China to Vietnam will begin to emerge, especially due to the lasting effects of the ongoing trade war between the United States and China trade war, along with the COVID-19 pandemic, with demand for aquatic products expected to increase sharply ahead in the post-pandemic period.

Recent times have seen the apparel and garment industry overcome plenty of challenges caused by the COVID-19 by shifting production to medical equipment such as protection gear and face masks, therefore helping to generate jobs for local workers.

Nguyen Triet, a representative of a local textile firm based in Hai Duong province that exports products to the US market, said that the company has been able to maintain signed orders and has created stable jobs for 300 employees, whilst trying to negotiate with partners not to cancel contracts for new orders.

Amid numerous difficulties, firms have been striving to seek new markets and secure orders while pining their hopes that consumption demand will pick up with more export orders in the post-pandemic period, Triet added.

With a market of nearly 100 million people, there remains plenty of room ahead for the consumption of local products amid the complicated nature of the COVID-19 pandemic globally.

Vu Quoc Vuong, director of Dong Ky Wood Investment and Development Joint Stock Company cum Chairman of Dong Ky Fine Arts Wood Association, said several countries have moved to impose lockdowns and have sealed their borders due to the pandemic, causing great difficulties for import and export activities.

Vuong elaborated that the company and its members have been active within the domestic market, making improvements in terms of design, approaching customers, persifying products to maintain production, and creating jobs for workers in order to overcome the challenging time.

Hoang Duc Vuong, General Director of Vinh Thanh Joint Stock Company, said that numerous manufacturing and export firms are facing difficulties, especially with regard to the plastic industry.

He noted that plastic exports now account for between 60% and 70% of business, with the domestic market becoming an alternative option for local businesses in which to overcome disruption in the global production chain as a result of the COVID-19.

Most notably, when the Government's economic support packages are deployed and public investment disbursement is strengthened, these moves ultimately create fresh impetus for the gradual recovery of enterprises, Vuong emphasised.

Dr. Nguyen Minh Phong, an economic expert, pointed that the domestic market of nearly 100 million people can act as a magnet for local firms in the near future, noting that businesses must ensure the quality of goods, enhance their processing stages, improve their designs, reduce prices, and increase incentives for customers.

Source: VOV
english.vov.vn

Related News

What do businesses do to cope with foreign trade traps?

What do businesses do to cope with foreign trade traps?

VCN - In commercial disputes that are required to be resolved at the Vietnam International Arbitration Center (VIAC), many Vietnamese businesses are suffering disadvantages due to negligence right from the negotiation and contracting.
Bac Ninh Customs: Coordinate to promote import and export through the area

Bac Ninh Customs: Coordinate to promote import and export through the area

VCN - Thanks to the smooth coordination and information sharing between Bac Ninh Customs Department and the Management Board of Industrial Parks (IZs), it has contributed to creating favorable conditions, shortening administrative procedures and promoting investment, improving competitiveness through areas managed by the Department, including Bac Ninh, Bac Giang and Thai Nguyen.
Avoid legal risk for businesses to reach out to the international market

Avoid legal risk for businesses to reach out to the international market

VCN – Businesses need to be careful and pay more attention to legal factors in in international trade, especially when the market still has many unpredictable fluctuations, said by Dr. Vu Tien Loc, President of the Vietnam International Arbitration Center (VIAC), National Assembly Delegate, Member of the National Assembly's Economic Committee.
Diversifying supply sources for businesses to participate in the global value chain

Diversifying supply sources for businesses to participate in the global value chain

VCN - Vietnam currently has about 2,000 businesses producing spare parts and components, but only about 300 businesses can participate in the supply chain.

Latest News

PM asks for solutions towards 95% of public investment disbursement rate

PM asks for solutions towards 95% of public investment disbursement rate

Prime Minister Pham Minh Chinh has asked for breakthrough solutions to fulfil the target of 95% in the disbursement rate of public investment capital in 2024.
Industrial production has not yet been able to fully recover as before the Covid-19 pandemic

Industrial production has not yet been able to fully recover as before the Covid-19 pandemic

VCN - Industrial production in the second quarter of 2024 grew more positively than in the first quarter of 2024, the value added growth rate was estimated at 8.55% over the same period last year. In the first six months of the year, the added value of the industrial sector increased by 7.54% over the same period last year, of which the processing and manufacturing industry increased by 8.67%.
PM urges measures to remove obstacles to e-commerce

PM urges measures to remove obstacles to e-commerce

Prime Minister Pham Minh Chinh has stressed the need to implement specific tasks in order to untangle knots in e-commerce development, according to the Government Office.
European firms hope for Vietnam’s continuous policy adjustments: EuroCham survey

European firms hope for Vietnam’s continuous policy adjustments: EuroCham survey

The European Chamber of Commerce in Vietnam (EuroCham) on July 15 released its Business Confidence Index (BCI) report for the second quarter of 2024, which reveals a marginal decline from 52.8 in Q1 to 51.3 in Q2, underscoring the necessity for ongoing policy adjustments to maintain momentum.

More News

Six factors positively impact economic growth in 2024

Six factors positively impact economic growth in 2024

VCN- Minister of Planning and Investment (MPI) Tran Quoc Phuong said there are 6 factors that will positively impact economic growth in the remaining months of 2024.
Vietnam attends 14th annual East Sea conference in US

Vietnam attends 14th annual East Sea conference in US

A Vietnamese delegation led by Vice President of Diplomatic Academy of Vietnam Nguyen Hung Son attended the 14th annual conference on East Sea (also known as South China Sea) held by the Washington DC-based Centre for Strategic and International Studies (CSIS) on July 11.
President’s state visits contribute to strengthening Vietnam-Laos-Cambodia cooperation: FM

President’s state visits contribute to strengthening Vietnam-Laos-Cambodia cooperation: FM

Vietnamese President To Lam’s state visits to Laos and Cambodia from July 11-13 have contributed to enhancing the traditional and effective cooperation among the three countries, Minister of Foreign Affairs Bui Thanh Son has said.
HCM City gears up for future workforce challenges

HCM City gears up for future workforce challenges

A recently approved labour and employment strategy of Ho Chi Minh City outlines potential challenges and opportunities for its workforce between 2023 and 2030.
Important innovation in the draft Law on Management and Investment of State Capital at Enterprises

Important innovation in the draft Law on Management and Investment of State Capital at Enterprises

VCN - Continue to collect comments on the draft Law on Management and Investment of State Capital at Enterprises, representatives of state-owned enterprises all said that the work of developing the Law needs to pay attention to avoid overlap when implementing with other related laws.
Vietnamese economy recovers rapidly thanks to drastic actions: IMF expert

Vietnamese economy recovers rapidly thanks to drastic actions: IMF expert

Vietnam's economy recovered rapidly in the first half of 2024 after a challenging period at the end of 2022 and early 2023, thanks to its government’s drastic actions, according to Paulo Medas, head of the International Monetary Fund (IMF)’s 2024 Article IV Mission to Vietnam.
President arrives in Phnom Penh, beginning state visit to Cambodia

President arrives in Phnom Penh, beginning state visit to Cambodia

State President To Lam arrived at the Phnom Penh International Airport on July 12 afternoon, starting his two-day state visit to Cambodia at an invitation of King Preah Bat Samdech Preah Boromneath Norodom Sihamoni.
Government unveils plan to empower intellectual workforce for national growth

Government unveils plan to empower intellectual workforce for national growth

The Government has issued a resolution outlining its action programme to continue building and elevating the role of intellectual workforce for national rapid and sustainable development in the new era.
President To Lam sets off for state visits to Laos, Cambodia

President To Lam sets off for state visits to Laos, Cambodia

President To Lam and a high-ranking delegation of Vietnam left Hanoi on July 11 morning for three-day state visits to Laos and Cambodia.
Read More

Your care

Latest Most read
PM asks for solutions towards 95% of public investment disbursement rate

PM asks for solutions towards 95% of public investment disbursement rate

Prime Minister Pham Minh Chinh has asked for breakthrough solutions to fulfil the target of 95% in the disbursement rate of public investment capital in 2024.
Industrial production has not yet been able to fully recover as before the Covid-19 pandemic

Industrial production has not yet been able to fully recover as before the Covid-19 pandemic

Industrial production in the second quarter of 2024 grew more positively than in the first quarter of 2024, the value added growth rate was estimated at 8.55% over the same period last year.
PM urges measures to remove obstacles to e-commerce

PM urges measures to remove obstacles to e-commerce

Prime Minister Pham Minh Chinh has stressed the need to implement specific tasks in order to untangle knots in e-commerce development, according to the Government Office.
European firms hope for Vietnam’s continuous policy adjustments: EuroCham survey

European firms hope for Vietnam’s continuous policy adjustments: EuroCham survey

The European Chamber of Commerce in Vietnam (EuroCham) on July 15 released its Business Confidence Index (BCI) report for the second quarter of 2024, which reveals a marginal decline from 52.8 in Q1 to 51.3 in Q2, underscoring the necessity for ongoing policy adjustments to maintain momentum.
Six factors positively impact economic growth in 2024

Six factors positively impact economic growth in 2024

VCN - Analyzing more specifically the basis for this recommendation, according to the representative of the Ministry of Planning and Investment, there are 6 factors that create a positive impact on economic growth in the remaining months of 2024.
Mobile Version