Workshop discusses measures to support coronavirus hit businesses

Local firms are urged to improve their management capacity to adapt to the new normal situation

The event saw experts underline the importance of the government’s urgent support policies to help businesses weather the storm. Some of the suggested solutions include encouraging private investment, attracting more foreign direct investment, boosting exports, speeding up the disbursement of public investment, and encouraging greater levels of domestic consumption.

Delegates emphasized the need to accelerate institutional reform, increase training for human resources, develop science and technology, and enhance innovations.

Bui Tat Thang, former director of the Institute of Development Strategy under the Ministry of Planning and Investment, advised local enterprises to restructure their operations and swiftly adapt themselves to the digital economy as the country enters a ‘new normal’ phase following the COVID-19.

Noting the importance of developing the green economy over the long run, Thang simultaneously urged firms to improve their management capacity to adapt to the new normal situation, while actively finding new markets and customers moving into the new period.

Bui Tuong Lan, vice chairman of the Vietnam-ASEAN Economic Cooperation Development Association, stated the need to strengthen connectivity among enterprises as a way of overcoming difficulties during this challenging time, saying that companies must be fully aware about changing their mindsets with regards to production, business operations, and management in order to be able to adapt to the new situation and support each other for mutual development.

Experts expressed hope Vietnam will continue to simplify administrative procedures, improve the overall business climate in the near future in an effort to revive the economy in the post-pandemic period.