Businesses use innovation,technology to overcome economic depression in pandemic

22-Jan-2022 Intellasia | SGGP News | 5:02 AM Print This Post

Over 100,000 enterprises faced bankruptcy during the fourth Covid-19 outbreak in Vietnam from May to October 2021. Nevertheless, there are a few that witnessed a growth rate of more than 10 percent. Sai Gon Giai Phong (SGGP) Newspaper has conducted an interview with director of the Institute for Brand and Competitiveness Strategy Vo Tri Thanh regarding this matter.

Commenting on businesses able to swim against the bankruptcy current, Vo Tri Thanh said that they have achieved success thanks to their practical strategies for digital transformation, green and modern manufacturing, sustainable development, administration improvement, financial risk management, raw material management, logistics capacity.

It is advanced technologies in the manufacturing process that help these companies to apply the ’3 on-site’ model during the Covid-19 breakout safely. Also, some of them have taken part in the global supply chain and been flexible in diversifying their export markets, minimising their risk of raw material supply disturbance and still earning sufficient profits.

The 30 most successful cases among them have already been awarded with the title ‘HCM City Golden Brand 2021′ to honor their continuous efforts to overcome challenges as well as helping the community during the harsh period of Covid-19 outbreak last year.

When asked about feasible solutions for businesses to adapt to the new normal status in Vietnam and the world, Thanh proposed that it is critical to consider digitalising their trading and manufacturing activities as well as focusing on green production.

When moving from the ‘Zero Covid’ mode to the ‘Adaptation to Covid’ one, companies have to ensure medical safety in their operations. This means they have to decrease labour intensity, increase digitalisation in manufacturing and administration to reduce costs and improve competitiveness so that they have the capacity to expand both their domestic and international markets via e-commerce.

As to green manufacturing, this matter concentrates not merely on product quality and safety but also on emission reduction and treatment, environmentally friendly material using.

Another vital factor is a lack of investment in brand development and network expansion of Vietnamese companies, making them less well-known in the global market. Ensuring product quality and brand reputation is the strongest guarantee for any business in its own nation and in the world.

Thanh shared his forecast for the economic landscape in 2022 when the pandemic is still rather complicated all over the world. In general, despite the unhealthy color of the worldwide economy, there are certain bright spots thanks to the gradual recovery status.

In Vietnam, lately, the National Assembly has just approved a financial support package worth VND350,000 billion (approx. $15.4 billion) for economy recovery purposes. Along with the active adaptation of each domestic business, this huge boost is expected to speed up the recovery rate nationwide in 2022.


Category: Business, Vietnam

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