The fact that nearly 35,000 enterprises have now withdrawn from the market three months after the COVID-19 outbreak first appeared in Vietnam reveals the huge impact it has had on business and production.
As the difficulties are addressed, however, this is also a good time to restructure enterprises, according to experts, which would help the economy recover and make great strides forward.
Chairman of the Vietnam Chamber of Commerce and Industry (VCCI) Vu Tien Loc said the country is at a critical juncture in curbing the epidemic, and supporting enterprises to stand firm and overcome setbacks is also a pressing matter.
Businesses, he went on, hope that institutional reforms will be promoted in the coming months to help them overcome the COVID-19 crisis and better prepare for recovery and development efforts in the future.
Now is a good time to accelerate the disbursement of public investment and promote public-private partnerships and essential infrastructure projects with State capital contributions, he added, to facilitate business and investment activities in all economic sectors.
Furthermore, he suggested the Government continue to focus on reforming administrative procedures, improving the business environment, and removing difficulties and obstacles facing businesses.
Chairman of the Vietnam Association of Small and Medium Enterprises Nguyen Van Than described COVID-19 as a testing time for businesses to increase their resistance and seek ways to restructure production and improve their management capacity and ability to cope with trying circumstances.
Experts have advised businesses to quickly make use of provisions within the EU-Vietnam Free Trade Agreement (EVFTA) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), to diversify input supply chains.
Online business models and e-commerce should be promoted during the pandemic, experts have said, suggesting businesses pay greater attention to digital transformation and build specific, long-term, and comprehensive strategies and orientations. VNA
Trade conflicts, climate change and epidemics may at first glance appear to be a hindrance to Viet Nam’s agricultural sector.
The respiratory epidemic caused by the novel coronavirus (COVID-19) has highlighted an urgent need for Vietnam to boost its economic restructuring and diversify its markets.