Vietnamese enterprises build resilience amid pandemic

Vietnam’s economy has undergone a lot of changes during one year since the first case of COVID-19 was detected in the country in January, 2020, 

but it has managed to post a 2.92 percent growth, with domestic enterprises playing a significant role in shoring up economy amidst the unprecedented difficulties brought about by the pandemic.

Vietnamese enterprises build resilience amid pandemic hinh anh 1

Vietnam's gross domestic product (GDP) in 2020 grows by 2.91 percent compared to the previous year. 

Director General of Vietnam Report Vu Dang Vinh cited a survey of the company that showed one fifth of interviewed local companies said they need only between seven to 12 months to recover after the pandemic is put under control. This fact demonstrated the remarkable resilience and adaptability of local enterprises.

Vietnamese enterprises build resilience amid pandemic hinh anh 2

Many firms have made good recovery from the pandemic.

According to Hong Sun, co-Chair of the Vietnam Business Forum (VBF), Vietnam’s successful control of COVID-19 has allowed the country to start the process of economic recovery much earlier than other countries, which is an advantage that the Government and the business community should make the best of.

He recommended that the Government adopt breakthrough policies in taxation and infrastructure to offer the best possible support to local businesses in returning to the market, while ensuring fair treatment to domestic and foreign-invested enterprises and promoting investment from the private sector.

Director General of the General Statistics Office (GSO) Nguyen Thi Huong said based on the situation in 2020, the goal of 6 percent growth for 2021 set by the National Assembly can be achieved.

She pointed to bright spots in the economy, such as the process-manufacturing industry with a growth of 5.82 percent, the disbursement of capital from the State budget which met 91.1 percent of the plan, up 34.5 percent from the previous year, and a record foreign trade value of 543.9 billion USD with a trade surplus of 19.1 billion USD, also the highest ever.

Meanwhile, the agro-forestry-fishery sector has become the pillar of the economy, helping ensure social security in the context of pandemic.

 

Looking towards 2021, Huong said the processing-manufacturing industry will continue to be a bright spot in the economy. Others would be services, construction, and the export of shrimp, fruit, coffee, and textile-garment.

Regarding measures to achieve the growth target, she suggested that the Government should continue to focus on removing difficulties facing by enterprises and helping the business community find markets.

Breakthrough measures are also needed to help economic establishments access and apply technologies, and increase the economy’s productivity and competitiveness.

Vietnamese enterprises build resilience amid pandemic hinh anh 3

Inside an electronic component manufacturer 

According to the GSO official, domestic enterprises should follow the motto of “Vietnamese goods win over Vietnamese people” and develop their share in the domestic market. The State Bank of Vietnam should continue with flexible and cautious policies on monetary, interest rates and foreign exchange rates in accordance with changes in the domestic and international markets, while the agricultural sector should build specific directions for expanding export markets for its products, Huong said.

Minister of Science and Technology Huynh Thanh Dat emphasized that in the current era, science-technology and innovation have become more important than ever in order to raise productivity and product quality, and enhance the competitiveness of both enterprises and the national economy. 

The minister said SMEs, particularly super micro enterprises, need to intensify the application of technology and raise productivity so as to be able to participate in regional and global production networks of multi-national corporations. He also recommended promoting productivity cooperation in ASEAN region./. VNA

Vietnam rises two places in Bloomberg innovative economy index

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Vietnam has moved up two places to 55th in the list of the world's 60 most innovative economies compiled by Bloomberg, but lags far behind Asian peers.

 
 

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