Post-pandemic recovery: new choices
The Covid-19 pandemic has caused businesses to realize the importance of adaptation, technology and renovation.
Speaking about overcoming difficulties during Covid-19, Nguyen Chanh Phuong, Deputy Chair of the Handicraft and Wood Industry Association of HCM City, and general director of aKa Furniture, said the success of the woodwork industry was due to safety measures and high growth rates (sales growth rate has been 60 percent at times). During the fourth pandemic wave, 50 percent of factories still maintained production with the ‘three on-site’ model.
“Fortunately, the world is increasingly use e-commerce and European customers buy wooden furniture via e-commerce. This helps create orders for Vietnamese manufacturers,” he explained.
Phuong said that Vietnam still keeps contact with partners thanks to technology, online showrooms and existing IT infrastructure.
“If Covid-19 had broken out five years ago, it would have caused double damage – market disruption and loss of contact with customers.
“Technology application and Vietnamese resilience helped businesses overcome difficulties caused by Covid-19,” he said.
Nguyen Tuan Hong Phuc, Deputy CEO of KPMG, said some countries invest up to 40 percent of GDP in digital technology. During Covid-19, many businesses use modern technologies to maintain their effective operations.
He stressed that digital transformation helps businesses become more flexible to overcome the challenges posed by the pandemic.
Technology application is key to success
Nguyen Huu Hung Cuong from FPT Digital said Covid-19 has caused losses to the economy. The biggest problem is the disruption of the global supply chain, which affected businesses’ revenue and posed difficulties in mobilizing working capital. The revenue fell and public spending was affected seriously. These have had a direct impact on workers.
What do businesses need to do to ensure smooth operation? The first goal is ensuring productivity. The second is adapting to new circumstances. And the third is prevention and control of the pandemic.
Applying technology is considered one of the key solutions that help businesses survive. In such a context, ‘accompanying businesses in the digital era’ continues to be the topic for Vietnam Expo 2022.
According to the organization board, businesses have a high demand for digital solutions. There should be offline exhibitions for businesses to meet each other and exchange information about products.
In 2021, when digital technology and e-commerce for the first time was included among four major display sections, Vietnam Expo attracted attention from the business community with 40 Vietnamese and foreign firms introducing services, solutions and products. The exhibition attracted 5,000 visitors in 2021.
2021 was a memorable year for the ICT industry of Vietnam as digital transformation took place in all fields, and technology became one of the pillars of the fight against Covid-19, for Vietnam’s economic recovery and development.