The government, agencies, and localities are cautiously gearing up measures to help businesses overcome problems caused by the COVID-19 epidemic as the whole country is adapting to a new “normal”.

A responsive Vietnam

As soon as the epidemic entered Vietnam, the government decided to pursue the dual objective of containing the epidemic while protecting economic growth. Vietnam has so far successfully contained the epidemic, thanks to effective, flexible, and determined response measures.

It has undertaken a number of programs to support businesses, including cash support, delayed tax payments and land rents, quicker public investment disbursements, and post-epidemic recovery plans. The public has been warned to prepare to live with COVID-19.

Economist Nguyen Tri Hieu said, "The world is changing, and so is the Vietnamese economy. After the epidemic, trade between individuals and between countries will be radically transformed. It’s vital to re-train the workforce now to meet the demands of the new economy."

Vietnam will have to adapt to new trends: more dependence on e-commerce and digital payments, working from home, reorganized supply chains, and a greater focus on the domestic market.

Minister of Industry and Trade Tran Tuan Anh said, "We need to work out an action plan to restore the economy and attain the development targets set for this year. We will re-evaluate the potentials and opportunities of all domestic and foreign markets in order to optimize markets and distribution networks. We will focus on major industries like garments and textiles, footwear, wood products, electronics, food processing, farm produce, and fisheries."

President of the Vietnam Chamber of Commerce and Industry Vu Tien Loc said new policies are needed to help businesses survive and grow in the post-epidemic period.

Loc said "The global economy will be dramatically changed after the epidemic. Value chains will be re-established and investment capital flows will be reversed. New business models will be shaped, requiring us to prepare strong human resources, infrastructure, and institutions to seize opportunities and overcome challenges."

A responsive community

Economist Nguyen Minh Phong said that COVID-19 will teach valuable lessons about economic governance and create opportunities for innovative businesses to evolve more effective business models.

Phong said "We need to adjust our business plans and prepare various scenarios to avoid depending on a major market. We have to seize all opportunities available." VOV