However, many enterprises have grasped this opportunity and shifted their production to making products of high demand, ensuring jobs for workers while contributing to the economic recovery after the pandemic.
This is a SARS-CoV2 virus test kit that uses a molecular biology technique recognized by the Emergency Use Listing procedure of the World Health Organisation. The product was developed by a Ho Chi Minh City enterprise which has 12 years of experience in molecular biology.
With a maximum capacity of 3 million test kits a month, the enterprise is seeking more export markets.
Many other businesses in Ho Chi Minh City have also actively turned risks into opportunities such as switching to making face masks when export markets froze or developing new health-related products, helping to ensure jobs for workers and anticipating market demand in the future.
In addition, the pandemic has caused many global value chains to collapse, indicating a high risk of countries being dependent on a single market. Besides changing product structure, production and business models, enterprises are advised to use domestic raw materials and build substantial domestic production chains.
In the current context, the domestic market is a huge driving force for enterprises, accounting for 70% of the country's gross domestic product.
Efficient exploitation of domestic consumer demand with appropriate products is the path enterprises should take to restore and develop production in parallel with exports.
Not all enterprises have managed to shift production effectively, but many successful business models have shown the creativity and initiative of Vietnamese enterprises. It’s also an inspiration, contributing to bolstering economic development after the pandemic./.VNA