ENTERPRISES DIVERSIFY PLANS TO ADAPT TO COVID-19 PANDEMIC

Vietnamese enterprises have proven their dynamism and high adaptability to the situation as the fourth outbreak of the COVID-19 pandemic has led to successive social distancing measures over the past month.

Tô Hoài Nam, vice president and general secretary of the Việt Nam Association of Small and Medium Enterprises (VINASME), said that in the context of the COVID-19 pandemic, Vietnamese businesses had really made many changes to adapt to difficulties and challenges.

Many businesses have organised rotational work for employees to minimise absence and leave no one behind; applied cost-saving measures by adjusting personnel towards concentration and giving priority to positions generating direct revenue; at the same time, created conditions for some positions to work from home.

Along with that, businesses reviewed spending plans in the direction of minimalism and adjusted investment programmes which are not urgent or are no longer suitable for pandemic conditions and after it is over to adapt to changes in consumer behaviour.

Enterprises also actively negotiated to reduce office rent and production and business rates; adjusted internal regulations to ensure the safety of labour positions, while also ensuring the maintenance of operations.

In addition, enterprises also have implemented internal policies to strongly encourage initiatives and creativity in production and business, meeting the requirements of pandemic prevention and control while maintaining revenue growth.

Nam also said that many businesses had actively changed and sought credit sources with lower interest rates from the Government's supportive policies, commercial banks' support packages as well as finding new sources of supply of raw materials, sources of new goods or services, or implemented the "sharing economy" with customers, business partners or investors and consumers.

There are also businesses converting to online sales, attaching importance to e-commerce platforms.

Trần Thoa, Deputy Director of Thiên Tâm Thảo Company Limited, said that the outbreak of COVID-19 had seriously affected the business activities of all enterprises.

Facing that influence, the company has changed business and sales strategies to promote online business based on e-commerce platforms and online services. This has helped the business maintain revenue and profit.

In order to respond to the COVID-19 pandemic, Phạm Thị Bích Huệ, vice president of the Việt Nam Young Entrepreneurs' Association, also noted three issues to focus on at this time, which are the reasonable adjustment of personnel; distinctive development strategies and specific management solutions to respond to the current crisis of the risk of pandemic outbreaks.

Source: VNS