Chủ đề: business

Businesses are using digital platforms to stay abreast of the changing situation.

According to a survey by the Vietnam Chamber of Commerce and Industry (VCCI), the greatest obstacle many businesses face in digital transformation is innovating their business model. Other difficulties include financial resources, technological capacity, choosing an optimal solution in digital transformation, and seeking reliable partners in the process.

The Vietnam Tourism Advisory Board (TAB), the Private Economic Development Research Board, and the Vietnam Business Forum (VBF) have sent a letter to the Prime Minister asking that he consider ending all restrictions on domestic and international travel to Vietnam from May 1. They also recommend applying the visa exemption program to countries that have a lot of investment in Vietnam.

US companies in Ho Chi Minh City and southern provinces are reopening and operating at 60 to 100 per cent of capacity. Central and local authorities have affirmed they will create favorable conditions for these companies to continue to operate in the region, the “Meet the USA” event heard.

The first regular non-stop flight between Vietnam and the US, operated by Vietnam Airlines and expected later this month, will open up more opportunities for the two countries in terms of trade and investment. Two-way trade turnover is expected to reach a record $100 billion this year.

The Minister of Labor, Invalids and Social Affairs has said there will be a basic change in salaries paid by businesses based on market principles. Companies will be able to establish their own salary scales and payroll and salary regulations, with the State only stipulating a regional minimum wage.

To help businesses resume production, the Ministry of Finance (MoF) has proposed temporarily waiving late payment penalties on the underpayment of corporate income tax (CIT) in the first three quarters of the year.

Businesses around Vietnam are restoring production and need to recruit a large number of workers. Demand for trained workers accounts for more than 85 per cent of the total. Many employees left their job to return home during Covid-19.

Nearly 4,000 new businesses have been registered since Resolution No. 128 on Vietnam’s new approach to Covid-19 was issued, which is good news for economic recovery.

Many sectors of Vietnam’s economy are predicted to have significant demand for human resources in the closing months of the year, such as information technology, banking, and textiles. The Ministry of Labor, War Invalids and Social Affairs is building a plan to remove the difficulties in Vietnam’s Covid-hit labor market.

With the difficulties facing businesses being primarily due to a lack of cash flow, it is necessary to introduce a rapid and large-scale interest rate stimulus package. It is also possible to use foreign currency reserves to revive businesses instead of issuing bonds, experts told the “Brave, creative and responsible enterprises against the pandemic” online forum held on October 11.

National Assembly Chairman Vuong Dinh Hue on October 12 received leaders of businesses attending the Vietnam Business Leaders Forum and the Awards Ceremony for Excellent Brand Enterprises, an annual event organized by the Vietnam Economic Times Group. Speaking on this occasion, the NA Chairman said there will be new approaches to defeat Covid-19 and businesses will strive to overcome the difficulties as well as make use of the opportunities.

Covid-19 has exhausted the financial resources of many businesses and with no way out they require immediate credit support to avoid closure.

Digital transformation is necessary to help businesses get through the current situation and avoid going backwards. But businesses must be fully prepared and take into account the risks, not just follow the trend.

People in Ho Chi Minh City who have had two doses of Covid-19 vaccine or are proven to have antibodies will be granted a “green card” and can participate in almost all economic and production activities.

According to a Private Economic Development Research Board survey, supply chain disruptions are the reason for 35.4 per cent of temporary business closures. Minister of Transport Nguyen Van The has proposed resolving congestion in freight transport, with priority being given to agricultural products.

Only some 42 per cent of Vietnamese enterprises apply human resource (HR) management technology, as most are only willing to outlay the investment if they beleive it is useful.

Forty per cent of enterprises in Vietnam have temporarily suspended operations due to the pandemic and only have cash flows to maintain operations for less than a month. The possibility they may have to dissolve is quite high for those that have suspended operations for more than a month without outside support.

The impact of the fourth Covid-19 wave in Vietnam continued to increase the number of businesses withdrawing from the market in the first eight months of the year, of which Ho Chi Minh City alone accounted for nearly 29 per cent of the total. On average, nearly 10,700 businesses withdrew from the market each month.

Many businesses expect the State Bank of Vietnam to lower required reserve ratios, both to inject money into the economy and allow banks to have more capital and less capital costs so they can cut lending rates.