After the Prime Minister launched a second front to stop economic slowdown and stimulate recovery, some localities that are regarded as engines of the Vietnamese economy have set out plans to bring economic activity back to normal based on the national recovery scenarios.
At the same time, credit and fiscal packages are also being implemented to bolster production and business to prevent them being broken up by Covid-19.
Such efforts show that Vietnam is restarting its economic engine by accelerating economic activity and bringing it back to the previous state. But the economic structure will shift to a new normal after Covid-19 is brought to an end, meaning it will have to adapt to a new environment deeply transformed by the epidemic.
Accordingly, traditional business models will have to adapt to exist with new means of production and consumption. There is also an emergence of new business models and new working methods, requiring enterprises to restructure themselves comprehensively.
Amid the general socio-economic difficulties, enterprises and entrepreneurs have remained in an indomitable spirit to fight against recession, maintain growth and ensure jobs for their employees.
The compulsory choice of enterprises amidst the epidemic has created the foundation for a new start in many sectors and enterprises. This is the story of several pioneering enterprises holding online shareholders’ meetings with remote voting to proactively sustain their economic plans instead of waiting for when conditions are safe to hold meetings in the traditional way.
Another example is the launch of a remote medical diagnosis platform to deal with the overload of and ensure safety within healthcare facilities as well as to promote digital transformation in the healthcare sector and open the opportunity for digital technology to develop at a faster pace than previously.
In addition, a wide variety of innovative products and services designed for new consumption demands have been welcomed and adopted by consumers.
Although data is not yet adequate to assess all the negative impacts of Covid-19 on the global economy, it is certain that the epidemic will transform the world economy in ways never seen before. As such, enterprises must ensure they are well prepared to overcome the challenges and take advantage of economic recovery opportunities in the aftermath of the crisis caused by the epidemic.