Enterprises strive to adapt and take opportunities post-Covid-19

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Efforts to maintain production will help businesses recover and seize opportunities faster after the pandemic. Photo: N.H.

Trust in the opportunity post-Covid-19

In the annual report of 2020, Ms. Phan Thi Hue, Chairman of the Board of Directors of ThanhThanh Garment Company, said that besides the difficulties in 2020 such as the slowdown of the global economy, the outbreak of disease and challenges of the Industry 4.0 revolution, the textile industry still sees many opportunities. Particularly, the global textile import turnover in 2020 is predicted to increase compared to 2019, while potential new markets from the CPTPP and EVFTA are expanded, the increase in foreign investment will promote the development of the textile industry.

Mr. Dang Trieu Hoa, Chairman of the BOD, also believes that Vietnam's tariff advantages in the FTAs signed with Japan, South Korea and CPTPP that came into effect in 2019 and EVFTA is expected to take effect in 2020 will be the attraction of textile and garment orders moving to Vietnam.

Many other businesses have also seen golden opportunities post-Covid-19, even during the world economy being "secluded."

Mr. Nguyen Quoc Khanh, Chairman of Ho Chi Minh City Fine Arts and Wood Processing Association and General Director of AA Architecture Construction Company, said that during the social distancing period, people rarely go out and spend most of the time at home. This gives rise to the need to take care of their houses, renovating the living space of the families. The evidence is that in recent days, while offline sales channel is almost “frozen”, the consumption of furniture through online channels such as Amazon, Wayfair, Shopify, etc. is still growing steadily. In addition, the crisis from the epidemic causes the supply chain of the timber industry to be restructured, of which Vietnam is an important destination of the world. This is also an opportunity for the furniture industry to grow again after the epidemic.

Even businesses that are facing losses like Hoang AnhGia Lai International Agricultural Joint Stock Company (HAGL Agrico) believe that the Covid-19 epidemic will end, so the world economy in general and Vietnam in particular will also recover. Accordingly, the agriculture of fruit trees creates essential products, so there will be good growth opportunities when the economy is restarted.

Prepare resources

With opportunities ahead, businesses are also striving to maintain production, ready for the opportunities.

In 2020, Thanh Cong Textile Garment Investment Trading Joint Stock Company (TCM) will focus on researching new products, improving production, expanding markets and seeking new customersto boost business. As planned, this year, the company will start construction of another garment factory in HoaPhu Industrial Park, Vinh Long Province, with an expected capacity of 12 million products per year. Accordingly, the company sets the target for 2020 to reach the revenue of VND3,779.6 billion and profit after tax of approximately VND189 billion. To achieve this goal, it will maintain a cooperative relationship with industry bodies, companies and partners at home and abroad to connect with managers at all levels, promptly catch up with domestic and foreign market information, learn from experience, develop professional knowledge as well as integration knowledge. The company will also pay more attention to promoting its image and reputation to attract partners, investors and customers in investment and business development.

The Century Synthetic Fiber Corp. will also continue to focus on product strategy and customer-centricity, taking advantage of opportunities to expand customer networks, diversifying products with different features, strengthening supply chains of raw materials - finished products and aiming to achieve new victories in 2020.

Meanwhile, HAGL Agrico has set a goal of providing the best possible care for existing fruit trees, stabilizing employment, income and health for employees, actively preventing epidemics, maintaining distribution channels and relationships with customers. In addition, HAGL Agrico will conduct discussions with banks to implement measures to freeze debts, extend debts and reduce interest rates to cope with difficulties and consequences of epidemics.

Mr. Nguyen Quoc Khanh, Chairman of Ho Chi Minh City Fine Arts Association and Wood Processing Association (HAWA), Chairman of AA Corporation said that during the epidemic, AA did not close but only partially reduced its capacity. Along with that, the company is interested in keeping in regular contact with partners to make customers think about their businesses first when the disease is over. In the association's perspective, HAWA also had many online meetings with trading partners in the US and Europe to capture market movements and predict consumer trends in markets.

Mr. Khanh said: "Opportunities after the pandemic are real, but only businesses with careful preparation of resources can seize the opportunity.”

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Therefore, Mr. Khanh urged businesses in the industry to try to retain workers, maintain production scale and prepare raw materials so they can quickly seize the opportunities. Because at present, many FDI enterprises have closed, so when the epidemic is over, the restart will take more time due to labor and material problems. Meanwhile, businesses that already have the resources ready will be able to quickly grab opportunities as soon as the epidemic has receded. Accordingly, the State's supportwill help them to overcome difficulties, thereby gaining more confidence to make efforts to adapt and prepare resources for the opportunitiespost-Covid-19.