Vietnam ready for post-COVID-19 development stage
|
A responsive Vietnam
As soon as the epidemic entered Vietnam, the government decided to pursue the dual objective of containing the epidemic while protecting economic growth. Vietnam has so far successfully contained the epidemic, thanks to effective, flexible, and determined response measures.
It has undertaken a number of programs to support businesses, including cash support, delayed tax payments and land rents, quicker public investment disbursements, and post-epidemic recovery plans. The public has been warned to prepare to live with COVID-19.
Economist Nguyen Tri Hieu said, "The world is changing, and so is the Vietnamese economy. After the epidemic, trade between inpiduals and between countries will be radically transformed. It’s vital to re-train the workforce now to meet the demands of the new economy."
Vietnam will have to adapt to new trends: more dependence on e-commerce and digital payments, working from home, reorganized supply chains, and a greater focus on the domestic market.
Minister of Industry and Trade Tran Tuan Anh said, "We need to work out an action plan to restore the economy and attain the development targets set for this year. We will re-evaluate the potentials and opportunities of all domestic and foreign markets in order to optimize markets and distribution networks. We will focus on major industries like garments and textiles, footwear, wood products, electronics, food processing, farm produce, and fisheries."
President of the Vietnam Chamber of Commerce and Industry Vu Tien Loc said new policies are needed to help businesses survive and grow in the post-epidemic period.
Loc said "The global economy will be dramatically changed after the epidemic. Value chains will be re-established and investment capital flows will be reversed. New business models will be shaped, requiring us to prepare strong human resources, infrastructure, and institutions to seize opportunities and overcome challenges."
A responsive community
Economist Nguyen Minh Phong said that COVID-19 will teach valuable lessons about economic governance and create opportunities for innovative businesses to evolve more effective business models.
Phong said "We need to adjust our business plans and prepare various scenarios to avoid depending on a major market. We have to seize all opportunities available."
Related News
Vietnam ready to export first batch of sweet potatoes to China
13:57 | 06/04/2023 Anti-Smuggling
Australian Governor-General wraps up State visit to Vietnam
13:53 | 06/04/2023 Headlines
Vietnam a potential market for French businesses, investors: experts
16:12 | 05/04/2023 Import-Export
Vietnam active at UN Human Rights Council’s 52nd session
16:11 | 05/04/2023 Headlines
Latest News
Private sector remains driving force for economy
14:11 | 03/04/2023 Headlines
State visit to Vietnam by Australian Governor-General to deepen the two’s goodwill, trust: expert
14:10 | 03/04/2023 Headlines
Vietnam"s economy to grow by 6.6% this year: OECD
17:45 | 02/04/2023 Headlines
Bright outlook for Vietnamese tourism in new situation
16:52 | 02/04/2023 Headlines
More News
Vietnam, US hold 12th Political, Security, Defence Dialogue
20:25 | 01/04/2023 Headlines
Vietnam calls for comprehensive, all-society approach to waste management
14:32 | 31/03/2023 Headlines
Many factors support foreign capital flow
13:40 | 30/03/2023 Headlines
Foreign SMEs pour capital into Vietnam
13:37 | 30/03/2023 Headlines
Leaders of aviation firms to be disciplined if employees committed wrongdoings
15:38 | 29/03/2023 Headlines
Vietnam - Lao joint border patrol held
15:31 | 29/03/2023 Headlines
CPI increases about 4.2% in first quarter
14:27 | 28/03/2023 Headlines
PM orders close coordination to remove obstables to property market
14:20 | 28/03/2023 Headlines
PM chairs Government meeting on law building
15:46 | 27/03/2023 Headlines
Your care
The system has not recorded your reading habits.
Please Login/Register so that the system can provide articles according to your reading needs.
Australian Governor-General wraps up State visit to Vietnam
13:53 | 06/04/2023 Headlines
Vietnam active at UN Human Rights Council’s 52nd session
16:11 | 05/04/2023 Headlines
Vietnam commits to building prosperous, fair, healthy Mekong River basin: PM
16:09 | 05/04/2023 Headlines
Việt Nam, US hold 12th political, security, defence dialogue
14:15 | 03/04/2023 Headlines
Private sector remains driving force for economy
14:11 | 03/04/2023 Headlines