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Businesses need to be proactive in the "new normal" period

Currently, in the new normal status, businesses need to determine an appropriate strategy to adapt to market fluctuations as well as the effects of the Covid-19 epidemic.


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Promotion and product introduction activities of local businesses at the start-up seminar in the "pre-vaccination" period organized by the Dong Nai Young Entrepreneurs Association and the Provincial Youth Union
in early April 2021

Link to overcome difficulties together

According to Dong Nai Statistics Department, in the first quarter of 2021, the total registered capital of new enterprises and additional capital increased was 30.9 trillion dong. In which, there were 680 newly registered enterprises with a total registered capital of more than 11 thousand billion dong and 166 enterprises registered to increase capital with an additional capital of 19.8 trillion dong.

Although the number of businesses affected and temporarily suspended operations are still high, objectively, the amount of additional capital into the economy has increased sharply, showing the attractiveness, business environment and opportunities for businesses to operate development still open.

According to Mr. Dang Van Diem, Chairman of Dong Nai Young Entrepreneurs Association, in the face of difficulties of the epidemic, the association had strived, made efforts, united, supported and helped each other to overcome difficulties and challenges. In 2020, most of the members of Dong Nai Young Entrepreneurs Association have "preserved the force", developed production to ensure jobs and income for workers.

The association had organized many meaningful programs and activities such as: business coffee with the purpose of sharing knowledge and experience in production and business. With 10 branches and 500 members, in 2021, Dong Nai Young Entrepreneurs Association will regularly organize trade promotion activities, external development, international cooperation, training activities, activities of exchange, association, monthly and quarterly business coffee program. In addition, there will be also meetings with government leaders and policy dialogues to remove difficulties for businesses and members.

Assessing this, Ms Pham Thi Bich Hue, Vice President of the Vietnam Young Entrepreneurs Association said that in the context of the Covid-19 pandemic having a profound impact on the economy, it’s necessary for businesses, member associations, industry associations join together to overcome difficulties. For example, Dong Nai Young Entrepreneurs Association, Central Association considered this was a very dynamic group. The Association had had many programs to connect members, share and learn from each other, and also organize dialogues with government leaders and departments to create a friendly business and investment environment.

 

Actively plan to respond to the Covid-19 epidemic

Mr Lam Minh Chanh, founder and president of BizUni Business Administration Training School, co-founder of the Management and Startup group with more than 50,000 members who are entrepreneurs, managers and Start-ups, shared, The Covid-19 epidemic was like an unexpected "black swan", caused general difficulties for many businesses. In order to overcome this difficult period, enterprises need to clearly identify their advantages to make appropriate business plans and methods, as well as update and approach new ways of doing business in the face of changes in the business market. From there, look for new and potential opportunities in the current integration context.

Small and medium-sized enterprises, especially those directly affected by the Covid-19 epidemic such as businesses in the field of transportation, tourism, etc., need to calculate appropriate financial options, including: can regulate, reduce the ratio of fixed costs and increase variable costs depending on the actual situation to limit the risk of investment capital, as well as related arising when the epidemic situation still has many complicated developments.

In particular, according to many experts, in the context of the export market being heavily affected by the Covid-19 epidemic, many domestic enterprises have shifted to develop product lines to the domestic market with great potential and advantages in the context of the “new normal”.”.


Author: Vi Quan

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