The Covid-19 pandemic put many businesses through rigorous tests of their strategic resilience. For many, it was a rude awakening. Organizations that rapidly reinvented themselves in response to the pandemic can provide lessons for all entrepreneurs and enterprises.
A survey conducted by the National Private Economic Development Research Board this August showed that 69 per cent of the total 21,517 surveyed enterprises and business households had to suspend their business due to Covid-19.
Half of those still trying to maintain their activities said that the current cash flow can only help maintain their operations from one month to less than three months.
Besides financial difficulties, businesses also face many other challenges such as restructuring, maintaining and upgrading human resources, and retaining partners and markets.
Even among those that survived, some companies proved to be more resilient than others, rapidly adapting their strategies to address both the challenges and the opportunities created by the crisis.
The inaugural webinar by the Vietnam Association of Corporate Directors (VACD) and the China-ASEAN Business Alliance (CABA) would address the questions: what did they do that others did not, and how can enterprises learn from their actions?
Especially, experts in the region would discuss the economic outlook and insights for Vietnam as well as redefine business resiliency amidst the uncertainty of the Covid-19 backdrop.
The event had the participation of Vietnam Ambassador to Singapore Mai Phuoc Dung, Deputy director-general of Foreign Investment Agency (Ministry of Planning and Investment) Do Van Su, leaders of VACD and CABA.
Singaporean companies would share their experiences in building and maintaining business resiliency. In the panel discussion, Vietnamese and regional experts would discuss the topic “redefining business resiliency amidst Covid-19 situation”.
Panelists include standing member of National Assembly's Economic Committee of Vietnam Phan Duc Hieu, representatives from CABA (TBA), Vice president of VACD Nguyen Duc Thuan, General director of EY Consulting Vietnam Huong Vu, Senior partner of RHTLaw Vietnam Benjamin Yap, and Senior vice president of Hitachi Vantara Corporation Nguyen Ba Quynh.