Three years ago, CEO of the China-ASEAN Business Alliance (CABA) Victor Tay could not have imagined such a webinar gathering hundreds of people sitting in different countries as the event themed on "Future business models - Shaping tomorrow" co-organized by the Vietnam Association of Corporate Directors (VACD) and CABA this morning.
If the event had been held at that time, a large hall had to be set up, many flights were made and other complicated procedures had to be handled.
The sustainability business model has never been more important than it is today, the pandemic has sped up a wide range of issues and new trends, including board leadership, ESG, and the adoption of digital technologies as well as business model transformation.
Covid-19 has boosted the trend of digital transformation. Organizations continue to implement and embrace the hybrid working model post-Covid, posing challenges for both employees and managers.
The super trend of digital breakthroughs was also emphasized by Victor Tay with the emergence of electronic trading platforms, cryptocurrencies, NFT, metaverse...
The world is witnessing the shifting of power, especially the naming of superpowers that have a substantial impact on the world economy. The emergence of E7 countries even raises questions about the excess of G7.
In ASEAN, Vietnam is seen as one of the most dynamic economies. World Bank's Lead economist in Vietnam said in an interview this February with Vietnamese media that the country would once again rise as strong as the "Asian tiger".
Countries' commitments to carbon neutrality and net-zero carbon emissions are also remarkable. These commitments are supported by such initiatives as renewable energy, a carbon trade exchange, etc.
“We're living in a complex and unpredictable world that has impacted economies and individual businesses. This poses challenges that require strategic thinking and effective operations of organizations to survive and thrive. Risks need to be identified so that solutions can be proposed and come to reality”, said VACD Chairman Han Manh Tien.
Facing these changes, businesses have to take action if they want to survive. Transformation is inevitable and the factors of sustainability must be included.
Digital transformation has taken center stage in the overall business strategy and ways of working of brick and mortar businesses. While some early adopters have built their businesses with digital strategies from the get-go, some were agile enough to quickly make the necessary digital pivots.
Azman Jafaar, Vice-chair of CABA, agrees that businesses taking the first steps towards digital transformation before the Covid outbreak have the ability to overcome challenges. These are creative and proactive businesses that keep seeking answers to “What’s next?”.
He believes that luck always comes to well-prepared companies.
Azman Jafaar also emphasized the importance of environmental, social, and governance (ESG) factors in businesses' upcoming development journey.
Such crises as Covid-19 would test the commitment of businesses and countries to their transformation towards sustainability. This is the time for companies to make long-term investments and create values not only for themselves but also for other stakeholders.
“Enterprises need to include sustainable development in their business strategies to create a sustainable foundation for long-term success”, Victor Tay emphasized.
Webinar "Future business models - Shaping tomorrow" was co-organized by the Vietnam Association of Corporate Directors (VACD) and the China - ASEAN Business Alliance (CABA) on July 7 as a part of a series of events to celebrate VACD's 15-year anniversary of establishment.