Pandemic presents opportunity for enterprise restructuring
The fact that nearly 35,000 enterprises have now withdrawn from the market three months after the COVID-19 outbreak first appeared in Vietnam reveals the huge impact it has had on business and production.
Hanoi (VNA) - Thefact that nearly 35,000 enterprises have now withdrawn from the market threemonths after the COVID-19 outbreak first appeared in Vietnam reveals the hugeimpact it has had on business and production.
As the difficulties areaddressed, however, this is also a good time to restructure enterprises, accordingto experts, which would help the economy recover and make great strides forward.
Chairman of the Vietnam Chamberof Commerce and Industry (VCCI) Vu Tien Loc said the country is at a critical juncturein curbing the epidemic, and supporting enterprises to stand firm and overcomesetbacks is also a pressing matter.
Businesses, he went on, hopethat institutional reforms will be promoted in the coming months to help themovercome the COVID-19 crisis and better prepare for recovery and developmentefforts in the future.
Now is a good time toaccelerate the disbursement of public investment and promote public-privatepartnerships and essential infrastructure projects with State capitalcontributions, he added, to facilitate business and investment activities in alleconomic sectors.
Furthermore, he suggested theGovernment continue to focus on reforming administrative procedures, improving thebusiness environment, and removing difficulties and obstacles facing businesses.
Chairman of the Vietnam Associationof Small and Medium Enterprises Nguyen Van Than described COVID-19 as a testingtime for businesses to increase their resistance and seek ways to restructureproduction and improve their management capacity and ability to cope with tryingcircumstances.
Experts have advised businessesto quickly make use of provisions within the EU-Vietnam Free Trade Agreement (EVFTA)and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership(CPTPP), to diversify input supply chains.
Online business models ande-commerce should be promoted during the pandemic, experts have said,suggesting businesses pay greater attention to digital transformation and buildspecific, long-term, and comprehensive strategies and orientations./.
About 700,000 enterprises are expected to enjoy a cut in corporate income tax (CIT) to between 15-17 percent from July 1 this year, down from the current rate of 20 percent.
Secretary of the Hanoi Municipal Party Committee Vuong Dinh Hue has said that the city is willing to listen to enterprises’ feedback to untie “knots” regarding policies, site clearance and planning adjustments, as public and private investment is an economic lifesaver of the city's economy.
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A trade official has suggested companies work closely with shipping lines, airlines, and freight forwarders to monitor routes, transit times, and potential surcharges while exploring broader cargo insurance to cover risks like war and terrorism.
In addition to institutional reform, the agency is also rolling out key solution groups to combat counterfeit goods, imitations, and intellectual property infringements in the digital environment.
The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
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This is the second year the magazine has released the ranking, which is based on total revenue and key financial indicators of enterprises from seven countries in the region: Vietnam, Indonesia, Thailand, Malaysia, Singapore, the Philippines, and Cambodia.
At the summit, publishing, tech, and media sectors will discuss emerging trends, business models, and sustainable solutions for digital publishing development in Vietnam.
This year’s “Vietnam Goods Week” marks a significant milestone as it is being held simultaneously for the first time in four locations across Asia: Japan, Hong Kong (China), Cambodia, and Malaysia, from June 19 - 22.
Illustrative image (Source: VNA) 
