In the short term, most businesses and economies are affected by COVID 19. However, Vietnam still has opportunities and great potential ahead:
- The United States established the Quadrilateral Security Dialogue(QSD, also known as the Quad), including the US, Australia, Japan, and India. They invited three other countries, Vietnam, South Korea, and New Zealand, to join in to build the economic prosperity network, restructure global supply chains, help Vietnam participate in an international assignment, and promote comparative advantage.
- Vietnam has signed 12 bilateral and multilateral free trade agreements, especially EVFTA, VKFTA, TPP, RCEP… These agreements create many opportunities for Vietnam’s stronger development and expansion of free trade relations with 55 global partners, including those in G7 and 15 out of the G20 members.
- Vietnam joined the World Trade Organization (WTO) in 2007, entering a major global trading playground.
- Vietnam’s 10-year strategic vision from 2021 to 2030 concentrates on economic development, mainly on institutional reforms and prioritizing private economic development.
Sun Tzu’s The Art of War said: “Invincibility is a matter of defense, vulnerability is a matter of attack. ‘Defense’ is for times of insufficiency, ‘attack’ is for times of surplus. Those skilled in defense hide in the deepest depths of the earth, those skilled in attack maneuver in the highest heights of the sky. Therefore, they can preserve themselves and achieve complete victory“.
If entrepreneurs are not able to maneuver in the highest heights of the sky, in the short term, as Sun Tzu’s statement: “Expect the best. Prepare for the worst. Capitalize on what comes”, they can take advantage of this time. There are some specific actions may need to be considered, such as restructuring the management system, internal auditing to review risks, reviewing to remove to optimize business operations, boldly dissolving, mergers and acquisitions businesses…
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Readmore:
Post-COVID 19 | Opportunities for Vietnam
The Worldwide Context Post-COVID 19 And Economic Recovery In Vietnam
Post-Covid 19 | Business Recovery From Covid 19, Chances And Resources To Become Great!
