Clever strategy helps businesses survive COVID-19 crisis

VOV.VN - Despite the damaging impact of the COVID-19 pandemic, several domestic businesses have been able to flexibly adjust their production strategies, select suitable products, and devise proper orientations in an effort to expand markets and seize upon export opportunities.

Statistics show the opening four months of the year saw nearly 5,600 businesses in Ho Chi Minh City resume their operation, with their export turnover increasing by 13.9%.

A prime example of this is Sunway Mario Plastic Co., Ltd that specialises in making drawstring bags, garbage bags, and roll bags of all kinds. Due to market difficulties, the company decided to produce several key products, including food bags and biodegradable garbage bags.

Currently, Sunway Mario Plastic typically exports up to 20 containers of these products to the European, North American, and Australian markets each week, with output rising by 30%.

Huynh Tri Phuong Tung, head of the International Sales Department at Sunway Mario Plastics Co., Ltd., noted enterprises would survive the COVID-19 crisis if they choose products that cater to consumer tastes.

Lan Hao Cosmetics Manufacturing Co., Ltd. is another case in point. Upon realising the increasing market demand for medical products relating to disease prevention, the firm pivoted their brand Thorakao to focus on prioritising product lines such as hand sanitizer, washing liquid, and other forms of antibacterial hand wash.

Meanwhile, local businesses have been advised to make use of advantages brought about by the Vietnam-EU Free Trade Agreement (EVFTA) after this deal took effect in August 2020.

Piotr Harasimowicz, chief representative of the Polish Trade and Investment Office in Ho Chi Minh City, said Vietnamese firms should focus on promoting exports of highly competitive products to Poland, the gateway to Europe.

According to the executive, the Polish market has boosted its import of a range of essential products of Vietnam’s strength such as instant noodles, masks, hand gloves, and biodegradable garbage bags amid the economic downturn caused by the COVID-19 pandemic.

“The most important thing is to learn about consumer tastes to have a proper business strategy,” said Piotr Harasimowicz, noting that during the outbreak of the COVID-19 pandemic, Vietnamese exports to Poland witnessed vigorous growth.

Hoang Thi Huong, chief representative of the Economic Development Agency of Germany’s Bremen State in Vietnam (BremenInvest), advised local firms to develop and provide healthcare products and services which can make further inroads into the German market.

“Businesses should spend at least six months gaining insights into the market demand in order to penetrate deep into the market,” she suggested.  

Economist Nguyen Hoang Dung recommended that enterprises therefore turn to restructuring groups of products and services and cutting down on unnecessary expenses as they seek greater development opportunities.

Mời quý độc giả theo dõi VOV.VN trên

Related

Challenges lie ahead to improve local business climate
Challenges lie ahead to improve local business climate

VOV.VN - Despite undergoing a number of administrative procedures to ensure that investment conditions become more transparent, Vietnam is facing several significant challenges regarding business climate improvements in the future, according to insiders.

Challenges lie ahead to improve local business climate

Challenges lie ahead to improve local business climate

VOV.VN - Despite undergoing a number of administrative procedures to ensure that investment conditions become more transparent, Vietnam is facing several significant challenges regarding business climate improvements in the future, according to insiders.

Businesses advised to stay vigilant to maintain export growth
Businesses advised to stay vigilant to maintain export growth

Despite a rise in export revenue in the first four months of this year, experts suggested that businesses should not be too optimistic as the COVID-19 pandemic has seen complicated developments both in and outside the country.

Businesses advised to stay vigilant to maintain export growth

Businesses advised to stay vigilant to maintain export growth

Despite a rise in export revenue in the first four months of this year, experts suggested that businesses should not be too optimistic as the COVID-19 pandemic has seen complicated developments both in and outside the country.