14:00 | 25/09/2020 Economy
(VEN) - The Covid-19 pandemic has wiped out many businesses throughout the world, and Vietnam was not immune. However, the crisis also presented opportunities for ingenuity and initiative.
|Many businesses have shifted to production of facemasks|
Such was the case with the Viet Media Travel Corporation, hard hit by the crippling of the tourism industry. Company director Tran Van Long said the firm shifted to production and export of medical masks via its subsidiary, Ecom Net Investment Holding Company, thus expanding its medical mask production factory in HCMC, Long An Province and also in northern region and saving the jobs of half its tourism workers.
General Director of the Phuc Sinh Joint Stock Company Phan Minh Thong said since the pandemic outbreak, many customers wanted to stop, postpone or cancel their orders for coffee and pepper. The company responded fast, and restructured its operations on a digital platform to introduce and sell products, maintaining its export and domestic revenue well. In fact, its domestic sales channel doubled its volume with monthly revenues from VND2-4 billion.
Meanwhile, Vina T&T Group decided to focus on the domestic market when its exports faced difficulties. Rather than shutting down, the company opened a second fruit shop in Ho Chi Minh City (HCMC) to serve domestic consumers. In addition to traditional sales, it also achieved positive results with e-commerce platform sales. Nguyen Dinh Tung, Chair of the group’s Board of Directors said additional stores would be opened to better exploit the domestic market.
In the textile and garment sector, the Thanh Cong Textile Garment Investment - Trading Joint Stock Company (TCM) is one of few enterprises growing “upstream” during the epidemic thanks to a quick shift to manufacturing and exporting antibacterial fabrics, masks and medical protective equipment to the US. In the first eight months of the year, despite a slight drop of four percent in revenues to more than VND2.36 trillion, profits increased by three percent year on year to reach VND163 billion, equivalent to 63 percent and 88 percent of the year’s revenue and profit plan, respectively.
While many businesses are still struggling to find a way out due to lack of orders and raw materials for production, TCM is planning to expand its factory with a capacity of 12 million products a year in Vinh Long Province. Vice Chair of the Board of Directors Tran Nhu Tung said that the expansion would improve production capacity to meet export orders and expand further in the EU market to take advantage of the EVFTA.
According to economists, in addition to quick responses by enterprises, the government provided timely support for businesses, including a recent policy to promote disbursement of public investment capital to spur economic growth and remove difficulties.
|Producing masks helped the Viet Media Travel Corporation create jobs for 50 percent of its tourism department staff. The company’s medical masks are supplied to 360 hospitals of the US Department of Defense.|