VIOD Webinar 3: “Impacts Of Covid-19 On Vietnam’s Economy And Businesses”

Hanoi, May 26th, 2020Vietnam Institute of Directors (VIOD), in partnership with Dragon Capital, PwC Vietnam and International Finance Corporation (IFC), organized a webinar: Impacts of Covid-19 on Vietnam’s economy and businesses”. It was the third webinar in the series of activities featuring our special program on Board Leadership in COVID Time“. It represents VIOD’s Featured Insights, which is designed for Board members and Senior Executives leading their businesses thriving into a new normal stage.

The Covid-19 pandemic in Vietnam is basically under good control, yet this global crisis still has long-lasting impacts on the economy and on businesses’ operations. In such context, VIOD organized a webinar for economic experts to present the assessment of COVID-19’s impacts on Vietnam’s economy and for businesses’ representatives to share their practical experiences in responding to the pandemic. The webinar attracted over 100 Board Members and Senior Executives from Vietnamese companies.

Opening the Webinar, Ms. Dinh Thi Quynh Van, General Director of PwC Vietnam, Board Member of VIOD, presented a survey report recently conducted by PwC, tracking the sentiment and priorities about the COVID-19 pandemic among finance leaders. With the evolution of world pandemic, companies’ responses can be divided into three phases:

Source: PwC’s COVID-19 CFO Pulse

The leaders’ confidence in recovery reduces over time against the prolonged pandemic. However, up to 79% of the Chief Financial Officers responded to the survey felt optimistic about the ability to identify new revenue opportunities when the companies return to business as usual. With the current pandemic control situation, Vietnam is among a few countries to have positive projected GDP growth in 2020; some sectors which were severely affected by COVID-19 in March and early April have been snapping back rapidly as of early May. Thus, most companies in Vietnam have now been back to work, ready to establish the “new normal” and may consider moving from phase 1 to the subsequent phases.

Sharing the same view, Mr. Nguyen Duc Tai, BOD Chairman of Mobile World Investment Corporation (MWG) said during the past few months, MWG’s first priorities were to secure the workforce safety and to develop different scenarios for more than 70,000 employees to respond to COVID-19.

To prepare for the medium and long-term phases, Ms. Nguyen Ngoc My, Deputy General Director of Alphanam Group, mentioned that her company had actively set monthly targets with the principle of “three promptness” (promptly communicate, prompt coordinate, and promptly complete); reviewed operational procedures to avoid cumbersome ones; technological transformed the operation; provided training for key personnel in accordance with the succession planning; and conducted business restructuring towards sustainable development.

Answering participants’ questions about the anticipated time for the global and Vietnamese economies to recover to their normal state before the COVID-19 pandemic, Dr. Vu Bang, member of the Prime Minister’s Economic Advisory Group and Senior Advisor to the VIOD’s Board, reckoned that, with the determination and the current policies of the State, and of the businesses, and assuming that the pandemic does not return in the fall this year, the pandemic could end by Q1-2021 and the economy may fully recover by end of 2021. Also according to Dr. Vu Bang, with the current proactiveness and creativity in the businesses’ responses to the pandemic and adoption of good corporate governance practice, particularly in the private sector, the economy would not only recover but also have quality enhancement to be more sustainable. The Board Leadership was once again emphasized by the speakers as a driver to help businesses navigate through crisis. Please visit here for more information about VIOD’s webinars on “Board Leadership in COVID Time”.