At one of Co.op food marts. (Photo: VGP/Minh Thi)

The domestic economy is on a recovery track now, but the pandemic is still taking its toll, with many businesses still withdrawing from the market.

More than 51,000 businesses shut down in the first four months of the year, as a new wave of coronavirus arrived following the national holiday on April 30 and May 1.

After cancelled orders led to declining revenues, Dgroup Holdings changed its business strategy. Long-term plans were replaced by short-term, emergency plans. Face-to-face meetings with customers were moved online. Corporate governance has balanced the need to reduce costs with the interests of its employees.

Le Dung, Dgroup Holdings’ General Director, said, “We’ve allowed personnel who don’t need to work directly with customers or suppliers to work from home. We give them the tools and funds they need to continue their work. IT has been applied to manage those who must work from home, ensuring effective communication and reporting.”

The Co.op food store chain is another example of a flexible response to the COVID-19 epidemic.

Co.op food’s stability is due to its preparing scenarios to cope with a new epidemic outbreak. It has organized raw material areas, stockpiled inventory, and implemented measures to ensure the safety of its customers and employees.

Tran Thuy Huong of the company’s marketing section, said, “We’ve prepared scenarios for responding to a new epidemic outbreak. Because we’ve worked with partners and suppliers in advance, we have been able to keep our prices almost unchanged throughout the pandemic and made our consumers believe in us.”

Vu Tien Loc, VCCI Chairman. (Photo: danviet.vn)

These are just two of the businesses that have successfully adapted to the coronavirus pandemic, according to Vu Tien Loc, Chairman of the Vietnam Chamber of Commerce and Industry.

“To stand firm in this difficult period, businesses need to restructure management, marketing, and sales. They need a digital platform to boost production and sales. Of course, the first priority is to cut production costs,” said Loc.