“The Covid-19 pandemic in Vietnam is yet confounded by a new variant of the virus that is spreading rapidly. Scientists foresee that the Covid-19 circumstances will gradually get back to a steady state. Businesses that are confronted with the “new normal” must quickly catch up with the situation so that operations can return to orbit. Businesses should be aware of certain issues in this regard.”
Businesses must be prepared to adapt to new production conditions. Regulations of state agencies including “on-site production, on-site dining, and on-site resting policy” and isolation of on-site workers to allow businesses to continue production while ensuring employees’ health & safety and alignment with the government’s epidemic containment policy. Further, businesses shall refer to the documents on anti-pandemic regulations of the government which shall be implemented for health and safety of their own employees.
Moreover, businesses should focus being flexible and adaptable in all aspects. Flexible internal operations should be carried out by building regulations on remote working and digitizing documents. Enterprises must focus on implementing new labor regulations while also ensuring compliance with existing labor regulations. If the company’s labor regulations change , it is necessary to consult with the employees and register the new regulations with the state agency.
For external affairs, it is necessary to establish electronic mode of contract signing. Enterprises should review and re-negotiate the terms of contract with partners to avoid disputes with them.
The post-Covid-19 business environment will be full of uncertainty. Therefore, one of the most important things for businesses to do is to accurately assess the social and financial situation of the company, and predict the material and social needs for their business lines. Based on such an assessment, enterprises should come up with a realistic business plan in alignment with the new reality.
Businesses must identify vulnerabilities and weaknesses in their production lines and operations to overcome the difficulties they faced during the Covid period. Obstacles which are difficult to overcome due to industry specific requirements must be replaced with creative solutions. For example, F&B businesses have always relied on extensive storage system as their primary source of revenue but when Covid struck, stores were forced to close in large numbers. Businesses should utilize this time to adapt their services to online platforms, build alternate supply networks, and develop flexible production and logistics.
Enterprises must implement business plans within the framework of law to ensure that such plans comply with the law. Currently, Vietnamese law requires Internet businesses to register at a specialized management agency and apply for an operating license. Trading activities on e-commerce websites require a valid e-commerce business license. To operate the website, the business must also register the website with the Ministry of Technology and Information. Businesses must ensure that they sell and buy legitimate goods and services.
It is critical to identify the needs and make post-covid strategies accordingly. Miscalculation hinders the momentum for recovery and causes post-pandemic impact as it can lead to suboptimal allocation of the company’s resources, resulting in low economic efficiency. The measures outlined above will aid in increasing the sustainability and durability of businesses in the post-pandemic world.
Time of writing: August 19, 2021
The article is based on the current law at the time of recording as above and may no longer be relevant at the time readers access this article due to changes in applicable law and specific cases that the reader wants to apply. Therefore, the article is for reference only.