Resilient firms see good chance to bounce back: Vietnam Report
Although the 2020-2022 period was a tough time for both State-owned and private enterprises due to macro-economic fluctuations after the COVID-19 pandemic, it provided a good chance for businesses that managed to exist and make breakthrough growth, according to a report by Vietnam Report JSC.
The report noted that enterprises that successfully adapted to and overcame the period are businesses that boast strong financial capacity and are willing to change themselves.
They include Vinhomes JSC (VHM), Hoa Phat Group (HPG), Masan Group (MSN), Mobile World Investment Corporation (MWG), Vietnam International Commercial Joint Stock Bank (VIB), Vietcombank (VCB), Duc Giang Chemical Group (DGC), Techcombank (TCB), MBBank (MBB) and Asia Commercial Joint Stock Bank (ACB), which are named among top 50 prestigious and effective public companies of 2022 (VIX50) by Vietnam Report.
As the exchange rate, interest rate and inflation are on the rise, input costs have been pushed up, leading to an increase in the prices of products and services, harming businesses’ competitiveness.
However, firms that are self-reliant in input materials will secure their benefits, according to the report.
General Director of Vietnam Report Vu Dang Vinh held that in order to maintain stable business in the “price storm” period, enterprises must reposition their value chains, analyse the macro factors that may affect their production costs, while developing a new price policy and regularly evaluating customer reactions to the new policy.
He reminded businesses to focus on enhancing their prestige by improving their products’ quality, design and market visibility, besides stepping up the application of scientific and technological advances, and boosting human resource development.
Vinh held that it is crucial to make the capital market more transparent, especially the corporate bond market, thus attracting professional investors and property investment funds, thereby enhancing the brand names of the businesses.