Businesses give back in times of need

Businesses give back in times of need

With the desire to create a forum where managers, economic experts, and business leaders can evaluate community activities, share experiences, and make appropriate recommendations on sustainable development, Vietnam Investment Review is hosting the seminar, based on the topic of sharing responsibilities and coping with the coronavirus on November 29.

The seminar will feature the participation of guests including representatives of the Ministry of Planning and Investment and the Ministry of Industry and Trade; experts from the European Chamber of Commerce in Vietnam and the Nordic Chamber of Commerce in Ho Chi Minh City; and representatives of companies such as AEON Vietnam, Home Credit Vietnam, Nestlé Vietnam, INSEE, Alphanam Group, and PetroVietnam Fertilizer and Chemicals Corporation (PVFCCo).

During the three-hour seminar, solutions to maintain and develop the economy together with community support activities will be discussed as a way to ensure businesses across Vietnam can carry out their missions as well as make sure no-one is left behind.

Along with efforts to maintain stable production and fulfil the mission of supporting the community to overcome unprecedented difficulties caused this year, businesses also want to receive strength from the government through support policies or programmes to quickly recover.

For example, according to data from the Centre for Forecasting Manpower Needs and Labour Market Information in Ho Chi Minh City, wholesale and retail trade, the processing industry, transportation, and food services have been the sectors and industries most affected by this summer’s woes. Around 43 per cent of businesses have had problems in finding customers or selling products in the city; enterprises facing capital difficulties account for 27 per cent, untimely support policies account for over 18 per cent, and the rate of enterprises lacking production materials sits at nearly 12 per cent.

Despite becoming unwilling victims of the pandemic and facing these unprecedented challenges, most businesses are still willing to work with the government in the fight against the pandemic and have strived to share some of the difficulties being faced by local communities.

For example, PVFCCo is actively implementing a number of supporting activities with a budget of around $86,000, bringing the total financing for pandemic prevention to roughly $434,000.

Another participant at this week’s seminar, Nestlé Vietnam has contributed over $1.2 million in cash and other forms to the government and communities this year alone, in helping to fight the unprecedented issues in 2021.

Likewise, AEON Vietnam along with AEON Group and other member companies have handed around $1 million to the country’s COVID-19 vaccine fund.

Appreciating the contributions of such businesses as well as understanding their difficulties, the government has in turn issued a number of policies to try and support them, including through financial, credit, and social security support packages – but yet more is required to ensure such companies can recover swiftly and fully.

“In order to help businesses, workers, the economy, and society in general to overcome the impact of COVID-19, it is necessary to have strong support from the government through support programmes or packages from the state budget,” economist Vu Dinh Anh said.