Entrepreneur Lam Minh Chanh, founder of BizUni School of Business Administration, co-founder of Management & Entrepreneurship Group, said that the startup community was most hurt during the pandemic.

In the context of the crisis, according to Mr. Chanh, startups must first of all how to survive, even having to take into account the problem of "deleting the chessboard, playing from the beginning". The cash flow of startups, even if there is no epidemic, is just like running the market, every month. They do not have borrowed capital and have not been able to raise additional capital, so they depend mainly on cash flow from working capital in the business. So slow business is too difficult for them.

DR. Ngo Cong Truong

The startup community, small and medium enterprises face difficulties in both revenue and cost. Can't sell goods but still need money back, can't get a bank loan, have to get dry wages, ie savings. You have to drain your health first, get the cost down as much as you can. If it's too difficult, put it away, quit, maybe the advice is harsh, but don't be afraid to cut your losses, start over from scratch.



Multinational corporations are also facing difficulties, the business index has decreased continuously for 3 months. Not only in Vietnam, any multinational company with a plan to maintain risk management is easy to overcome, but if not, it is also very difficult.

Sharing about his experience in crisis response, Mr. Truong said that multinational companies have many different scenarios. Some large Vietnamese corporations are splitting themselves up into smaller companies to run faster.

Some essential business groups are still developing, this is the best time to review and optimize the system, standardize skills so that when you come back, you will fight stronger. The message from the global economic conference is that this is the golden age for coaching. Dangers are the same, the question is can you see the opportunity? Some new business models, new solutions will be born. For example, Amazon makes good use of this opportunity for digital transformation, and in the near future, people and families will do digitalization.

Mr. Kao Sieu Luc, General Director of ACB Bakery, the father of dragon fruit bread, shared that during the peak of the epidemic, he went to the West to visit some farmers selling durian and dragon fruit, knowing 300 containers of durian, Dragon fruit is not exporting. If you buy food for workers to rescue, you will only get 1-2 tons, not for long.

Mr. Kao Sieu Luc, General Director of ACB Bakery

With the support of the children, after many times of experimenting with making dragon fruit bread, durian sandwich, successfully overcoming the defects, ABC has launched into the market and been warmly received by the people, creating a new line of products. new money for ABC, while helping farmers raise the price of dragon fruit. Only after 10 days when two new products were launched, the price of dragon fruit from 5-6 thousand VND/kg has increased to 30,000 VND/kg dragon fruit.

In particular, ABC has released this recipe publicly online, hoping that everyone can make dragon fruit bread. "I am also making more efforts to combine cakes with other fruits, in order to develop new product lines with characteristics of Vietnamese agriculture, becoming the culinary culture of Vietnam," Mr. Force said.

Assessing the effectiveness of business support packages, finance and banking expert Huynh Buu Son said that the most necessary thing for the cash flow to go to the right address is to flow to the weakest place but have the opportunity to recover. The fastest recovery after the pandemic, in order to create the fastest cash flow, is tourism and export.

“The epidemic situation is in a series of recurring every few years, we have no choice but to live with the epidemic. Some businesses I know are still manufacturing, exporting, paying full salaries for employees, some businesses reduce staff, and there are places to give 100% leave.

Thanks to good disease management in Vietnam, people's psychology is not too pessimistic, but many small and medium-sized enterprises are very dangerous and need state patronage. Aviation is expected to suffer a very heavy loss in 2020, taking 5 years to recover. The domestic tourism industry is still sluggish, international tourism does not know when it will recover. If this situation continues, it is very dangerous," Mr. Son acknowledged.

For business relief packages, Mr. Son said that the government bailout package is very necessary, especially the tourism industry in the future, to bring the fastest cash flow when the pandemic is over. However, it is necessary to consider small and medium enterprises because this is the largest employer, if the unemployment number increases, purchasing power will decrease, even domestic production will be affected.

Support packages must go to the right address, just like other countries are doing. This is wartime, behave like wartime. It is not known how the US or the EU will recover, but it cannot be without relief. We already have an anti-epidemic committee, there must be a business relief committee to consider specifically what situation each case is in, and how to support it.

For businesses that are exhausted and want to raise capital, according to Mr. Son: "If you are exhausted and need to raise capital, you must review it. With the banking system, debt is to be paid, if you want to pay, business must be efficient. The current financial market does not meet the requirements of enterprises for loans and loans. It is very difficult for small and medium enterprises to access the common capital of the society.

In countries with a system of investment and development banks separated from credit banks to support development investment enterprises, there are credit cooperatives, support funds for small businesses, etc. to serve the needs of enterprises. diversity of each enterprise, each type of different size".

In the context of the complicated epidemic crisis, social distancing can always happen, promoting e-commerce and digital transformation is recommended by experts as a solid foundation to create online shopping. money for businesses in times of crisis.

Banking and finance expert Huynh Buu Son

According to banking and finance expert Huynh Buu Son, in the near future the office and store rental segment will decline, e-commerce and online sales will take the throne, making this market narrow. More than ever, businesses need to promote investment in digital technology platforms to maintain cash flow during and after the pandemic. However, Vietnamese people's consumption habits are still cash-based, which is the biggest obstacle to e-commerce, and it takes time to transition.

Mr. Kao Sieu Luc said that ABC's products are also being prepared to be sold online, currently renting a very heavy space, selling online will save a lot of costs. In the future, ABC hopes that online sales will be stronger.

Mr. Lam Minh Chanh, who used to have experience in working on the stock exchange and working online, also said that Vietnam still has a great opportunity to develop online. stronger, generate cash flow. The potential of the e-commerce market is still very large, but there are few people paying by card or online commerce, Vietnamese people still depend on cash. Consumer habits, beliefs, and management systems are affecting the development of e-commerce.