How will the world cope post-pandemic is the hottest subject right now, even in economic research topics. We now surely will face the greatest financial crisis this century thus far, and with the situation changing every day, experts have to adjust their prediction continuously as well. This time, VGU invites you to take part in a live economic research discussion with special guest in the academic field.
1. Economic research topics regarding Vietnam’s future
Although the Covid-19 epidemic is having a global impact, Vietnam is a promising destination that receives much attention from FDI enterprises. Economic research and experts predict Vietnam will become a regional spotlight of attracting FDI from economics giants such as the US, EU, Japan, or South Korea after the COVID-19 crisis. As the main driving force of the economy, SMEs will continue to become the significant role of benefitting from such opportunity.
However, SMEs continue to face problems such as access to finance, market access, and competition with foreign firms. Local businesses should be prepared to enhance the capacity to be ready for further cooperation, including the SMEs and entrepreneurial community! In response to such changes, SMEs companies are facing demands to restructure, expand, or accessing support from various resources.
There are no exact economic research at this moment, so what should SMEs do to seize these opportunities? What are SMEs’s expectations for next period? How Government and policymaker support the community?
2. The successful live conversation
With the help of our speakers, we will discuss the following topic: “Vietnamese SMEs after COVID-19 crisis: Opportunities and Challenges”
It is VGU’s pleasure to welcome some experienced guests in the field of economic research. Among them are:
– Dr. Hà Thúc Viên – Vice President of Vietnamese German University
– Mr. Brian O’Reilly – Academic Coordinator of Master Business Administration Program of VGU
– Dr. Lê Văn Hà – Lecturer in Economics cum Academic Coordinator for the Bachelor Study program of Business Administration
3. Detail on the economic research topic
Question 1: Vietnamese SMEs are suffering severe damages from COVID-19, how can SMEs survive and maintain the sustainable growth after the economic crisis is over?
Answers: The pandemic surely is devastating for the global economic. Its impact run wide and deep in every corner of the industry that no economic research or report can predict and describe. Vietnam is no exception with multiple SMEs, especially start-up have to postpone, cut down, or go bankrupt. The biggest help right now come from the government with their policies to keeping SMEs up and working. However, in these critical times, it is up to the entrepreneurs and their management and innovation skill to lead the SMEs through the hardship. This is a fundamental skill in the business work, which include in the MBA program at VGU.
Question 2: How can SME’s innovation activities be enhanced to cope with such good chances and challenges? What problems need to be identified to develop?
Answers: After the epidemic, economic research and experts predict Vietnam will enter a new development phase with more opportunities and many challenges for the business community. Since SMEs contribute more than 50% of GDP, and it will continue to rise in the future, SMEs will be the main enterprises that obtain benefit from the new wave of investment.
Vietnam will become a promising destination for FDI after epidemic. With stable political system, professional labor force, open economy with multiple free trade agreement, all economic research and survey point out that the new wave of FDI investment is coming.
Identify problems of Vietnamese SMEs; including the often use of outdated technology, management systems, the ineffective use of the labor, weak ability to access the market information…
Question 3: How do Vietnamese SMEs develop and implement its internationalization marketing strategy in developing countries?
Answers: SMEs are becoming more and more a subject of considerable attention in developing countries. All economic research in the past few decade has point to this. They are involved in providing goods, services, and employment in the domestic market, as well as being the driving force behind many innovations and contributions to the growth of the national economy. Nowadays, more and more Vietnamese SMEs tend to go beyond national borders to expand their market. However, in the past various problems have occurred continuously in the process of internationalization according to economic research. To overcome that kind of barrier, Vietnamese SMEs have to prioritize international marketing strategies to enhance competitive advantages. Economic research last year shows that SMEs provide 1 million new job every year in Viet Nam.
Vietnamese SMEs is flexible, able to adapt well, so even in the crisis time like this, they can survive well.
Question 4: Germany has been very successful with the strategy to support SMEs since a large number of German SMEs become global market leaders. What can Vietnamese SMEs and policymakers learn to boost the successes of our SMEs soon?
Answers: 90% of company in German is SMEs, dignity and unity culture, excellent in production high-tech equipment (according to economic research). They has good access to international market since their product is the best in the niche related field, and specific marketing strategies that serve them well in the long process. This is something the Vietnamese SMEs can learn and inherit to their actions and long term strategies. At VGU, we provide the knowledge and tools for our MBA students to be able to adapt this for their company.
You can watch the full talk show now here https://youtu.be/-ZXZfR-1g-M