Business Business

12/06/2020 - 06:14

Thua Thien Hue: Enterprises strive to adapt to market fluctuations

Building an adaptive strategy is what enterprises are aiming at for a rapid and sustainable development against a crisis, pandemic, or simply, changes.

Experience tourism activities in the province are selected by many tourists. Photo: Pham Thi Dieu Huyen

Demand stimulating

While many businesses are struggling to find a development direction after the situation of the COVID-19 pandemic in the country has been temporarily settled, others consider this as a preparatory step for new development scenarios and initiatives in the future.

After Tet holidays, enterprises began to experience difficulties in their business and development. Moc Truly Hue - a startup enterprise … local specialties, is also in that pace. With the social distancing and absence of tourists, specialty products of Moc Truly Hue “loses its ground”.

Instead of “waiting for a windfall”, Pham Thi Dieu Huyen - Director of Moc Truly Hue has started to turn lakes filled with water fern, water morning glory and water hyacinth in the areas of Thieu Tri Emperor tomb, Phu Luong A (Quang Dien) and the section of Ngu Ha river on both sides of An Hoa gate, into lotus lakes that both create landscapes and increase their economic value through the branding of a specialty.

With the harvested products, Dieu Huyen has consulted many experts, researched the recipe for lotus tea and recently announced an official launch of the lotus tea product with Moc Truly Hue trademark. Moc Truly’s fresh lotus, lotus flower and lotus tea products have been ordered by customers in the country and always in out-of-stock situation.

A new product of Moc Truly Hue. Photo: HOANG LOAN

“If I just sat still and waited for opportunities, I would be backward easily. During the break due to pandemic, I has sought new directions to conquer myself and add new products to create a breakthrough after the pandemic situation being settled down,” shares Ms. Huyen.

As the COVID-19 broke out, tourism companies got the most difficulties because most of them had to shut down. Contracts were cancelled. Staff has been laid off to reduce costs... Therefore, right after the pandemic situation in the country was temporarily stable, tourism enterprises started to train human resources and develop new featured tours to attract customers.

Mr. Nguyen Dinh Thuan - Director of Dai Bang Media and Tourism Company shares: “Every year, this is the peak time for outbound tours. Yet, this segment was almost ‘frozen’ this year. People’s psychology is afraid of travelling, especially long tours. Therefore, the company has focused on the domestic tourism segment, particularly the attractive destinations for culinary exploration and Hue culture.”

Many community tours are being operated by the company with good sources of visitors, such as the Ngu My Thanh community tour, Park Tam Giang Lagoon, Bao La rattan and bamboo handicraft village, Nam Dong and A Luoi eco-tours... To attract tourists, these enterprises have also provided programs for promotions, demand stimulating and souvenir offering to customers.

In addition to the tourism stimulation in the province, the Provincial Tourism Association has recently introduced an allying stimulation program with a participation of nearly 110 province-wide tourism enterprises. Many quality, attractive and novel products and destinations were introduced to partners to increase the number of customers with discounted rates from 30% to 50% and valid until December 31, 2020.

Networking

Adaptation is considered as an appropriate direction to help businesses stand firm during this time. For example, textile enterprises, such as Scavi, Hudatex (Hue), have also accessed to new products - manufacturing face masks for domestic and exporting demands instead of being loyal to manufacturing traditional export products.

In addition to enterprises’ efforts, micro and macro economic policies have also created a motivation for business recovery.

According to Mr. Nguyen Van Phuong - Vice Chairman of the Provincial People's Committee, the province has reviewed and adjusted to reduce 22 charges and fees within the deciding competence of the provincial People's Council to support and solve difficulties for the those influenced by the COVID-l9 pandemic. Credit policies such as debt rescheduling, reduction of interest rates, extension of tax obligations and payables of enterprises, reduction of material import tax... were also implemented.

Mr. Tran Si Cuong - an economist, says that after this pandemic, countries around the world tend to be more introverted and autonomous so that they will not depend too much on foreign factors. In the current conditions, the domestic market is the lifesaver for both businesses and consumers.

The current problem is how to create a network among businesses with the support of authorities and departments so that their products will have a foothold in the country.

The “Vietnamese people use Vietnamese goods” program or others conducted by  Enterprise Association, Young Entrepreneurs Association, CEO Club... to use each other’s products to increase local consumption are effective approaches. 

Mr. Nguyen Tan Binh - Director of Leadership and Management Science Research Institute - Leadman SRI, says that the more crisis the economy is in, the more effective management of cash flow needs focusing. In addition to strategic vision, excellent marketing team and personnel, or strong economic resources… need to be in place. Especially, leaders of enterprises must learn cash flow management skills to make decisions in each specific time to limit risks.

By Hoang Loan

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