The COVID-19 pandemic is casting a negative spell on not only the worldwide healthcare system but also the global economy and its components.
The development indices worldwide in general and Vietnam in particular point to a factual situation: overall pessimism in economic assessments. The WTO stated that the world trade turnover in 2020 is likely to decrease significantly, more than the 12.6% in 2009. GDP will be in the same situation when it is likely to decline by more than 2% compared to the economic crisis 11 years ago.
As for Vietnam, our country's GDP growth rate in the first quarter of 2020 was only 3.8%, a sharp decrease compared to 7.0% in the third quarter of 2019. Fitch predicts that Vietnam's GDP growth in 2020 will tentatively not exceed 3.8%, the lowest figure seen in the past two decades.
The overall picture of Vietnam's economy is extremely gloomy, from trade, production to investment. Aviation and hospitality are among those to suffer the most. Those whose inputs and outputs are tied to the border gates and customs are also the next ones forced into hibernation. Family businesses, lacking in overall resources but accounting for a large proportion in the economic ecosystem, are also in a "wobbly" situation.
The overall feel of production and trading activities can be described as deadly quiet, to the point of gloom. On the inside, businesses are struggling to make a decision whether to give up or to hang on to float and survive at all costs.
In the latest report released by the Vietnam Chamber of Commerce and Industry (VCCI), the number of enterprises withdrawing from the market has reached nearly 35,000, in the first three months of this year alone. This is sadly a record number, and also marked the first time in decades, the number of businesses leaving the market is greater than the number of new establishments.
While business activities were stalled, this does not mean that business owners are forced to sit still and reluctantly make a decision to close down the operations. In order to survive through this difficult period, in addition to waiting for the Government's supporting policies to come into practice, businesses are forced to learn to adapt to changing environmental conditions, get used to the New Normal.
One important step that business owners can do at this point is to raise their voices to "confide", essentially when the COVID-19 pandemic is still madly spreading. This is both to help customers and stakeholders to understand the situation while inducing understanding and support to overcome the current obstacles. To simply put this, all components of the economic ecosystem are closely linked, how healthy one is can affect the rest of the chain.
Through the coherent and transparent disclosure of information, business owners can holistically address the problems and challenge their companies are facing, while at the same time suggest measures to be applied with the stakeholders, partners, and customers to at least survive and later quickly recover from the downturn.
By using the mass power of the press and media, the decision makers of enterprises can optimise the empathy from related audiences and stakeholders, sharing the same vision to all overcome this floating survival stage and moving on to the recovery stage.
Also through the official statements on media, the business communities can also send "the calls for help" to the Government, thereby making their voices heard and receiving timely assistance from state agencies, from supportive policies such as debt rescheduling, interest rate reduction, tax exemptions and fees, economy stimulation, consumption promotion and social security, etc.
The so-called Press releases are highly advised to be used during this time, as a commitment of businesses, that they will take the best actions and measures to protect employees, partners, stakeholders and customers; so that everybody will only suffer the least possible damage from this unfortunate global pandemic.
As the proceeding of the COVID-19 is still complicated and unpredictable, the official distribution of a timely and carefully curated Press release can help business owners to reassure audiences of their decisions to “Stay put when the country needs” yet not putting a halt on all business operations.
TIPS FROM US
In sharing the responsibility of “Easing the economic pain”, CREATIO has composed a series of insightful articles on simple, practical, completely proactive and cost-efficient actions that every business can take during the COVID-19 season. The series contains analysis and recommendations for specific industries that we deem to be the most affected by the pandemic and global recession, such as aviation, trading, real-estate, hospitality, import-export… Our suggestions also include various angles, from business owners to employees, from business owners to the public audiences so that everyone can relate and take away some communications keynotes to help their business from our expertise.
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Established in 2011, CREATIO has proven its position and expertise in the industry of creative communications solutions consultancy. With a broad range of services from event management, branding design and production, to content marketing and PR distribution, CREATIO has the privilege to serve more than 120 clients worldwide, from a singular design concept to year-long integrated communications campaigns. Visit our Works for more of our credentials, and visit our Blog for further industry insights.