What should businesses do to respond to new challenges and opportunities?

According to economic experts, our country is now entering a new era of development with unprecedented opportunities to grow, but also with unprecedented difficulties and challenges due to the violent fluctuations of geopolitics and the world economy. Forecasts for world economic growth are not very optimistic, there have even been warnings of a global financial crisis, a "stock bubble" bursting in the near future...

Along with that, the risks of climate change, the urgent demands for green transformation, digital transformation from internal weaknesses and shortcomings in policy mechanisms... are posing challenges for domestic enterprises in the current context.

Economists say that to overcome challenges, seize opportunities to accelerate economic growth towards circular economy, digital economy, digital enterprise, digital society, digital government. (Illustration photo)

According to Mr. Nguyen Anh Tuan, Permanent Vice President of the Association of Foreign Investment Enterprises, domestically, the rapid recovery and growth of the economy is opening up new opportunities for investment and business activities. Along with the policy of promoting investment in infrastructure development, especially transportation infrastructure, it is and will create new favorable conditions for investment and business activities... it is opening up opportunities for many economic sectors, such as logistics, construction, iron and steel industry, cement and other construction materials.

However, although exports and FDI capital flows continue to achieve high growth rates, more than 70% of export turnover still belongs to the FDI sector, the connection between FDI and domestic enterprises and between large Vietnamese corporations and small and medium enterprises is still loose.

Mr. Nguyen Anh Tuan said: "The legal system on business investment has been and is being completed, many important laws have been amended and supplemented and have come into effect such as the Land Law, Housing Law; Real Estate Business Law... However, according to feedback from the business community, there are still many problems and legal barriers that, if not promptly resolved, will "bury" businesses in front of new opportunities".

Opinions have stated that in the coming time, risks affecting our country's economic growth will be affected by global economic growth that may be lower than expected, especially the growth of Vietnam's major trading partners such as the United States, the European Union, and China, which may affect Vietnam's exports of processed and manufactured goods and negatively affect growth. Domestically, the real estate market may recover more slowly than expected, negatively affecting private sector investment...

Prof. Dr. Nguyen Mai speaking at the conference

Economist, Prof. Dr. Nguyen Mai said that the problem for our country is to overcome challenges, seize favorable opportunities, accelerate economic growth towards circular economy, digital economy, digital enterprise, digital society, digital government to contribute to achieving the set goals. At the same time, he said that in the current context, enterprises need to proactively transform corporate governance in the context of digital transformation.

Prof. Dr. Nguyen Mai believes that businesses must proactively transform into digital businesses. It is necessary to identify that in the context of digital transformation, if businesses do not transform to keep up with the trend, they will fall behind or even go bankrupt in the context of increasingly fierce competition. Next, adjust business strategies in the context of digital transformation from planning and implementation in stages, especially for small and medium enterprises.

Source: https://vov.vn/kinh-te/doanh-nghiep-can-lam-gi-de-ung-pho-voi-thach-thuc-va-co-hoi-moi-post1129408.vov