HSBC: VN’s effective COVID-19 containment measures enhance its attractiveness as business destination

Tim Evans, CEO of HSBC in Viet Nam said that the COVID-19 pandemic has forced businesses into an unprecedented crisis, however amongst the hardship it has become increasingly apparent that technology is the ultimate solution to help businesses and entire economy-survive periods of extended social distancing. 

Those companies that have invested and built their strategies around digitalization are the ones most set up to navigate the real-time challenges, to adapt and prosper in today’s dramatically reshaped world, he said, adding that companies in Viet Nam harnessing the power of technology to respond at pace. 

In Viet Nam, the EU-Viet Nam Free Trade Agreement ratified in June 2020 placed increased importance on businesses redesigning their supply chains to meet the EU’s requirements and take full advantages of the opportunities the trade deal offers. 

At the same time, COVID-19 has served as a warning signal for many to diversify their supply chains to protect from centration risk on one specific market

Businesses which are closely monitoring their supply chains to ensure their operations are more resilient and less susceptible to disruption from external shocks, the report says. 

According to Navigator, 54% of Asian companies say they will increase the transparency and traceability of their supply chains. 

Meanwhile, over one-third of Asian firms will review supply chain partners to ensure they are able to weather future challenges.