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AsiaInvest supports VACD and CABA in implementing business linkages between Vietnam and the ASEAN region (19/3/2022)
AsiaInvest supports VACD and CABA in implementing business linkages between Vietnam and the ASEAN region

In the context where the COVID-19 pandemic has quickly escalated and heavily impacted the global economy, Vietnam Association of Corporate Directors (VACD) and China - ASEAN Business Alliance (CABA), with the support of AsiaInvest Group, officially signed the Memorandum of Agreement on September 10th, 2020. Both sides also committed to creating opportunities for members to exchange their professional knowledge and experiences so that they will be able to understand each other more, improve their own capacity and together seek investment cooperation opportunities - one of the most important actions in the post-COVID context. At the same time, the collaboration between CABA and VACD is expected to promote ASEAN’s integration process through cooperation in terms of trade and investment, thereby creating a solid link between enterprises to help them overcome all the challenges, seek opportunities and aim for sustainable development.

Since the second quarter of 2021, the rapid spread of the Delta variant has created greater challenges for governments and the business community. The fact that ASEAN countries had to implement prolonged social distancing has made it difficult to produce, circulate and distribute goods. Besides, supply chains have also been interrupted due to this situation, which leads to a decrease in consumers’ spending. Considering that this is the right time to connect members of the ASEAN business community to cooperate in the new context, CABA and VCAD jointly organized the International Conference “Economic Outlook and Insights of Vietnam & Redefining Business Resiliency Amidst Uncertain Covid-19 Backdrop" on October 15th, 2021. This conference brought useful information about the situation and development possibility of Vietnam’s economy during the pandemic, while also letting the countries share their experience to help others recover and continue to effectively utilize cooperation opportunities in Vietnam, Singapore and ASEAN under the context of "living together" with COVID-19.

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Mr. Nguyen Ngoc Bach, Vice President of VACD, Chairman of AsiaInvest Group gave a welcome speech to open the event

At the event, the Vietnamese Ambassador to the Republic of Singapore Mai Phuoc Dung in his opening speech commented, "In this period, it is necessary for businesses in every country to work together with the government to overcome difficulties and gradually restore economic operations.” According to the Ambassador, in the context where countries are both facing many difficulties and achieving some achievements, Vietnam and other countries need to share their methods of accomplishing success, while at the same time promote cooperation activities and contribute to businesses specific recommendations. Mr. Dung welcomed the cooperation between CABA and VACD and their initiatives to promote regional integration through cooperation activities in trade and investment, creating solid conditions for businesses to overcome difficulties and search for many opportunities.

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Mr. Mai Phuoc Dung, Ambassador of Vietnam to the Republic of Singapore. Photo: VNA

According to the speakers, the biggest challenge for businessmen since 2020 is to face things that are unpredictable and difficult to predict. Up to now, the difference brought by the vaccine has helped businesses see the problem in a clearer way, as well as achieving more encouraging signs after a long dark period.

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Businesses and experts in the region connected and shared their experience of overcoming the crisis as well as the domestic and regional context and prospects

In addition, the speakers also said that ASEAN countries have been able to restart the production machine up to this point, with a certain confidence that business will be restored as the community has been gradually vaccinated - while still monitoring the epidemic situation closely. It is important to get used to the “new normal” and make the best use of every opportunity for cooperation to restore production and business.

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