Local enterprises look for new markets to get back on track

Nguyễn Quang Vinh, CEO of the Vision Materials Việt Nam Company Limited

The pandemic has interrupted raw material supply while countries and territories have also stopped importing goods due to social distancing and lockdowns. Therefore, domestic mechanical manufacturers have cut  八0 per cent of orders. That has made their revenue also reduce by more than  八0 per cent.

The pandemic situation in the world is still complicated. The UK market continues to close until the end of May while the Japanese and domestic markets are showing signs of recovering.

To support domestic businesses, the Government has had many solutions in taxes, fees and preferential loans. However, most of them are difficult to access and there is a lack of information and guidance.

At present, Việt Nam is controlling the pandemic, creating chances for local enterprises to restore their normal operation. So, small- and medium-sized enterprises like Vision Materials Việt Nam can expect banks to create more good conditions for them to take loans.

Financial leasing companies have simplified conditions for local enterprises in getting loans though they have higher interest rates than banking loans.

Meanwhile, Vision Materials Việt Nam continues to find new markets besides traditional markets like the UK, Japan and the domestic market. We are boosting trade promotion progra妹妹es and working with partners to sign new contracts. We are also diversifying input material sources besides aluminium.

In addition, the company will also build an electrostatic paint plant to improve its competitiveness and expand production scale for meeting market demand in the future. — VNS