ABA 2020 honors the value of ASEAN businesses

TIN LIÊN QUAN
	Prime Minister attends Standard Chartered-ASEAN Business Forum 2020
	ASEAN ministers review implementation of economic initiatives

ASEAN Enterprises can be registered for ABA 2020 at https://aba2020.vn

The COVID-19 pandemic has led to an economic crisis for ASEAN and beyond. According to the UN Policy Brief released in July, supply chain disruptions due to lockdowns and quarantine measures are affecting countries dependent on merchandise trade such as Singapore, Vietnam, Cambodia, Malaysia, and Thailand.

Countries reliant on remittances, such as the Philippines, are being hit hard as declining remittances weaken consumption and investment. Meanwhile, the measures to contain COVID-19 have affected the labor market. For instance, unemployment is expected to increase in Indonesia by 2.5 percentage points, Malaysia by 1.5 points, and the Philippines by 1.2 points.

Negative impacts are inevitable, but many ASEAN enterprises have overcome difficulties, and are making meaningful contributions to pandemic prevention. Commenting on these enterprises, Dr. Doan Duy Khuong, Chairman of the ASEAN Business Advisory Council (ABAC) in Vietnam said: “Many enterprises in the region have had to close or stop production, but there are also many enterprises with sustainable development methods, and their own solutions have not only maintained operations but contributed valuably to society to help ASEAN member states step by step overcome the pandemic.”

In Singapore, businesses in the city-state not only contribute large amounts of cash and anti-pandemic items but also return or reject payout packages from the government. In May, when the pandemic was at its peak in Singapore, 32 businesses returned a grant of $35 million and another 29 companies stopped receiving payout packages.

In addition, in all other countries in the region, enterprises have done a great job in terms of social responsibility by actively contributing to the government with cash, equipment, or facilities for COVID-19 prevention.

In particular, a number of Vietnamese enterprises have continuously supported the battle with many different resources. This is also an important factor to help Vietnam become a bright spot in the region and further afield in reducing the impact of the coronavirus.

According to Dr. Khuong, the contribution of enterprises during the crisis is extremely valuable, thus honoring ASEAN business through the ASEAN Business Awards (ABA) this year is more special than ever.

As the chair of the ABA 2020 Awards, Madame Nguyen Thi Nga, Member of ASEAN BAC Vietnam and chair of BRG Group quote that “a smooth sea never made a skilled sailor” visualize outstanding businesses and entrepreneurs during these challenging times. Madame Nga shared: “COVID-19 is the moment when the best businesses and business people show their bravery and resilience to overcome difficulties when not only ensuring the sustainable development of businesses but also contributes to pandemic prevention. Therefore, ABA 2020 has a special stature, in a context that honors the outstanding businesses of the entire region.”

ASEAN Enterprises can be registered for ABA 2020 at https://aba2020.vn

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