SOLUTIONS FOR TRANSFORMING BUSINESS MODELS FOR SMALL AND MEDIUM ENTERPRISES IN VIETNAM IN THE COVID-19 PANDEMIC PERIOD

Abstract

Small and medium enterprises (SMEs) in Vietnam are an important part of contributing to state budget revenue, creating jobs and attracting labor. Although the number of SMEs in Vietnam accounts for a large proportion, is the most dynamic part of the economy, but due to their small size, lack of close linkages, weak governance and competitiveness, so These businesses faced a lot of difficulties when the COVID-19 pandemic broke out in the world. This requires SMEs in Vietnam to quickly have solutions to transform their business models to meet new needs and consumption trends. The article is based on assessing the impact caused by the COVID-19 epidemic on SMEs, analyzing new consumption trends of consumers during and after the COVID-19 pandemic, thereby offering some solutions to transform the business model. business model for SMEs in Vietnam in the coming time, in order to make SMEs stand firm and develop sustainably in the future.