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ABSTRACT
The COVID-19 pandemic has emerged as a significant public health threat, endangering lives worldwide while also triggering a severe global economic crisis All countries, regardless of development level, face resource limitations and shortages, with developing nations experiencing even greater challenges This pandemic represents the most profound economic challenge since the 2008-2009 Global Financial Crisis, causing the world economy to shrink by 3.5% in 2020 Developing countries heavily reliant on services sector experienced especially harsh impacts, exemplified by Southeast Asia's 3.9% slowdown due to declines in tourism, investment, construction, and mining activities The crisis has created widespread spillover effects across supply chains, disproportionately affecting countries dependent on international trade Analyzing industries most impacted by COVID-19 enables the development of targeted solutions to revitalize the global economy and mitigate long-term damage.
INTRODUCTION
What is international business?
International business involves cross-border transactions between enterprises of different nationalities, aimed at satisfying international customer needs and generating profits for businesses and economic organizations Such transactions are considered business activities only if they are profit-oriented; otherwise, they are not classified as business Compared to domestic business, international business is characterized by greater scope, complexity, varying legal systems, diverse currencies, and multiple payment methods.
What is international trade?
2.1 There are two methods to understand international trade
International trade, in its limited sense, involves the exchange of physical goods between nations to gain advantages unavailable through domestic trade Broadly viewed, international trade also encompasses the exchange of intangible commodities such as services, along with the growth of international economic relations in recent decades Additionally, international trade now includes investment activities for financial gain, reflecting a wide spectrum of cross-border economic interactions.
International trade encompasses all global commercial activities, including the exchange of goods and services across borders It covers a wide range of activities such as physical manufacturing, transportation, tourism, and service sectors like information, insurance, finance, and credit This comprehensive definition highlights the integral role of international trade and investment in the global economy, emphasizing its scope beyond just product sales to include various service industries.
2.2 Benefits and drawbacks of global trade
International trade boosts national economies and fosters global business growth, providing opportunities for small companies to expand their networks, reach new clients, and drive significant economic development However, small businesses, including family-owned and local companies, often face challenges competing internationally due to limited access to large markets, reduced consumer reach, and pricing pressures from larger corporations While international trade benefits large corporations by increasing profits, it can simultaneously disadvantage small enterprises by limiting their competitive ability in a global marketplace.
Participating in international trade boosts national economies by opening new markets and creating employment opportunities, benefiting both exporting and importing countries Collaboration and teamwork between trading nations are crucial for establishing effective regulatory frameworks and fostering positive political relationships While global trade offers economic advantages, such as increased consumer goods and market expansion, it also raises environmental concerns due to the reliance on fuel-powered ships and aircraft for transportation Additionally, globalization can negatively impact small businesses by favoring large, dominant firms, which may lead to market monopolization and reduced competition Ultimately, international trade has the potential to promote societal growth despite environmental and market challenges.
Exporting involves shipping domestically produced commodities to other countries for international consumption, while importing refers to bringing in foreign-made products for local use Additionally, local export activities, where goods are sold within different regions of the same country, can have a similar positive economic impact as international exports, even though these products do not cross international borders.
Business theory of culture
Uncertainty avoidance is a key cross-cultural trait that explains how societies respond to and manage ambiguity It primarily influences how communities handle uncertainty in governance and business practices To reduce uncertainty avoidance, companies can create familiar experiences that clearly communicate essential information like pricing and quality standards Understanding this cultural characteristic enables businesses to tailor their strategies, fostering trust and clarity with their target audiences.
Collectivism emphasizes prioritizing the interests of the group over individual desires, fostering a sense of shared responsibility and teamwork In contrast, individualism focuses on valuing personal freedom and uniqueness, highlighting the importance of individual contributions For example, two leaders promoting the same product may have fundamentally different mindsets: an individualist leader believes a company's success depends on encouraging employees' originality and unique ideas, while collective leadership emphasizes the overall needs of the business rather than individual achievements Understanding these contrasting approaches can help shape effective leadership strategies and organizational culture.
Organizational culture is highly complicated Like everyone else, every business has its unique personality, the term "culture" refers to an organization's distinctive character.
Organizations with innovative cultures encourage their staff to take chances and be creative in their work.
Companies with innovative cultures expect their workers to carry out their duties in the same manner as instructed, without aiming to do better.
The degree to which accuracy in work is expected of employees is determined by this aspect of the corporate culture.
A culture that values attention to detail highly expects its workers to do their tasks accurately, in contrast to a culture that values this quality less highly.
How this value of organizational culture is emphasized by results-focused and non-results-focused businesses.
A corporation with a high-value culture that emphasizes result characteristics tells its sales team to do whatever it takes to win orders.
Companies that embrace this aspect of their organizational culture also value how decisions they make will impact all of their employees.
These businesses recognize the value of treating their staff with decency and respect.
A key challenge for multinational corporations (MNCs) is managing the significant cultural differences across their global facilities For example, managers who excel in the UK may be ineffective in Germany, highlighting the diverse organizational cultures within the same company The cultural disparities between subsidiaries in England, Germany, and the U.S can complicate international management efforts Hoechst AG, a leading German chemical company with more employees outside Germany than within, exemplifies this global cultural shift, emphasizing its identity as a non-national company The need to adapt to high labor costs in Germany has driven Hoechst to expand into lower-cost regions, sell off some German operations, and diversify its top management to become less German, illustrating how multinational firms navigate and reconcile diverse organizational cultures worldwide.
Many believe that organizational culture can diminish or override the influence of national culture, expecting that employees in a foreign branch will adopt the parent company's mindset However, emerging evidence suggests that this assumption may be incorrect, as national cultural influences often persist even within multinational corporations When a U.S multinational establishes operations in France, for example, French employees may retain their cultural values rather than adopting American ways of thinking This highlights the enduring impact of national culture on workplace behavior, despite organizational efforts to create a unified corporate culture Understanding these dynamics is crucial for effective cross-cultural management and international business success.
Hofstede’s research reveals that employees' national cultural values significantly influence organizational performance Since these cultural values are deeply ingrained and difficult to alter, organizations must recognize their impact For instance, French employees tend to demonstrate a higher power distance compared to Swedish employees, who are generally more comfortable with egalitarian structures Consequently, a company hiring local talent in Paris may encounter employees less likely to challenge hierarchical authority than their counterparts in Stockholm, highlighting the importance of understanding cultural differences in the workplace.
Hofstede pioneered the development of the DOCSA (Diagnosing Organizational Culture for Strategic Application) database, an essential tool for analyzing and understanding organizational cultures This proprietary cultural-analysis technique helps organizations identify cultural differences that impact strategic decision-making By utilizing Hofstede’s DOCSA, organizations can effectively diagnose their cultural traits and develop tailored strategies for improved alignment and performance His work in this area laid the foundation for modern cultural analysis in organizational development and strategic planning, making DOCSA a vital resource for managers and researchers alike.
Global issues
Global concerns are critical issues impacting the entire world across economic, social, and political dimensions, hindering human development and global progress Addressing these pressing challenges is essential for fostering sustainable social and economic growth worldwide.
Security and wellbeing are among the most urgent issues of our time, affecting millions worldwide due to threats like terrorism, cybercrime, and natural disasters Governments, corporations, and international organizations prioritize addressing these challenges to ensure public safety Infrastructure development, such as parks or kindergartens, benefits all community members, including residents and workers in industrial zones, promoting social harmony Similarly, hospitals are designed to serve diverse populations regardless of wealth, focusing on the types of illnesses they can treat to improve healthcare accessibility for everyone.
In social welfare economics, access to medical care is universal, ensuring everyone receives necessary treatment regardless of individual circumstances However, welfare and security policies are tailored based on specific "levels of interest," reflecting different groups’ priorities, such as workers focused on employment, income, and livelihood sustainability The government plays a crucial role in addressing market failures and promoting social welfare by investing in public infrastructure like kindergartens and parks, which are unlikely to be solely profit-driven investments by private businesses Overall, government intervention is essential to ensure equitable access to social services and safeguard public interests.
Youth unemployment remains a significant challenge, particularly for those aged 15 to 24, who often struggle to secure jobs without the necessary education and skills Without proper employment opportunities, young people face difficulties in providing for their families, leading to shortages of essentials such as food, clothing, transportation, and adequate living conditions To combat this issue, numerous organizations worldwide focus on providing education and training programs that equip individuals with vital job skills and interview techniques, helping them escape poverty and achieve economic stability.
Automobile assembly lines began employing workers to perform welding tasks in the 1970s, marking a key phase in manufacturing history However, the rise of automation and robotic welders in the 1980s reduced the need for manual welders in the auto industry, leading to layoffs Despite this decline, there remains a significant demand for skilled welders in other sectors, such as the oil industry in regions like Alaska and oil-producing states Welders who were laid off from automotive manufacturing can potentially find new employment opportunities in these industries by staying informed about job openings and aligning their skills with industry needs.
Retraining workers with outdated skills to transition into new roles is an effective strategy for reducing structural unemployment For example, while automation has decreased the demand for welders on auto assembly lines, it has simultaneously increased the need for skilled workers to maintain and program robotic systems This shift presents an opportunity to upskill former welders in robotic assembly line maintenance and programming, helping them adapt to evolving industry demands.
Less structural unemployment occurs in the economy for workers who successfully undergo retraining to operate and program automated production lines.
Since 1995, Transparency International has published an annual Corruption Perceptions Index (CPI) to assess global corruption levels, highlighting corruption as a major cause of poverty and a barrier to political and economic development Corruption impairs citizens' safety and health, often leading to increased violence and threats Embezzlement, a form of corruption, involves abusing authority to misappropriate public property—such as a director who diverted nearly 1.9 billion dongs through falsified documents and divided the stolen funds among staff, enriching himself Such acts of embezzlement by company leaders can severely damage organizational assets, decrease capital, and hinder production, resulting in high prices and uncompetitive products due to outdated equipment and poor labor productivity.
COVID-19 Pandemic
Covid 19 is a global epidemic, greatly affecting people, the global economy in general, and the economy of a country in particular The Covid-19 epidemic has complicated developments, disrupting the socio-economic activities of countries around the world The global economy is expected to experience the worst recession in the history of all nations, including major economies And the Covid-19 epidemic's negative effects would significantly slow growth.
In December 2019, a pneumonia case of unknown origin was reported in Wuhan, Hubei Province, China, which was later identified as being caused by the novel coronavirus SARS-CoV-2 This virus leads to the disease known as COVID-19, characterized by severe respiratory symptoms On March 11, 2020, the World Health Organization declared COVID-19 a pandemic, with over 118,000 confirmed cases across 114 countries and more than 4,291 deaths worldwide.
The COVID-19 pandemic has significantly disrupted the global value chain through its key hubs, including China, Japan, South Korea, and the US, which are central to international production networks Social distancing measures and lockdowns caused widespread shutdowns of manufacturing activities, leading to major supply chain disruptions These interruptions have adversely impacted global trade and investment, contributing to a slowdown in worldwide economic growth and affecting numerous countries and regions across the globe.
Previous studies indicate that COVID-19 has intensified economic hardships and mental health issues, particularly among minority, low-income, younger, and female populations Our analysis of U.S Census Bureau data aligns with existing research, revealing similar demographic trends in economic and psychological impacts Future research should focus on the long-term effects of COVID-19 on these vulnerable groups to assess their potential for financial and psychological recovery This review emphasizes the significant economic and mental health consequences of COVID-19 in the United States, highlighting the need for targeted interventions.
19, researchers should look for trends in mental health and economic impact across demographic groups in other countries.
METHOS
Objectives
The primary aim of studying the economic impact of COVID-19 is to understand the global economic disruptions caused by the pandemic and identify effective solutions and development strategies This understanding enables the formulation of targeted policies to ensure socio-economic stability and facilitate rapid economic recovery post-pandemic Supporting economic activities, especially in developing countries, is crucial to prevent liquidity shortages, bankruptcies, and the dissolution of businesses Additionally, it is essential to create conditions for the swift recovery and restructuring of national economies in alignment with global changes, promote domestic consumption, and uphold social security to build resilience against future economic shocks.
Methos
To analyze the challenges impacting the global economy post-Covid-19 recession, precise and comprehensive research methods are essential Employing appropriate approaches influences the accuracy and practical implications of the findings, ensuring the research is cohesive from narrow to broad perspectives Utilizing qualitative research with secondary data collected from scholarly articles, journals, and online sources provides detailed, non-numeric insights into the subject Transparency in methodology—explaining the why, how, and for whom—enhances the credibility of the research process Incorporating relevant citations supports findings and adds valuable context, real-life examples, and emphasis for a more complete understanding of the economic issues.
Quantitative research involves collecting numerical data to analyze and explain specific phenomena or situations Primarily used in social sciences, this method employs statistical techniques to gather objective data from large, representative samples Researchers develop mathematical frameworks and theories related to the variables under study, ensuring systematic and structured data collection This approach is valuable for policymakers, researchers, and experts as it provides reliable insights to inform policy decisions and strategic planning.
RESULT & DISCUSSION
The effects of the global economy before the pandemic, during the COVID-19 pandemic
The global economy has been experiencing strong growth and development Despite a previous decline before the pandemic, economic activities remained relatively stable and well-regulated Economists anticipated continued positive changes and progress in the economic landscape However, the emergence of Covid-19 marked an unforeseen turning point, drastically altering global dynamics This unprecedented crisis has had a profound impact on the world economy, making it one of the most severe disruptions since World War II.
Covid-19 serves as a significant economic shock, impacting global work, study, shopping, transport, and health sectors In May 2020, the world economy suffered estimated damages between $5.8 trillion and $8.8 trillion, as reported by the Asia Bank According to Christine Lagarde, President of the European Central Bank, the Eurozone economy could shrink by as much as 12% due to the pandemic’s economic repercussions.
In 2020, the COVID-19 pandemic significantly impacted global economies, leading to unprecedented economic downturns The European Union faced rising unemployment, with 15 million people unemployed in August 2020, up by 700,000 since April The United States experienced a sharp decline in GDP, contracting at a 48% annual rate in the first quarter and 32.9% in the second quarter, while consumer spending dropped by 10% compared to 2019 The UK economy shrank by 20.4% in the second quarter of 2020, and Australia entered a recession after a 7% economic contraction in Q2 2020, ending nearly 30 years of growth Japan’s GDP fell by 27.8% from April to June 2020, and the pandemic disrupted the global economic rankings, causing many countries to fall into a depression, marking one of the most challenging periods for the world economy in decades.
The COVID-19 pandemic has had a profound impact on agriculture and food supply chains worldwide, disrupting production, transportation, and sales Many vegetable and fruit farms faced temporary closures and labor shortages due to social distancing measures, leading to low prices and food waste Aquaculture operations struggled with rising feed costs and reduced demand for seafood products, affecting profitability International trade disruptions, border closures, and reduced transport capacity caused significant disturbances in the movement of agricultural goods, leading to shortages and decreased exports and imports—especially impacting countries like Vietnam, African nations, and the Middle East Domestic supply chains were also severely affected, with market closures, transport restrictions, and the shutdown of wholesale markets like Ba Ria and Thu Duc in Ho Chi Minh City, resulting in decreased consumption and low farm gate prices The crisis heightened food insecurity and threatened people's health, particularly in less developed countries lacking resources for maintaining production and safety The pandemic led to supply shortages, rising food prices due to increased demand for home storage, and unemployment across the sector, with many businesses facing bankruptcy Globally, economies like Canada experienced significant impacts on their agri-food exports The interconnected nature of agriculture meant that restrictions on movement, workforce shortages, and closure of foodservice establishments caused widespread disruptions Surveys indicate that nearly 90% of US agricultural workers expect negative impacts on their businesses, while concerns about health and market stability remain high These challenges highlight the importance of increasing local production and establishing short food supply chains to mitigate food security risks during such crises.
The COVID-19 pandemic has significantly impacted over 5 million businesses worldwide, with China being the initial epicenter affecting its extensive global business network According to Dun & Bradstreet, regions in China with over 100 confirmed cases house more than 90% of enterprises, including around 49,000 foreign subsidiaries, primarily in Hong Kong, the US, Japan, and Germany The OECD reports a 10.2% decline in global trade and a 40% drop in foreign direct investment in 2020, causing severe disruptions in supply chains and leading to increased corporate defaults, especially in heavily affected sectors Despite rising unemployment, many countries have implemented job-retention policies like short-term work schemes The pandemic has strained manufacturing and service industries—particularly retail, hospitality, entertainment, and transportation—due to factory closures, supply chain disruptions, and reduced profitability Key sectors such as fashion, furniture, electronics, chemicals, textiles, leather, wood, and steel face resource shortages impacting their output and revenues The tourism industry has suffered the most, with a drastic decline in international and domestic travel, cancelations, and closures, severely affecting related services like accommodation, catering, and transportation According to Oxford (2020), the tourism sector’s decline is profound, accounting for about 75% of the tourism economy's contribution to national GDPs In Vietnam, up to 85.7% of surveyed businesses have been affected, with sectors like construction, services, aviation, accommodation, catering, education, manufacturing, and logistics experiencing over 90% impact rates Vietnam's tourism revenue halved in the first eight months of 2020, and the transportation industry faces significant losses from route closures The real estate sector also faces challenges, with reduced demand, tenant layoffs, and many businesses suspending operations due to the pandemic’s economic effects.
The covid-19 pandemic has also given people a different perspective on life and work This time of social distancing has shown us the strong development of technology.
The pandemic has highlighted the immense potential of the internet through a surge in online meetings, conferences, and events, transforming how we work and learn remotely Remote working, learning, and control of various services have not only saved time and costs but also accelerated digital transformation in the new era Online commerce has expanded significantly, enabling the buying and selling of clothing, electronics, household items, and essentials, thereby increasing customer reach and sales For example, Amazon has created over 100,000 new full-time and part-time jobs online since COVID-19, reflecting the rapid growth of digital services This trend is expected to continue beyond the pandemic, with businesses increasingly adopting robotics to automate operations, especially in hazardous environments, fostering growth in the artificial intelligence industry.
The effects of the global economy after the COVID-19 pandemic
The global economy has gradually recovered from the severe impacts of the Covid-19 pandemic, with recovery rates varying significantly by country and industry According to the UNIDO World Manufacturing Report, China led the recovery with a 38.2% growth in early 2021, driven partly by a low 2020 baseline, while industrialized nations faced setbacks due to new infection waves and stricter containment measures The report highlights that the high-tech sector rebounded faster than low-tech industries, reflecting divergent recovery trajectories across industries Countries have adopted a gradual, phased reopening strategy, prioritizing vaccinated or recovered individuals for travel and public activities, supported by incentives to stimulate tourism The pandemic accelerated technology adoption, shaping the "new normal" in daily life and work routines, with safety-conscious lifestyles and flexible Covid-19 response strategies proving crucial These adaptive measures have marked a pivotal turning point, enabling many nations to transition toward economic recovery within a safer, more resilient framework.
In 2021, the IMF forecasted global economic growth of 4.9% for 2022, with the US expected to grow by 5.2%, Europe by 4.3%, Japan by 3.2%, and China leading at 5.6% Global trade rebounded significantly, reaching 9.7% growth in 2021 and projected to grow further by 6.7% in 2022, driven by ongoing recovery efforts Many countries prioritized restoring production and supply chains to address supply-demand imbalances and enhance economic resilience during the recovery phase Despite the challenges posed by the COVID-19 pandemic, the world economy recovered faster than expected in 2021, regaining growth momentum and avoiding recession fears The strongest recovery momentum was observed in the initial months of the year as countries gradually reopened their economies.
Barriers to international business
The establishment and growth of the World Trade Organization (WTO, 2022) have marked a prosperous era for global trade liberalization International trade facilitates the exchange of goods between countries, promotes exports, limits imports, and boosts living standards worldwide, thus laying a solid foundation for economic development For example, in 2021, China's two-way trade with Vietnam reached $165.8 billion, reflecting a 24.6% increase from the previous year, with exports nearly $56 billion and imports close to $110 billion When trade is accessible and open, countries can easily integrate into the global market However, to fully benefit from international trade, nations must capitalize on their advantages and seize opportunities, but many governments impose trade barriers—obstacles that hinder foreign business entry and competition.
"International trade barriers," or "trade barriers," refer to policies and regulations implemented by countries, regions, or economic blocs to control and restrict imports of goods While this term is commonly used, there is no universally accepted definition that fully captures its meaning, as concepts in the current economy are often relative and context-dependent Countries aim to expand their markets through globalization, which benefits businesses and protects domestic industries However, they also adopt policies to limit imports to safeguard their domestic markets from foreign competition.
International trade barriers offer several benefits to businesses and countries, including regulating the macro-economy by managing national output, economic growth, inflation, unemployment, and international trade policies, thus protecting domestic industries and promoting national development They also help stabilize jobs and incomes by controlling the number and quality of imported goods, imposing tariffs, and banning certain imports, as exemplified by the high tariffs on Vietnamese honey by the US to protect domestic producers Additionally, trade barriers safeguard national security, social ethics, and environmental health by restricting the import of weapons, harmful substances, and polluting products, thereby preventing conflicts and promoting social stability They play a crucial role in protecting consumers from unfair competition and unsafe goods through strict regulations and quality checks, ensuring that imported products meet health and safety standards.
Trade barriers, while offering significant benefits that encourage countries to participate actively in international trade, also have notable drawbacks that can hinder the global trading process These disadvantages include promoting unfair competition and triggering trade retaliation, which may escalate into trade wars Additionally, trade barriers can negatively impact small businesses and economies reliant on exports, potentially crippling their growth and harming international relations Unfair competition, such as dumping—exemplified by the US imposing high tariffs on Vietnamese honey due to Vietnam’s higher honey production capacity—undermines fair trade practices and harms other countries' economies Countries involved in international trade must navigate these challenges while striving to maintain open and honest commerce.
When the US implements dumping practices, American consumers tend to seek cheaper alternatives, negatively impacting Vietnamese honey exports This strategy benefits domestic honey producers but poses a significant threat to the Vietnamese honey market in the US International trade often faces challenges like retaliation and unfair competition, which can escalate if countries fail to adopt effective measures Persistent unaddressed trade conflicts may lead to severe trade wars, disrupting global market stability.
Import taxes, or tariffs, are imposed to protect domestic trade and regulate import-export activities by influencing commodity prices, which impact market purchasing power and trade volumes Governments adjust tariffs—either high or low—based on economic objectives; low tariffs to encourage trade, or high tariffs to restrict it, affecting neighboring countries and regional trade dynamics While free trade is often viewed as ideal for national prosperity, tariffs serve to increase costs for consumers of imported goods, indirectly impacting their welfare Additionally, tariffs are a vital source of government revenue, with import taxes paid by domestic consumers leading to higher prices for imported products.
Dependence on imported raw materials, machinery, and input products increases production costs for domestic manufacturers, leading to higher prices that ultimately negatively impact consumers Tariffs, such as those imposed during the US-China trade war starting in 2018, result in higher taxes on imported goods, disadvantaging consumers The COVID-19 pandemic, originating from China, further exacerbated these issues by disrupting supply chains and prompting the US to implement high tariffs on Chinese medical products This strategy limited the availability of essential goods, increased prices, and hindered disease prevention efforts, leaving US consumers to face higher costs and reduced access to critical supplies.
Quotas are trade barriers that limit the quantity of goods a country can import or export within a specific period Often related to licensing, these restrictions enable governments to manage trade flows and address market imbalances By controlling trade volumes, authorities can identify issues and implement timely measures to protect domestic industries For example, during the COVID-19 pandemic, many countries imposed import and export restrictions due to high supply and low demand, allowing governments to regulate trade to ensure domestic needs are met while maintaining export profitability.
Non-tariff barriers are policies designed to protect domestic industries by hindering the entry of foreign goods without imposing direct taxes These barriers include restrictions on market access for imports, limits on the volume and value of traded goods, and measures that slow international trade growth Such policies increase the cost of imported products, reduce consumer benefits, and diminish the competitive motivation of domestic entrepreneurs Additionally, non-tariff barriers can impact the value of goods and delay their arrival to consumers, ultimately affecting overall trade efficiency and economic growth.
Ethics in business
Globalization and international integration are powerful trends shaping economies worldwide, creating opportunities and challenges for businesses in all sectors While companies benefit from abundant resources and a strong market position to compete globally, establishing a compelling corporate culture remains essential for brand recognition among domestic and international consumers Business ethics, as emphasized by Professor Phillip V Lewis of Abilene Christian University, encompasses principles and standards guiding fair and ethical behavior within organizations Ethical considerations significantly influence business development and are rooted in societal values and standards International business faces complex ethical issues arising from differing legal, political, economic, and cultural contexts, including concerns related to employment practices, environmental protection, food safety, and the ethical responsibilities of multinational corporations.
Employees have the right to work in a safe and clean environment, with protections against all hazards and the ability to refuse unsafe tasks incompatible with their abilities Employers must implement proper safety policies and measures to ensure workplace safety; failure to do so can lead to dangerous situations, accidents, and injuries Additionally, some leaders compromise employee well-being by cutting costs and wages under unjustified reasons, forcing staff to work in hazardous or poor conditions, which is unethical business practice Ensuring a safe, fair, and respectful work environment is essential for ethical and compliant business operations.
The environment is a shared resource that belongs to all humanity, and its protection is crucial for our survival Currently, many enterprises, factories, and industrial parks discharge waste directly into the environment during production, causing severe pollution and health risks Despite awareness of these harmful practices, some prioritize business interests over community health, engaging in unethical behavior It is essential for every business to operate ethically, prioritize community well-being, and implement proper waste treatment to protect the global environment for future generations.
Food safety is a critical concern today, demanding strict regulation and responsible practices from businesses While authorities play a vital role in inspecting food hygiene, the responsibility and ethics of producers are essential for ensuring product quality and consumer health Ethical production practices, coupled with diligent monitoring of every process, can prevent contamination and safety issues Additionally, public awareness campaigns by government agencies, media, and citizens are crucial in encouraging businesses to prioritize environmental protection and community safety, fostering a culture of accountability and quality in food production.
4.4 Ethical obligations of multinational corporations
Multinational companies must uphold responsibility and adhere to ethical business practices regardless of their country of operation While policies and laws may impose restrictions, these corporations often wield significant influence abroad and sometimes prioritize their own interests For instance, when investing in Vietnam, they benefit from incentives such as tax exemptions and import duty waivers on machinery and equipment However, this pursuit of advantages often comes at the expense of local businesses, leading to increased competition destruction Additionally, many multinational firms seek to maximize profits by cutting costs related to environmental protection, resulting in harmful pollution of water and air resources.
Business ethics are essential for creating a trustworthy and sustainable business environment, especially on a global scale Key factors include social sustainability, institutional legitimacy, government accountability, private property rights, and a collective belief in the future of society and individual success An entrepreneur's commitment to ethical principles enhances business reputation and lays the foundation for long-term success, survival, and growth Without a strong understanding and practice of business ethics, achieving sustainable success becomes significantly more challenging.
Strategies and plans to solve the problem
The COVID-19 pandemic has profoundly impacted SMEs due to their limited resources and vulnerable supply chains Many of these businesses face the risk of disappearance as the "new normal" demands changes in management and infrastructure To ensure survival and recovery, countries and businesses must identify critical areas for business resilience during and after the pandemic Emphasizing product innovation, process innovation, and management system innovation is essential for adapting to the evolving market landscape Innovating to develop new products that meet emerging customer needs is key to thriving in the post-pandemic economy.
During the COVID-19 pandemic, customer mindsets have shifted significantly, with many developing a fear of crowds and a preference for practical, quick solutions Understanding these psychological changes allows businesses to tailor their sales and marketing strategies to address customer concerns effectively As a result, online shopping and home delivery services have expanded rapidly, offering consumers safe and convenient access to products and food Restaurants and eateries have adapted their operations by focusing on take-out and delivery options to meet evolving customer needs during this time.
Restoring tourism is crucial alongside business recovery, requiring comprehensive solutions to rejuvenate human resources in the industry Enterprises should streamline organizational structures, reassign roles, and retain key personnel through incentives to minimize recruitment delays Investing in training programs—both practical and in-depth—will develop high-quality tourism staff essential for recovery Ensuring safety measures such as medical declarations and customer trust-building activities will foster confidence in tourism services Additionally, businesses should proactively plan for new recruitment and reach out to former employees, offering attractive incentives to facilitate their safe return to work.
Securing government financial support, including 0% interest loan packages to help businesses pay employee salaries, is essential to retain workforce stability Additionally, implementing policies that support, train, and create jobs in the tourism industry is crucial to prevent labor disruptions and ensure sustainable industry growth.
CONCLUSION
Post-pandemic economic recovery requires implementing policies and support measures that assist businesses facing prolonged social distancing and support domestic consumption to fuel growth Focusing on domestically produced essentials is crucial to revitalizing the global economy, which is already beginning to accelerate despite ongoing challenges The sustained high number of COVID-19 cases worldwide, coupled with the emergence of new variants and other risks, continues to threaten recovery efforts As the global economy gradually adapts to the pandemic, strategies such as supply chain restructuring, repatriation of key sectors, and building resilience are vital Aligning economic policies with global trends and leveraging national strengths are emerging as key drivers for post-COVID-19 recovery and economic stability.