Hoàng Quang Phòng, vice chairman of the Việt Nam Chamber of Commerce and Industry. — Photo vov.vn

Hoàng Quang Phòng, vice chairman of the Việt Nam Chamber of Commerce and Industry (VCCI), speaks to Voice of Vietnam (VOV) about Tết (Lunar New Year) bonuses.

Handing out year-end bonuses to employees has become part of Vietnamese business culture with an aim to motivate and retain workers, and show responsibility. As Lunar New Year is coming in more than one month, enterprises are struggling with a number of challenges, which may affect Tết bonuses and salaries. How do you assess the challenges that enterprises are facing?

We have just recovered from the pandemic and are facing challenges from regional and international situations as well as from business restructuring, market fluctuations, which could lead to drops in orders and lost contracts in the near future. All of those are happening and businesses have to adapt.

Authorised agencies have identified the problems and are creating favourable conditions for business development.

Enterprises need the cooperation of management agencies that aim to thoroughly solve problems and ensure that the business community and economic sectors are fully protected as well as get equal access to all social development resources including capital, land, opportunities for developing, accessing to and expanding domestic and international markets.

Many businesses, especially those in textiles, leather and footwear, are seeing orders canceled. How long is this disruption predicted to last?

How long it will last cannot be precisely predicted. Business partners all want us to solve the disruption. They have trust in the Vietnamese market and businesses.

They have confidence in the behaviour of businesses in the textile, leather and footwear industry. Recently, having the opportunity to visit and work abroad to survey external markets, I found that many "Made in Vietnam" brands have met requirements.

Foreign customers put their trust in Vietnamese products. With such a belief, there is no reason for us to be pessimistic about the number of orders in the near future. The dynamism, creativity, determination and intelligence of Vietnamese enterprises together with the contributions of employees will help find a way to adapt and fill the gap of disrupted order chains.

In that difficult situation, as Lunar New Year is coming near, many are worrying about year-end salaries and bonuses. What is your prediction on this year’s Tết salaries and bonuses?

Every business or employer has taken into account the expected rewards for hard-working, innovative and creative employees.

Although this year's Tết holiday is facing difficulties, I believe all employers have prepared a plan, more or less, depending on their ability to give salaries and bonuses.

Employees will receive Tết bonuses in accordance with the specific conditions of the business. I think this is a way to both retain workers and express gratitude to employees after a year of contributions.

It is necessary to have an appropriate support policy package to meet the business’ desired needs and solve the current difficulties. —VNS