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FPT UNIVERSITY INTRODUCTION TO INTERNATIONAL BUSINESS TOPIC “SOURCING AND SUPPLY CHAIN IN VIETNAM OPPORTUNITIES AND CHALLENGES”FPT UNIVERSITY INTRODUCTION TO INTERNATIONAL BUSINESS TOPIC “SOURCING AND SUPPLY CHAIN IN VIETNAM OPPORTUNITIES AND CHALLENGES”
FPT UNIVERSITY - - INTRODUCTION TO INTERNATIONAL BUSINESS TOPIC: “SOURCING AND SUPPLY CHAIN IN VIETNAM OPPORTUNITIES AND CHALLENGES” Teacher: Vo Thi Minh Phuong Subject code: IBI101 Student: Phan Thi Thanh Ngan ID Student: SS160230 Through the seminar with the topic "Soucing and supply chain in Vietnam opportunities and challenges", the speakers conveyed their knowledge and practical experience related to sourcing and supply chain for us The workshop focused on analyzing the situation of global supply chain disruptions due to the impact of Covid-19, along with the challenges that logistics companies face in this period, and proposing solutions to effectively recover supply chains and contribute to the development of the economy In addition, the meeting also mentions career opportunities related to supply chain management, which is a specific basis for me to orient my career in the future The Covid-19 outbreak has had a serious global influence on all industries, especially the logistics sector Governments have implemented several precautionary measures to limit the spread of Covid-19, such as lockdowns, social distancing, suspension of transit systems, and factory shutdowns These limitations have caused the global supply chain to face disruptions and shortages of human resources and input materials in most fields When Covid-19 broke out, the demand for essential goods such as food, medicine, masks, medical equipment, etc., immediately increased rapidly Meanwhile, the demand for electronics, apparel, tourism, service industries, etc., decreased significantly The method of international transportation encountered numerous difficulties, crippling supplies, which led to businesses' production processes stagnating and being unable to properly accommodate customer requirements Therefore, business models based on science, technology, and innovation will emerge, allowing enterprises to continue operating and developing in the Covid-19 situation Businesses should create e-commerce to allow customers to order and pay for things without having to meet face-to-face Furthermore, firms are implementing modern technology in distribution, assisting items to reach consumers faster and meet their needs; assisting firms to immediately adjust marketing activities; capturing vital information about the market and customer demand for products on a timely basis; and establishing relationships with clients During the Covid-19 outbreak, transportation between countries was limited, which caused a shortage of raw materials and the production process was delayed To solve this problem, businesses need to diversify their suppliers, cooperating with local suppliers that are geographically closer to those located far away or in other countries That would shorten transit time and minimize risks during transportation In addition, businesses also need to have strategies to back up raw materials or find alternative materials in the region to ensure the flexibility of the supply chain in emergencies such as material scarcity To be able to find the right supplier, businesses need to clearly define what they need to buy and what their partners have to deliver to them Through trade associations, business forums, or recommendations from friends and acquaintances, businesses can get a brief overview and list some of the suppliers available in the area Businesses will then utilize Google Meet, Zoom, and other tools to interact with partners to negotiate resource requirements and the terms of cooperation Finally, businesses need to compare and evaluate the total and select reputable and suitable suppliers to build a sustainable, mutually beneficial cooperative relationship In order to limit the spread of the disease, social distancing and travel restrictions have impacted business sales when they were unable to work directly with partners This has prompted these businesses to find solutions to bring products to customers with a new effective approach without directly going to factories, visiting trade shows and selecting products as in the traditional way Instead, a digital marketing strategy based on online exhibits uses technological platforms to facilitate e-commerce, conference events, online marketplace linkages, and others The 3D showrooms present complete information about the product on a virtual platform, allowing buyers to compare, assess, and then choose items from any location at any given time Therefore, this strategy also assists firms in collecting information, executing market research, capturing trends, and offering numerous chances to attract a large number of both local and international customers During a pandemic, this could also assist firms to minimize risks, preserve business, and enhance supply chain efficiency The impact of the Covid-19 epidemic has created new challenges for logistics companies in terms of shifting consumer tastes, commercial transactions on the principle of remote, and the emergence of online businesses to ensure that the contact between the shipper and the consignee does not spread Covid-19 while maintaining the speed and quality of delivery services Consumers' demand for online shopping is increasing, which leads to competition among logistics companies of various sizes and forms of operation Domestic companies not have enough capital, human resources, technology limitations, or payment security compared to foreign logistics companies In addition, new technologies such as artificial intelligence or comprehensive digital transformation are still sketchy, so operating and hiring costs have not been reduced to a minimum Encountered with these issues, logistics firms have developed a variety of novel solutions to adapt and enhance the service system to fit the contemporary context, delivering more competitive efficiency than the old design They have used sophisticated technology such as artificial intelligence, blockchain, and automation in the digital phases of logistics, as well as training highly skilled and technical human resources Businesses may boost efficiency, minimize expenses, reduce order processing time, and safeguard information at the checkout using intelligent software systems Furthermore, businesses must aggressively seek out and collaborate with reputed foreign corporations in order to jointly develop and improve the quality of logistics services With the advancement of information technology, the expansion of e-commerce, as well as international trade operations, logistics has become a rapidly rising business that is drawing human resources Currently, there is a new wave of investment flowing into Vietnam from global firms such as Microsoft, Unilever, Samsung, and others; therefore, positions in the supply chain are diversified and of high quality The number of students studying logistics has risen, resulting in increased competition and the possibility to enhance our skills After graduation, students can work for logistics service firms, import-export enterprises, and transportation services in a variety of specialised departments such as customer service, supply chain, and others To take advantage of this opportunity, students would prepare themselves with solid specialised knowledge, foreign language ability, a proactive approach in all situations, and soft skills when having a conversation and negotiating with partners in the near future In short, the Covid-19 pandemic has severely reduced the world economy, disrupted supply chains, and created new challenges for businesses Since then, effective risk-mitigation strategies have been implemented, as well as numerous possibilities to get access to innovative technology, thus improving the effectiveness of the business operations As a student, after participating in this seminar, I have accumulated some information in the logistics industry, and I will be equipped with the necessary knowledge and skills to gain experience and learn more ... thus improving the effectiveness of the business operations As a student, after participating in this seminar, I have accumulated some information in the logistics industry, and I will be equipped... disruptions due to the impact of Covid-19, along with the challenges that logistics companies face in this period, and proposing solutions to effectively recover supply chains and contribute to the... Covid-19 situation Businesses should create e-commerce to allow customers to order and pay for things without having to meet face-to-face Furthermore, firms are implementing modern technology