A myriad of challenges for businesses in the new era of transformation
Artificial Intelligence (AI) is experiencing exponential growth with astonishing capabilities. AI has a profound impact on the entire economy, and the application of AI in research, production, and product distribution has become an inevitable trend worldwide.
However, alongside the positive impacts, AI has also led to unemployment for hundreds of thousands of people in Silicon Valley and beyond. According to CNN Business, most job cut announcements came after companies revealed significant investments in AI.
Image: The impact of AI on jobs
Google and Amazon are two prime examples. A few months after announcing billions of dollars in investment in the AI startup Anthropic, the tech giants declared mass layoffs in early 2024.
In addition to AI, economic recession, inflation, and declining consumer demand have also forced companies to downsize, restructure resources, and change product strategies. In April 2024, Tesla reportedly planned to cut up to 14,000 jobs due to declining sales and fierce price competition in the electric vehicle market.
In Vietnam, a survey conducted by Navigos Group reflected a similar situation. Accordingly, more than 68% of businesses chose to reduce their workforce to weather the stormy period. The wave of layoffs spanned all sectors, with the majority of cuts being 25% in banking, energy, insurance, pharmaceuticals, and healthcare services, and up to 50-75% in securities, financial services, garment, real estate, and other industries.
In this new era of technology and commerce, businesses also face challenges in implementing sustainable development standards – ESG (Environmental, Social, and Governance). While ESG is gaining popularity and becoming an important goal for businesses, most companies are still unsure how to approach and apply ESG standards to their operations.
According to PwC’s ESG Practice Readiness Report, up to 60% of surveyed Vietnamese businesses lack sufficient knowledge about ESG. For small and medium-sized enterprises, the challenge is even greater due to limited capital, technology, and management skills. Many businesses wonder where to start, how to proceed, and how to utilize resources effectively.
HAWEE Leader’s Forum 2024: Navigating the future for businesses
The world is changing every day, and markets are constantly fluctuating. In this context, the pressure on leaders is immense. A wrong decision or a delay in action can lead to business losses or even push a company to the brink of bankruptcy.
Understanding these challenges, the Ho Chi Minh City Association of Women Entrepreneurs (HAWEE), in collaboration with the Ho Chi Minh City Young Businesspeople Association, organized the “HAWEE Leader’s Forum 2024: Navigating the Future” to equip leaders with the necessary knowledge and skills to unlock their potential and inner strength.
Image: HAWEE Leader’s Forum 2024: Navigating the Future
The forum brought together nearly 20 distinguished speakers and inspirational leaders from various fields, including:
- Ms. Cao Thi Ngoc Dung – Chairwoman of HAWEE, Vice Chairwoman of VAWE, and Chairwoman of PNJ;
- Ms. Josefine Wallat – German Consul General in Ho Chi Minh City
- Mr. Agustaviano Sofjan – Indonesian Consul General in Ho Chi Minh City
- Mr. Tran Quoc Khanh – Founder of Vietsuccess
- Mr. Steven Truong Quoc Hung – Founder & CEO of VinBrain
- Ms. Michele Wee – CEO of Standard Chartered Bank
- Ms. Vo Thi Xuan Trang – CEO of John Robert Powers Vietnam, among others.
The speakers shared practical experiences and offered creative solutions and strategies to help businesses overcome difficulties and achieve sustainable development in the future.
Image: HAWEE Leader’s Forum 2024: A platform for knowledge sharing and networking
The journey towards sustainable development for businesses heavily relies on the management capabilities, mindset, and vision of their leaders. Through the HAWEE Leader’s Forum 2024, these leaders can find solutions to their internal challenges and seize opportunities to transform and thrive.
