Extraordinary Endeavors in Turbulent Times: Asian Innovation, Inclusion, and Impact during COVID-19

ASIA BUSINESS COUNCIL HONG KONG UNIVERSITY OF SCIENCE AND TECHNOLOGY 2 6 DatVietVAC Group Holdings (Vietnam) Extraordinary Endeavors in Turbulent Times As Thanh said, “Almost overnight, we had to change our workflow and adapt completely new ways to work. Our ‘firefighters,’ aside from responding to challenges in their own departments, also had to be coordinated to make well- informed joint decisions, both for business and for regulations and compliance. It was the diversity of the task force and the inclusion of very young members that helped realize the company’s vision and allowed us to keep producing content throughout the lockdown despite studio closures and crowd restrictions.” In addition, Thanh pushed each department to design offerings more relevant to clients and the audience in a COVID-19-affected world; this led to a discernible expansion in DatVietVAC’s digital businesses. The push worked – the company launched three new businesses in 2020, with a solid pipeline for the first half of 2021, while maintaining its existing client base. Thanh believes one of the most significant outcomes of COVID-19 was the impact on company culture. While an organization-wide cultural shift takes years, if not decades, to achieve, the crisis pushed the DatVietVAC leadership to change its mindset and attitude within weeks. In Thanh’s words, “Our processes and organization became leaner. Our employees became more empowered. Our people’s mindset became that of a member of a digital startup rather than a 26-year-old media company, and as a result, our innovation is stronger than ever. Our leaders are now highly encouraged to aim for speed over elegance, take decisive actions with courage based on imperfect information, and embrace the long view, that is, staying focused on the horizon, predicting the new business models that are likely to emerge, and sparking the innovations that shape the future.” Future Outlook While COVID-19 has no doubt been a crisis, Thanh believes that 2020 helped to further cement DatVietVAC’s position as a market leader. The severity of the pandemic caused many smaller players to fold or significantly scale down their operations and investments. DatVietVAC was presented with numerous interesting business opportunities, many of which would not have been available in a more “normal” market. Looking forward, Thanh envisions DatVietVAC as a leading technology company in the media and entertainment space, with a core strategy of growing through the commercialization of content and the interaction of such content with data and platforms. The company plans to invest heavily in Big Data and Predictive Analysis; it is in the process of setting up a dedicated Artificial Intelligence and Tech Lab at the Group level and is looking to enter more businesses borne out of data, such as digital advertising, e-commerce partnerships, and fintech. Almost overnight, we had to change our workflow and adapt completely new ways to work. Our ‘firefighters,’ aside from responding to challenges in their own departments, also had to be coordinated to make well- informed joint decisions, both for business and for regulations and compliance.