Are Vietnamese Businesses Ready for a Crisis? An Analysis of Crisis Readiness among Vietnamese Businesses

Abstract

Crisis management is a management function that tries to mitigate the impact of crisis events when they occur in a business or organization. Since crises are inevitable, it is important that businesses and organizations have crisis management plans ready for the eventuality of a crisis. Little has been written about crisis in emerging nations. As such, this exploratory study investigates the perceptions and experiences of Vietnamese managers regarding crisis preparedness. The results indicate that a majority of the organizations do not have formal crisis management plans. The results of this study suggest that crisis planning at both the organizational and individual level are needed among Vietnamese businesses.