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Experts: Many sectors in Vietnam economy will recover quickly

May 02, 2020 | 12:21

Experts have said that once the COVID-19 pandemic ends, higher market demand would support many sectors in quickly resuming their business.

experts many sectors in vietnam economy will recover quickly Standard Chartered forecasts Vietnam's economic growth in 2020 to reach 3.3%
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experts many sectors in vietnam economy will recover quickly
(Photo: Bao dau thau)

Economic expert Nguyen Duc Thanh said after the COVID-19 pandemic, the most heavily affected industries will recover soon, excluding the transport and aviation industries. The two industries would gradually gain growth again.

The market demand will arrange which sectors to recover first, Thanh told Therefore, the State should give priority for only essential sectors serving the State.

According to Thanh, the domestic market after the pandemic will witness many changes.

He said most of the product lines are suffering negative impacts from COVID-19, including a group of products needing direct transactions with customers, such as transportation, aviation, brokerage, private education, hotel and restaurant services. The other group is export products that have faced suspension or restrictions.

The sectors with less impact from the pandemic include small-scale manufacturing and construction, or research, he said.

experts many sectors in vietnam economy will recover quickly
(Photo: Dia oc online)

Mr. Le Duy Binh, economist at Economica Vietnam, said with data on global trends, especially in countries that are trading partners and major markets of Vietnam and with the domestic market, we can still expect the prospect of increasing Vietnam's economic growth in 2020.

But low average growth in 2020 could be a reasonable scenario.

Vietnam's economy has a huge openness with export value double the GDP. Vietnam's economic growth depends heavily on the recovery of export markets or the consumption of people in these countries in Vietnam, for example, through tourism.

But the economies of these countries are still struggling with the disease. People's consumption of goods and services has also decreased significantly.

It is difficult to accurately predict a post-pandemic economic picture, but Vietnam economy will develop, according to Dan Tri.

experts many sectors in vietnam economy will recover quickly
(Photo: Thanh nien)

Meanwhile, many other sectors have gained growth during the pandemic, such as online transactions and trading electronic products for entertainment or working at home, he said.

Meanwhile, Pham Viet Anh, a consultant on strategy and business growth, said the service sector has often accounted for about 50 percent of GDP and created jobs for more than 30 percent of the labour force.

However, the businesses of this sector mainly are small and medium-sized enterprises or micro ones with vulnerability during the COVID-19 pandemic, he said.

Therefore, if the sector is supported to recover, it would create a general development momentum for the economy as well as bring jobs and income for a large number of employees, ensuring social security after the pandemic ends.

Of which, people will have high demand for services such as food and beverage (F&B) and tourism after the period of social isolation due to COVID-19, he said. Therefore, when the social distancing ended, restaurants, cafes, hotels and travel firms were expected to recover more quickly than other industrial sectors and agriculture that have dependence on the global supply chain.

Nguyen Dinh Bich, an expert in research and analysis of the farm produce market, said boosting exports and stabilising the domestic market would help the agriculture sector to recover quickly after the pandemic.

At present, there are many difficulties in exporting farm produce, so the local enterprises need to prioritise the domestic market, said the Dinh Hung Dung, deputy general director of Lavifood Group, according to VNA.

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