Many enterprises in Vietnam expressed optimism for Q2 business prospect

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About 38.8 per cent of manufacturing and processing firms believe that their business in the second would be better than in the first quarter. (Photo source: tapchicongthuong.vn)

Many enterprises in the manufacturing and processing industry are optimistic about the outlook for the second quarter of 2020, according to a survey conducted by the General Statistics Office (GSO).

In total, 38.8 per cent of surveyed firms believed their business in the second quarter would be improved from the first three months, and 35.3 per cent said they expected stable business.

Meanwhile, 25.9 per cent of businesses anticipated more difficulties.

The State-owned sector was the most optimistic, with 77.9 per cent of them forecasting a stable or better Q2, the office said.

About 74 per cent of total private and FDI firms said they expected better business in Q2, while 73.8 per cent of them thought business would remain stable.

Not all good

Only 18 per cent of businesses in the manufacturing and processing industry have confirmed a higher number of new export orders in the second quarter than in the first quarter.

About 37.5 per cent of enterprises said they were facing a fall in new export orders, while 44.6 per cent said they would be on a par with the first quarter.

The GSO also reported that among the main factors affecting production and business activities in the first quarter, 55.8 per cent of businesses said domestic competitiveness was the biggest factor.

In the first quarter, 42 per cent of the manufacturing and processing industry experienced difficulties in production and business due to the novel coronavirus (COVID-19) pandemic.

Meanwhile, 37.1 per cent had stable production and business performance, and only 20.9 per cent improved from the last quarter of 2019.

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