Report: Nearly 90 percent of Vietnamese firms feel impact of COVID-19
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|The report on the impact of the COVID-19 pandemic on business in Vietnam was released by the Vietnam Chamber of Commerce and Industry (VCCI) and the World Bank in Vietnam on March 12: Photo: Cong Thuong (Industry&Trade) newspaper|
Around 87 percent of Vietnamese enterprises have been affected by COVID-19, while the remainders said they have seen no impact from the pandemic, according to a report announced on March 12.
The report on the impact of the COVID-19 pandemic on business in Vietnam was released by the Vietnam Chamber of Commerce and Industry (VCCI) and the World Bank in Vietnam. It was based on a survey of over 10,000 enterprises across the country.
Businesses that have operated for less than three years and micro, small-sized enterprises, as well as those operating in garment-textile, communications and electricity equipment production have been hardest hit by the epidemic, the survey found.
FDI firms in such sectors as real estate, information-communications, agriculture and fishery have also felt the strong impact.
|Around 87 percent of Vietnamese enterprises have been affected by COVID-19. Photo: VNA|
The respondents said COVID-19 makes it hard for them to access customers, affects their capital and workforce, and disrupts their supply chains, with up to 65 percent of private firms and 62 percent of FDI businesses experiencing a fall in revenue last year.
They, however, lauded the Government’s incentives and companionship amidst the pandemic, notably fiscal policies. Seventy percent of them described such support policies as useful.
Businesses emphasised the need to enhance administrative reform and improve the efficiency of law enforcement in order to create an optimal business environment and support the sustainable recovery of enterprises.
VCCI Chairman Vu Tien Loc said through the pandemic, businesses would learn how to overcome difficulties and maintain their operation. Many have actively adjusted strategies, stepped up restructuring and worker training, and paid more attention to the domestic market, support industries and supply chains./.
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