Report on COVID-19’s impact on Vietnamese businesses released

Delegates at the report launching workshop (Photo: VNA)

Hanoi (VNA) - Micro- and small-sized enterprises and those inbusiness for less than three years were the most affected by the COVID-19pandemic, according to a report on the pandemic’s impact on businesses inVietnam.

The report was released on March 12 by theVietnam Chamber of Commerce and Industry (VCCI) and the World Bank in Vietnam.It surveyed nearly 10,200 enterprises nationwide on their views of the pandemic’simpact on the economy as well as the measures they took in response.

Ninety percent of businesses were seriouslyaffected, it found, with many narrowing or suspending operations or even goingbankrupt.

The number of enterprises ceasing operations wasa record high, at in excess of 100,000.

Illustrative image (Photo: VNA)

VCCI Chairman Vu Tien Loc said the pandemic providedvaluable lessons that will help enterprises overcome the difficulties and remainin business. Many have actively adjusted their strategies, stepped up restructuringand worker training, and paid more attention to the domestic market, supportindustries, and supply chains.

Dau Anh Tuan, head of the VCCI’s LegalDepartment, said the report also highlights the encouragement and support comingfrom the State.

The Government’s support policies amid COVID-19were appreciated by the business community, with 75 percent of respondents describingthem as helpful.

Businesses also emphasised the importance ofstepping up administrative procedure reform and improving the efficiency of lawenforcement, to create a favourable business environment and support the sustainablerecovery of enterprises in response to the impact of the pandemic./.

VNA