Illustrative image (Source: VNA)Hanoi (VNS/VNA) - A global economic recession caused by the COVID-19 pandemicmight put Vietnam’s economy at stake due to its strong dependence on partnercountries and the international trade environment.
It was stated in a recent rapid assessment report issued by the VietnamChamber of Commerce and Industry (VCCI) in collaboration with the AustralianAid and Logistic Vocational Training Advisory Board (LIRC).
Citing data released by the Ministry of Agriculture and Rural Development, thereport shows a drop of 2.8 percent in the total export value of agriculture,forestry and fishery – Vietnam’s economic mainstays – compared to the sameperiod last year.
The downward trend can be seen in most major export markets of the country’sagricultural, forestry and fishery products, especially China – the largestmarket share holder at 38.8 percent – with a decrease of 15.3 percent. The dropin Vietnamese-made products to the US, which accounts for 23.8 percent ofmarket share, is even higher, at 15.8 percent.
Meanwhile, domestic social distancing orders have led to a drop in the demandfor essential commodities, triggering unemployment and poverty, according tothe report.
“So far, the Government of Vietnam has been very effective in curbing thepandemic. If the economy is supported by the Government to prevent massbankruptcy, especially for small and medium enterprises, this is a prerequisitefor the country's post-pandemic economic recovery,” it said.
COVID-19 has also had significant impacts on logistics vocational education andtraining including the decline in training quality following the switch toonline teaching and the rising demand of upskilling to help trainees andworkers find new job after the pandemic, according to the report.
“This posed the risk of millions of workers losing their jobs but at the sametime, inspired many new skills from employees to help businesses adapt to newforms and scales of business,” the report said.
“It is essential to adjust the demand of the labour market as well as updatenew skills post-pandemic. In this case, vocational training, skills forecast,and COVID-19 impact assessment will play a key role. Workers might have tomulti-task and apply technology innovation in doing their jobs,” said Vu Ninh,head of LIRC./.
VNA
