Businesses show relisilience amid econmic fallout
Despite the adverse impact of the COVID-19 pandemic, many Vietnamese firms have demonstrated their great resilience amid economic fallout, maintaining production and import-export activities during the past seven months of the year.
According to the Ministry of Planning and Investment, although the national economy has faced numerous difficulties due to the resurgence of the COVID-19 pandemic throughout localities, especially Ho Chi Minh City, total seven-month import and export turnover of commodities remained high, reaching US$373.36 billion, or a rise 30.2% year on year.
Of the total value, exports raked in over US$185 billion, an increase of 25.5%, while imports hit more than US$188 billion, up 35.3%.
Most notably, there has not been any shortages of goods or price hikes during the social distancing period. Vietnam has so far received approximately 18 million doses of COVID-19 vaccines in order to inoculate the population free of charge.
At present, 12.1 million employees and roughly 376,000 employers have received over VND5.7 trillion as part of a bailout package, while residents and local firms have also received a reduction of over VND10 trillion in their price of electricity, water, and telecommunications services.
In fact, many businesses have stood firm and maintained production by adopting a appropriate business strategy and ramping up anti-pandemic measures. However, different COVID-19 measures adopted by localities have caused difficulties for businesses, from production to circulation of goods.
Experts say Vietnamese businesses are set to face numerous hurdles ahead in the remaining months of the year, largely due to the complicated nature of the pandemic. These challenges look set to lead to the suspension of production activities, the shortage of food and consumer goods, along with price hikes of input materials for production.
Due to an increasing demand for food and production, companies are poised to enjoy a wealth of opportunities in order to fully tap into foreign markets, especially demanding markets such as the EU, the United States, Japan, and the Republic of Korea.
Moreover, the Government’s strong determination to contain the spread of the pandemic across the country in a swift manner will thereby contribute to accelerating economic development ahead in the remaining months of the year.
Developed countries have considered the option of co-living with the pandemic, because it is impossible for an economy to slip into recession for a long time and, the stamina of the national finance is limited. Vietnam is no exception, and it will gradually have to adapt to the new context to develop its economy and ensure social security.
