Chairman of the Vietnam Chamber of Commerce and Industry Vu Tien Loc talks about solutions to help businesses overcome difficulties caused by the COVID-19 pandemic. Chairman of the Vietnam Chamber of Commerce and Industry Vu Tien Loc. — Photo qdnd.vn The Vietnam Chamber of Commerce and Industry (VCCI) and the World Bank have recently announced a report on the impacts of the COVID-19 pandemic on Vietnamese businesses. What are key points of this report? This report was built based on a survey of more than 10,000 businesses in 63 cities and provinces in 2020, providing specific perspectives on the impacts of the COVID-19 pandemic. The survey showed that the year 2020 was a year full of difficulties when nearly 90 per cent of surveyed firms were adversely affected by the pandemic with many consequences such as influencing firms’ access to customers, imbalance of cash flow and interruption of supply chains. Many businesses had to reduce their workforce, stop operations or go bankrupt. Small- and super small-size businesses and young businesses of less than three years old suffered the most. The pandemic seriously affected turnover of businesses in 2020. 65 per cent of private enterprises and 62 per cent of Foreign Direct Investment (FDI) businesses… Read full this story
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