Almost 35,000 enterprises withdrew from the market in the first quarter of this year due to the ongoing COVID-19 pandemic, according a survey conducted by the Vietnam Chamber of Commerce and Industry (VCCI).
Hanoi (VNA) - Almost35,000 enterprises withdrew from the market in the first quarter of this year dueto the ongoing COVID-19 pandemic, according a survey conducted by the Vietnam Chamberof Commerce and Industry (VCCI).
This is the highest number ofwithdrawals ever recorded and the first time the number has exceeded the numberof newly-established enterprises, VCCI said.
VCCI Chairman Vu Tien Loc saidnearly 80 percent of respondent enterprises said the disease outbreak has cut theirconsumer markets, with nearly 60 percent of those saying the pandemic has resultedin a lack of capital and cash flow.
More than 40 percent of enterprisessaid the epidemic has led to a shortage of materials, and 43 percent said they havehad to lay off workers.
Up to 30 percent predicted their 2020 revenue will fall by between 30 and 50 percent,while 22 percent said their revenue will fall by more than half.
The survey also found that ifthe epidemic continues then 30 percent of enterprises will not be able to maintainoperations for more than three months and 50 percent will not last longer thansix months at most.
VCCI has proposed authoritiesquickly apply provisions of the Labor Code 2019 previously scheduled to take effectfrom 2021, he said, which allow businesses to pay workers a minimum of 14 days’salary in case of natural disasters and epidemics.
The business community desperatelyneeds support from workers and consumers to overcome these difficult times, he added./.
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The event, co-organised by the Vietnam Trade Office in the UK and TT Meridian, a local importer of Vietnamese fresh produce, aims to build a national lychee brand and encourage broader recognition of Vietnamese fruits in a competitive, high-end market.
The industry's performance has been powered by bold investments in modern production lines, enabling Vietnamese firms to produce complicated products which were exclusive to advanced economies.
Illustrative image (Source: VNA) 
