Businesses weather economic hardships

12:06' AM - Thursday, 21/05/2020

Nearly 35,000 firms went bankrupt in the first quarter of this year due to COVID-19 epidemic, the Viet Nam Chamber of Commerce and Industry (VCCI) reported.

This is part of a survey recently conducted by the VCCI.

For the first time in history, the number of bankrupted enterprises was higher than that of newly-established ones, said VCCI President Vu Tien Loc.

Nearly 85% of enterprises responded that the epidemic has slashed their consumption markets. Up to 60% of respondents attributed the pandemic to their capital shortages.

Over 40% of firms said that the outbreak also caused the lack of raw materials. About 82% of enterprises predicted that their revenues would drop in comparison with that of 2019.

Over 75% of firms revealed that they would downsize labor scales even by a half (10% of respondents) . On the other hand, only 1% of enterprises planned to raise the number of employees.

Hence, millions of laborers are expected to find themselves unemployed in the next couple of months.

President Loc stressed that the business community is seeking support from domestic laborers and customers. The VCCI proposed enterprises and union organizations encourage laborers accept wage cuts in order to support businesses to weather the difficulties./.

Source: VPG

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