More than 800 firms stop operating or scale down because of coronavirus

More than 800 businesses and 8,700 employees have been affected by the novel coronavirus epidemic, according to the Ministry of Labour, Invalids and Social Affairs.

More than 800 firms stop operating or scale down because of coronavirus
Minister of Labour, Invalids and Social Affairs Dao Ngoc Dung visits Samsung Electronics Vietnam in Thai Nguyen Province on Thursday. — Photo vtc.vn

The ministry has just released a report on the impact of coronavirus.

Accordingly, a survey of 30 provinces and cities showed that 322 out of 181,597 enterprises have suspended operations, while 553 enterprises reduced or narrowed their production and business scale.

Twenty-two provinces and cities reported that 8,773 workers had been affected and 1,027 made unemployed.

In the report of 63 localities, 33,775 Chinese workers working in localities have been granted work permits. Of these, 26,388 Chinese workers returned home to celebrate the Lunar New Year.

Most Chinese workers have not returned due to the epidemic.

As of 4pm on February 10, 15,018 Chinese workers were working in Vietnam, including 7,388 workers who stayed in Vietnam during the Lunar New Year and 7,630 Chinese workers returned after the holiday.

 

Data on the number of Vietnamese workers working abroad under contracts showed that Vietnam currently has 524,153 employees working in mainland China and other countries and territories where COVID-19 cases have been confirmed, including Taiwan, Macau, Japan, South Korea, Malaysia, UAE and the Philippines.

No Vietnamese workers working abroad have been infected with coronavirus, so far.

The survey by the Ministry of Labour, Invalids and Social Affairs also stated that there had been no major changes in labour and employment nationwide so far.

Most businesses, especially large enterprises, were still stable with normal operation. There was not yet a risk of a labour shortage, said the ministry. — VNS

Coronavirus hits FDI firms’ production, business

Coronavirus hits FDI firms’ production, business

The shortage of materials and various labor-related problems attributable to the spread of the Wuhan coronavirus have affected the production and business activities of large foreign direct investment (FDI) enterprises in Vietnam.  

Transport firms face huge losses from coronavirus outbreak

Transport firms face huge losses from coronavirus outbreak

Many transportation firms reported that they are incurring huge losses and slow business due to the coronavirus outbreak.  

How will the coronavirus affect Vietnam’s economy?

How will the coronavirus affect Vietnam’s economy?

Bao Viet Securities (BVSC) predicted that the GDP would grow by 6.5 percent in Q1 2010, or 0.2-0.4 percent lower than the same period last year. The growth will recover in Q2.

 
 

Other News

.
Petrol prices see sharp fall of up to 4,252 VND per litre
Petrol prices see sharp fall of up to 4,252 VND per litre
BUSINESSicon  29/03/2020 

The retail prices of petrol plummeted from 3pm of March 29, making it the sixth consecutive reduction since the beginning of this year.

COVID-19: Bamboo Airways restricts domestic, charter flights
COVID-19: Bamboo Airways restricts domestic, charter flights
BUSINESSicon  29/03/2020 

Bamboo Airways, Vietnam’s newest airline, has announced it will reduce the frequency of domestic flights amid the critical time of COVID-19 fight as directed by the Government and Ministry of Transport.

HCM City property developers offer more products
HCM City property developers offer more products
BUSINESSicon  29/03/2020 

The HCM City real estate market provides more housing projects and subsidises rentals to boost the market amid the COVID-19 pandemic.

Mekong Delta rice farmers earn high income from rice straw
Mekong Delta rice farmers earn high income from rice straw
BUSINESSicon  29/03/2020 

Rice farmers in the Mekong Delta are earning higher incomes from selling rice straw left over from the harvested 2019 – 20 winter-spring rice crop.

Ministry proposes 843 million USD bailout package for businesses during COVID-19
Ministry proposes 843 million USD bailout package for businesses during COVID-19
BUSINESSicon  29/03/2020 

The Ministry of Labour, Invalid and Social Affairs has proposed the Government issue a 20 trillion VND (843 million USD) bailout package to soften the economic impact of the COVID-19 pandemic.

No end to woes of local textile and garment industry
No end to woes of local textile and garment industry
BUSINESSicon  28/03/2020 

While the supply of raw materials from China is recovering after a month of suspension, textile and garment businesses find that they have moved out of the frying pan into the fire as the COVID-19 pandemic

Vietnam's first-quarter GDP growth hits decade low
Vietnam's first-quarter GDP growth hits decade low
BUSINESSicon  28/03/2020 

Vietnam’s gross domestic product (GDP) in the first quarter of 2020 grew 3.82 percent, the lowest pace during the 2011-2020 period, head of the General Statistics Office Nguyen Bich Lam said on March 27.

Potential of eco property during COVID-19  ​
Potential of eco property during COVID-19 ​
BUSINESSicon  28/03/2020 

Ecological real estate is considered a safe investment channel amid the pandemic, meeting the demand for green living space and ensuring health safety for dwellers.

Vietnam enjoys trade surplus of $2.8 billion in first quarter
Vietnam enjoys trade surplus of $2.8 billion in first quarter
BUSINESSicon  28/03/2020 

Vietnam ran a trade surplus of $2.8 billion in the first quarter of this year, higher than 1.5 billion USD recorded in the same period last year, despite the growing COVID-19 pandemic in the country’s major export markets.

Automakers propose Gov’t cut VAT and registration fee for customers
Automakers propose Gov’t cut VAT and registration fee for customers
BUSINESSicon  28/03/2020 

Vietnam Automobile Manufacturers’ Association (VAMA) has proposed the Government reduce value-added tax (VAT) and registration fees for car customers by 50 percent, reports VietNamNet.

Vietnam gains higher exports to Canada, Mexico partly due to CPTPP
Vietnam gains higher exports to Canada, Mexico partly due to CPTPP
BUSINESSicon  28/03/2020 

Vietnam has taken full advantage of the CPTPP to gain strong growth in exports to Canada and Mexico, according to the Ministry of Industry and Trade (MoIT).

Covid-19 wipes out $44 billion from Vietnam’s stock market
Covid-19 wipes out $44 billion from Vietnam’s stock market
BUSINESSicon  30/03/2020 

As the covid-19 epidemic has been escalating, the market capitalization value has been sliding. Market losses have reached $44 billion.

Pandemic has no impact on plastic firm
Pandemic has no impact on plastic firm
BUSINESSicon  27/03/2020 

The global spread of COVID-19 has had an insignificant impact on An Phat Bioplastics JSC’s performance in the first three months, shareholders were told on March 25.

Payment deadline extension proposed for over $3 bln in taxes
Payment deadline extension proposed for over $3 bln in taxes
BUSINESSicon  27/03/2020 

The Ministry of Finance has proposed the payment deadlines for $3.4 billion in taxes be extended to support enterprises, business households and individuals doing business that are directly affected by COVID-19 pandemic.

National food reserves always sufficient for emergencies: authority
National food reserves always sufficient for emergencies: authority
BUSINESSicon  27/03/2020 

National food reserves are enough to cater for emergency situations, the General Department of State Reserves (GDSR) said on March 26.

Rapid growth forecast for solar rooftop energy industry
Rapid growth forecast for solar rooftop energy industry
BUSINESSicon  27/03/2020 

Technological advances, preferential credit policies and pricing incentives have set the stage for solar rooftop energy to become the next big thing in clean energy in Vietnam, according to industry insiders.

Exporters advised to stay ready for orders from Europe
Exporters advised to stay ready for orders from Europe
BUSINESSicon  27/03/2020 

Vietnamese exporters have been advised to make preparations so as to stay ready for orders from Europe when the EU-Vietnam Free Trade Agreement (EVFTA) takes effect and the COVID-19 pandemic is stamped out.

COVID-19 shows pressing need for quicker digital transformation
COVID-19 shows pressing need for quicker digital transformation
BUSINESSicon  27/03/2020 

Minister of Information and Communications Nguyen Manh Hung has urged digital companies to develop platforms for online services as COVID-19 pandemic has sparked a pressing need for Vietnam to hasten digital transformation.

RoK banks expand presence in Southeast Asia
RoK banks expand presence in Southeast Asia
BUSINESSicon  27/03/2020 

Banks of the Republic of Korea (RoK) have strengthened their foothold in Southeast Asia by opening more branches in the rapidly-growing market, the Financial Supervisory Service (FSS) said.

Online sales rise sharply amid pandemic
Online sales rise sharply amid pandemic
BUSINESSicon  27/03/2020 

As Vietnamese are now favoring ‘contactless purchases’ in Covid-19, online sales have increased rapidly.

 
 
 
Leave your comment on an article

OR QUICK LOGIN