Nearly 35,000 enterprises withdraw from market in Vietnam in Q1: survey

0 Comment(s)Print E-mail Xinhua, April 9, 2020
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HANOI, April 9 (Xinhua) -- A recent survey conducted by the Vietnam Chamber of Commerce and Industry (VCCI) showed that nearly 35,000 enterprises in Vietnam have withdrawn from the market in the first three months of this year, mostly due to the COVID-19 outbreak, the highest level recorded ever, Vietnam News Agency reported Thursday.

This is also the first time the enterprises quitting outnumbered the new ones established in the period, the news agency cited the survey results as saying, adding that 82 percent of the enterprises in the survey believed their revenue in 2020 would be reduced compared with that of 2019.

The survey said about 50 percent of the enterprises can survive for half a year while 30 percent can operate for no more than three months if the COVID-19 epidemic situation continues to be complicated, the news agency reported.

More than 75 percent of the businesses in the survey said they would have to reduce the size of their labor force while only less than 1 percent would increase their labor, and millions of workers will be at risk of losing jobs in the coming months, the news agency cited the survey as saying.

According to Vietnam's General Statistics Office, about 29,700 new businesses were established in Vietnam with a total registered capital of 351.4 trillion Vietnamese dong (about 15.3 billion U.S. dollars) in the first quarter of this year. Enditem

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