HANOI, April 19 (Xinhua) -- Vietnamese businesses have taken a hit to their revenue on a global economic slowdown with the vast majority struggling to access bank credit, Vietnam News reported on Wednesday.

A survey recently released by the Vietnam Chamber of Commerce and Industry (VCCI) showed 65 percent of 12,000 businesses said they would not bet on post-pandemic expansion, and 10.7 percent said they would be scaling back their operation or face business closure.

Business growth, in terms of profitability and scalability, has dropped to the lowest level since the COVID-19 pandemic struck in 2020, the VCCI found.

Of the businesses surveyed by the VCCI, 42.6 percent reported profit gains last year, down from 63 percent in 2019, while 35.3 percent recorded losses as their business was impacted by the pandemic, above the pre-pandemic level of 23.4 percent.

Only 5.1 percent of surveyed businesses said they invested further in 2022 in efforts to expand business activities and some 4.9 percent recruited more staff compared to 11.5 percent in 2019.

Seafood producers reported a sharp decline in export orders as inflation in most countries has soared to multi-year highs, denting global growth and exacerbating weak demand, said To Thi Tuong Lan, vice general secretary of the Vietnam Association of Seafood Exporters and Producers (VASEP).

Some firms have even come to a halt, operating three days per week, said the VASEP senior official, who expressed hope that things would be turning the corner in the third quarter of this year.

Textile and garment maker Vinatex said that while higher cotton prices and other costs hit its profit margins, overseas orders fell so low that it would run out of orders by the end of April.

"It's been a tough time for private-owned businesses," the VCCI report was quoted as saying by the Vietnam News newspaper.

Credit availability was the top concern for local companies, cited by 55.6 percent of businesses questioned by the VCCI.

The Ho Chi Minh City business association found that 43 percent of the local businesses were reeling from high loan interest rates, 40 percent struggling to access bank credit, and 38 percent facing procedural obstacles to borrowing money.

Nguyen Quoc Hiep, chairman of the Vietnam Association of Construction Contractors (VACC), said property developers has been shaken by a liquidity crunch as the real estate market remains sluggish, putting construction contractors and material suppliers at risk of default on their unpaid debts.

"Contractors have to try to bid at all costs to save their businesses in the short term, but the more they do, the more they lose, and the closer they are to bankruptcy," Hiep said.

Small and medium-sized businesses have found it more difficult to access credit, and authorities are urged to issue a guideline for banks to streamline related procedures and diversify loan products, according to the Vietnam News report.

Vietnam's gross domestic product (GDP) was recorded at 3.32 percent in the January-March period, compared with 5.92 percent in the fourth quarter and 5.03 percent in the first quarter of last year, the General Statistics Office said.

Minister of Planning and Investment Nguyen Chi Dung said there was an urgent need to speed up the government's aid package, including exempting, reducing, or deferring taxes, fees, charges, and land use fees in 2023.

The finance ministry has slashed value-added tax to 8 percent from 10 percent to support the economy in the Southeast Asian country.

Last month, Vietnam's central bank cut policy interest rates twice with an aim of boosting lending to individuals and businesses. Enditem

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